Director of Loan Closing and Administration At Community Vision Bachelor's Degree Job8 months ago - Administrative / Management Jobs - San Francisco - 161 views
Communities on the margins of opportunity deserve a trusted partner on their journey towards financial growth and stability. As a locally invested, collaborative partner in social justice and financial equity, Community Vision Capital & Consulting (formerly Northern California Community Loan Fund, or NCCLF) provides nonprofits, small businesses, and social enterprises with strategic investment and guidance, to deepen work, scale impact, and strengthen our communities.
Community Vision’s Lending Department provides loans and New Markets Tax Credit financing, with an emphasis on achieving greater racial and economic equity. Our borrowers have made use of our financing to develop affordable housing, build and acquire community facilities, create economic development projects, support access to healthy foods, and strengthen their operations in order to make a difference in the lives of the communities that they serve.
For more information on our programs and services, please visit our website at www.communityvisionca.org
Community Vision seeks a highly motivated Director of Loan Closing and Administration to oversee all loan closing, monitoring and disbursements activities for a highly successful community development financial institution (CDFI). This newly created role will oversee a team of four staff, and will lead this team in documenting and closing commercial real estate, construction, small business, and working capital loans; managing disbursements for both real estate development and working capital purposes; overseeing loan monitoring and asset management activities; and identifying and addressing troubled loans. Community Vision currently has a loan portfolio of over 100 loans totaling $65 million, and a New Market Tax Credit (NMTC) portfolio of $150 million, covering eighteen projects.
The ideal candidate is someone with a background in commercial real estate loan closing, and has experience supervising a small team. Experience with nonprofit and/or small business lending operations, the New Markets Tax Credit program, and/or construction loan administration would all be plusses, as well as familiarity with financial statements. The candidate must be a self-starter, have the demonstrated ability to accurately and efficiently work on several tasks simultaneously and have superior written and verbal communication skills. Finally, the candidate should enjoy working in an active and expanding nonprofit, and be able to thrive in a friendly, cooperative, and fast-paced environment.
Working with a team of Loan Closing and Monitoring Associates, the Director of Loan Closing and Administration will provide leadership and management of the following activities, including direct involvement for the most complex assignments, and assignment to and oversight of the associates for others.
Team Management and Supervision
- Directly supervise a team of four, including two loan monitoring associates and two loan closers.
- Manage, recruit, hire, train, and retain staff.
- Ensure a high level of customer service in support of internal customers and external stakeholders in Community Vision’s growing organization.
- Interact effectively with employees in order to direct workflow, assess performance, and assign duties.
- Actively model Community Vision’s established professional practices in support of the organization’s strategic priorities of building racial and economic equity.
Loan Documentation and Closing
- Communicate effectively with loan officers to ensure proper hand off and transition of responsibilities in a timely manner.
- Communicate effectively with borrowers and serve as the primary point of contact for loan closing, disbursement and monitoring.
- Coordinate the closing and funding process in conjunction with the loan closing team, loan officers, borrowers, outside legal counsel, title officers and other related parties.
- Maintain and establish relationships with outside legal counsel, to be engaged as appropriate for loan closings.
- Document and review commercial loan transactions, including real estate loans, construction loans, revolving lines of credit, and term working capital loans. Prepare and review of materials related to New Markets Tax Credit financings, and ensure closing and funding of all financings in a timely manner.
- Review title reports, escrow instructions, surveys, appraisals, environmental, property condition reports, insurance and other documents, ensuring compliance with loan closing requirements and loan policies.
- Establish and maintain appropriate loan document templates for use in more basic closings.
- Anticipate and effectively manage closing problems by identifying and recommending solutions to meet the needs of Community Vision and our borrowers.
- Ensure accurate, well-organized loan files through loan closing and disbursement, maintaining an audit trail of all closing and monitoring documents and materials.
Loan Disbursement, Monitoring, and Asset Management
- Review and process funding disbursement and draw requests for predevelopment and construction loans, revolving lines of credit and other working capital loans, ensuring proper documentation and compliance with loan conditions.
- Collect and review quarterly financial statements and reporting documentation to determine financial condition, credit-worthiness and on-going reporting and covenant compliance for assigned borrowers as part of quarterly monitoring and loan loss reserve evaluation.
