Senior Closing and Escrow Officer

Description

Title: Senior Closing and Escrow Services Officer

Employee Status: Full Time Exempt

Salary: Grade 3

Starting range of $55,500 - $69,400 |Indiana

Starting range of $61,600 - $77,000 |Chicago | Detroit

Reports to: Manager of Escrow

Matrix Reporting: Manager of Closing

Department: Capital Solutions

Location: Indianapolis In; Chicago, IL; Detroit, MI

Hybrid Remote: In office: T/W | Remote: M/Th/F

Department Function: Maintain a program of flexible loan products to organizations serving low-income communities; design programs to assist the target market in obtaining financing.

The Organization

IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive. Key to our success has been a deep sense of purpose, a broad perspective, and a relentless focus on achieving positive results. Across the Midwest we help clients from every sector, including human service agencies, health centers, schools, affordable housing developers, and healthy food grocery operators. Staff contribute extensive business experience and an unrivaled connection to the mission of IFF to the clients we serve.

Equity, Diversity, and Inclusion

Partnering to create thriving communities is at the heart of everything we do. We leverage knowledge, capital, and resources to advance equitable and transformational outcomes in under-resourced communities, guided by our commitment to be an inclusive, anti-racist and anti-oppressive institution that honors communities as asset-rich and as experts in their own stories.

Basic Job Function

The Senior Closing and Escrow Services Officer coordinates and facilitates the loan closing process and loan advances related to construction projects or other multiple loan advances. Careful documentation and file retention is a critical function.

IFF is looking for candidates with a commitment to the work we do who can demonstrate their creativity, diligence, enthusiasm, growth-mindset, thoughtfulness, and passion to make meaningful change in the areas of economic and racial justice.

Requirements

Core Responsibilities:

1. Coordinates all construction loan closings for Capital Solutions. May also assist with other loan closings for Affordable Housing, NMTC or other special loan programs as appropriate.

• Interacts directly with customers on loan closing requirements, closing and construction loan process.
• Develops closing checklists and collects required due diligence documentation.
• Maintains and reviews loan-closing documents and payout files.
• Works with IFF attorneys and/or outside legal counsel in all aspects of loan document preparation and review of other items for closings.

2. Maintains and reviews construction loan documents and payout files for all Capital Solutions construction loans.

• Reviews construction payout packages which may include owner’s sworn statements, contractor invoices and change orders, lien waivers, and construction budgets to assure they support the amount of funding requested for accuracy and completeness,
• Collaborate with borrower set up accurate construction budget to get towards project completion complying with loan approval.
• Works with title company and escrow agent to establish construction escrows and advances.
• Engages and review reports from independent third-party inspection reviewer to support construction loan advances.
• Assists in establishing loan advance disbursement schedule.
• Work directly with borrowers to resolve budget, documentation, or payout concerns.
• Works with IFF attorneys to collect post-closing documents from title companies and outside attorneys.
• Uses IFF systems including Microsoft Dynamics CRM, Microsoft Office, Microsoft Outlook, LoanWare in performing job duties and responsibilities.
• Maintains required job knowledge and skills and core professional competencies. Attends and participates in required educational programs and staff meetings.
• Performs other duties as assigned.

3. Demonstrates a commitment to equity, diversity, and inclusion. Promotes an environment of empathy and respect, ensures the inclusion of all team members, and will actively engage in EDI events and learning opportunities.

4. Perform other duties as assigned.

Performance Measures:

1. Timely completion of loan closings and construction payout production to meet department goals.

2. Accurate and complete loan documentation