AVP, Loan Closing

For a complete understanding of this opportunity, and what will be required to be a successful applicant, read on.

Assistant Vice President, Loan Closing

Title : AVP, Loan Closing

Department : Loan Operations Department

Reports : FVP, Director of Loan Operations

Schedule : Hybrid (2 days in-office, 3 days remote)

Salary : $105,000 - $115,000

Company Overview

Carver Bancorp, Inc. (NASDAQ : CARV), the holding company for Carver Federal Savings Bank (the "Bank"), is a federally chartered institution with approximately $744 million in assets and 110 employees.

The Bank was chartered in 1948 to address the banking needs of middle income and underserved communities in New York City.

Carver operates seven full-service branches in the New York City boroughs of Brooklyn, Queens, and Manhattan. The Bank provides commercial real estate and small business loans and a range of complementary bank products and services.

Position Summary

The AVP Loan Closing is responsible for the managing and supervision of the closing of loans associated with Carver’s suite of loan products including but not limited to commercial loans, C&I, micro-loans, lines of credit, secured cash access loans, MTA loans, participations, purchased loans, and sold loans.

Acts as the single point of contact for all FHLB pledging, loan closing and post-closing quality control; assumes lead responsibility for all audit findings (internal and external) that directly impact the closing team.

This leadership role ensures that loan data is accurately entered in Carver’s loan origination database ensuring that all loan documents are collected and compiled into loan files in accordance with Carver’s standards.

Key internal partners include the Lending, Credit, Portfolio Management, Audit, and Compliance departments.

Essential Duties and Responsibilities

Manage the relationship with lending and loan production officers, department managers and customers to promote communication, and to ensure quality service delivery throughout the bank.

Attend periodic lending meetings to discuss improvements, resolve issues and review pipeline.

• Attend loan committee meetings (MLC) and document loan approvals and closing conditions.
• Interact and provide supporting loan information with middle management from various operating departments inclusive of credit risk, loan loss reserve support, accounting, compliance, audit, lending officers, and community development / CRA.
• Maintain and demonstrate proficiency with loan applications. Work with core vendor and system providers to utilize applications to fullest capacity, streamlining processes and procedures, ensuring accuracy and compliance.

Analyze, prepare, and train for periodic updates to system software, and verify that enhancements are working correctly.

Assist with system parameters and design to meet the needs of multiple departments. Manage user security access.

• Verify that all loans are processed in accordance with established regulations, bank policies, and processing guidelines.
• Manage the process for all document preparation, file content, structure, and loan approval reviews prior to closing.
• Manage (liaise) the requests of modifications and renewals in cooperation with workout and portfolio management.
• Manage UCC-1 and UCC-3 filings, searches, renewals, terminations and related collateral tracking and maintenance items.
• Manage the relationship between outside counsel, lending officers and customers.
• Manage and track loan file document checklists for all loan originations.
• Manage and track good faith deposits and disbursements of these deposits.
• Manage and track the production and delivery of third-party credit reports.
• Manage CIP and CDD and validate prerequisites before closing a loan.
• Manage and track adverse action and declined loan letters for commercial and retail loan requests.
• Manage and track check requisitions to accounting for payment to various third-party vendors.
• Approve wire transfers for loan advances and repayments and ensure all pre-funding requirements are met prior to closing.

Manage and track environmental review (phases I, II, and III) as necessary.

• Manage escrow or holdback balances and establish related accounts through retail.
• Establish and maintain a thorough knowledge of all Carver loan products and investor requirements to ensure quality closing packages and potential salability into the market.
• Maintain knowledge of SBA, FHA, IFA, and similar loan guarantee programs.

Post-Closing, Compliance and Other Duties

• Oversee all post-closing activities to ensure quality and underwriting standards are met.
• Audit first and second mortgages, employee loans, business loans, etc.
• Supervise the post-closing audit checks.
• Communicate with service center staff, title companies, attorney’s offices, and mortgage processors or closers to resolve deficiencies and complete the file.
• Assist in correcting complex errors in files.
• Mentor and train team members to minimize errors.
• Compliance related activity, i.e., Flood, HMDA, CIP, RESPA, TIL.
• Supply BSA Department with CIP customer information, i.e., OFAC, Applications, ID’s, and loan documents.
• Liaison between internal and external audit and regulatory agencies including the OCC, Crowe, and FHLB as it relates to the composition, application, and performance of the bank’s loan portfolios.
• Support management with audits to ensure successful reporting results.
• Assist with the preparation and delivery of responses to auditors, counsel, and internal staff.
• Monitor overall progress to ensure department goals are met and high-quality member service is maintained.
• Single Point of Contact (SPOC) for FHLB pledging.
• Acts as backup to Senior Loan Servicing Accountant for the reconciliation of general ledgers that directly impact Loan Operations.
• Resolution of customer service issues in a timely and accurate manner.
• Other duties as assigned.

Background and Experience

• Four-year college degree.
• Extensive knowledge of FNMA guidelines, FHLB guidelines, credit and support, and accounting principles and practices.
• Strong knowledge of Jack Henry Silverlake and Sageworks platforms; LexisNexis, Equifax, CT Lien, Wolters Kluwer, and Lereta / True Flood.
• Knowledge of federal and regulatory compliance.
• Experience in loan audit, loan closing, and promissory note reviews.
• Excellent organizational and administrative skills, including juggling competing tasks and delegating assignments based on department priorities.
• Excellent verbal and written communication skills.
• Proficient PC skills : MS Office products, Excel, and front-end software systems.

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