- Prepare renewals for revolving lines of credit, and basic modifications and extensions for all assigned loans.
- In collaboration with the appropriate underwriting team members, underwrite new basic working capital loan requests from assigned borrowers.
- Conduct periodic, post-closing site visits and/or phone check-ins with selected borrowers.
- Effectively track, analyze, communicate, and make initial recommendations to Lending Department management to address loan delinquencies and defaults.
- Play a leading role on loan workouts.
- Maintain working knowledge of loan policies and protocols.
- Ensure accurate, well-organized loan files, maintaining an audit trail of all monitoring documents and materials.
Loan Compliance and Reporting
- Prepare and maintain Lending Department operations and portfolio reports for internal and external stakeholders.
- Work collaboratively with other departments to manage information, reporting and document preparation for various internal and external needs including quarterly reports to the CDFI Fund, New Markets Tax Credit program compliance, funding requests, grant reports, annual audit, securities permit application and compliance with investor covenants.
- Work closely with Finance Department to ensure correct accounting for all loans and to address loan servicing issues.
- Maintain the loan portfolio management system (TEA) and related databases.
- Work collaboratively with other departments on impact reporting and maintaining Lending impact data in Salesforce.
Other duties as assigned
- Assist or lead ad-hoc projects as assigned that may include industry research, closing and monitoring best practices, operational efficiency, compliance and reporting systems protocol, social impact tracking development, funding applications or policy analysis.
Required Skills and Experience
- Bachelor’s degree in a related field or equivalent experience.
- Minimum of five years of experience in commercial loan closing and/or asset management, preferably in the fields of either community development or small business lending.
- At least three years of staff management experience, with the ability to provide guidance and constructive feedback to the team.
- Must demonstrate a high level of attention to detail and excellent judgment and decision-making abilities.
- Familiarity with real estate loan documents and legal terms.
- Ability to read and analyze financial statements.
- Excellent written and verbal communication and organizational skills.
- Database skills (e.g. Salesforce and TEA), and demonstrated proficiency in MS Office Suite.
- Demonstrated ability to consistently multi-task and manage a varied and occasionally intense workload while maintaining a high degree of accuracy.
- Ability to build relationships internally and externally and elicit confidence by demonstrating reliability and commitment to Community Vision’s mission and values.
- Strong team player with the ability to work effectively in a cooperative and diverse environment.
- Enthusiasm, entrepreneurial spirit, and a strong commitment to work in community development.
Desired Qualifications, Skills and Experience
- Experience with construction loan administration.
- Experience with one of our key areas of affordable housing, nonprofit community facilities, and/or small business lending.
- Experience with the New Markets Tax Credit program.
- Familiarity with loan workouts.
- Language ability in commonly spoken languages (including Spanish, Chinese, Tagalog) is a plus.
Position reports to the VP/Chief Credit Officer; communicates regularly with borrowers and clients; attends and participates in Loan Committee meetings; interacts extensively with the lending team and staff/management in other Community Vision departments; and represents Community Vision at outside events and conferences.
Position is pivotal to the success of the Lending and Finance Departments and operates in a collaborative, cooperative, team environment. Workload will vary requiring flexibility with time. Outside and evening meetings are occasionally required.
Hours and Location
- Full-time position
- Work hours will be predominantly during regular business hours, although occasional evening or weekend hours will be required. A flexible schedule can be accommodated.
- Worksite will be based within the offices of Community Vision in San Francisco and/or Oakland, with some local and regional travel for site visits and conferences.
Compensation and Hiring Principals
Salary range starts at $125,000 depending upon experience, plus an excellent benefits package including health, dental, retirement plan, and three weeks’ starting vacation.
We realize that the impact of discriminatory policy, institutionalized financial neglect, and systemic racism have resulted in a deep sense of distrust felt among communities on the margins of opportunity, including people of color, folks of various abilities, genders and sexualities, and communities with low financial wealth. We believe that these communities must be centered in the work we do. Hence, we strongly encourage applications from people with these identities or who are members of other marginalized communities.
How to Apply
To Apply: Send résume and cover letter (Attn: Director of Loan Closing and Monitoring Search) via email to firstname.lastname@example.org. Application Deadline: Open until filled.
870 Market Street, Suite 677, San Francisco, CA 94102