Description:
The Commercial Loan Closer, FHA, must be knowledgeable of the various investor programs and loan products offered by Merchants Capital, which include FHA HUD/RHS. The Commercial Loan Closer, FHA will be held accountable and responsible for the compliance of the respective program guide requirements. The position’s primary focus will be on HUD and RD loans originated by Merchants Capital but also work on balance sheet loans.
Requirements:
- Participate in kick-off calls with internal team members and the borrower to confirm transaction details, key contacts, timelines, required documentation, and any special conditions.
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Communicate closing and conversion requirements, deliverables, timelines, and special conditions to internal and external stakeholders (typically beginning around 80% construction completion for Final Endorsement/Conversion, as applicable), proactively identifying and resolving items that could delay closing/endorsement/conversion.
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Partner with Underwriting, Originations, Insurance, Servicing/Construction Servicing, Asset Management, Legal, and other teams to clear stipulations/conditions, troubleshoot issues, and keep transactions on schedule.
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Maintain and communicate pipeline/status reporting for assigned transactions, including key milestones for closing, construction completion (as applicable), and final endorsement/conversion.
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Coordinate with internal and external counsel to schedule closings (including Final Endorsements) and to collect, organize, and review required borrower, bank, and third-party items.
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Schedule and/or lead closing and conversion calls with the borrower, counsel, HUD/RHS, and other relevant outside parties (as applicable).
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Coordinate preparation, review, and execution of loan documents by legal counsel; ensure timely delivery of required final documents to outside counsel; and review title/survey comments and follow up as needed.
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Prepare settlement/closing statements (including final endorsement, as applicable); oversee equity contributions, disbursements, and third-party payments; and collect/reconcile invoices related to closings (including Final Endorsements).
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Obtain and validate documentation required for closing and/or conversion, including backup for initial and final draws on construction transactions, and ensure complete and accurate file records.
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Arrange loan fundings and coordinate delivery of closing and loan delivery packages;
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Draft, issue, review and track lender/investor commitments, deadlines, and extension fees (as applicable) to support timely closings and pool deliveries.
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Deliver construction and permanent loan files and required post-closing items to Servicing, Construction Servicing, and Asset Management, as applicable.
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Submit cost certification/financials to request Maximum Insurable Mortgage (MIM) for HUD and submit required documents to RHS for the conversion letter on Final Endorsements.
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Ensure accurate completion and submission of all required HUD/RHS endorsement/conversion forms and final endorsement documentation; develop and execute viable solutions to address issues and meet deadlines.
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Calculate, confirm, and communicate final GNMA pooling numbers, delivery dates, and related timelines to internal stakeholders (including CLA/IR/IA) and external parties (investor and GNMA), supporting timely final CL and PN pool deliveries.
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Draft and track all GNMA forms and deliverables to GNMA for timely pool deliveries.
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Work with Senior Closer or higher for execution of all required loan documents, closing forms, closing statements, GNMA forms and online systems, and Final Endorsement/Conversion documents for timely closings, conversions, and pool deliveries.
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Serve as a subject-matter expert on applicable FHA/HUD, RHS, and MBI policies, procedures, and program requirements for closings and conversions.
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Complete other duties and special projects, as assigned; travel to closings as required.
Expected Experience, Skills and Education:
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Bachelor’s Degree with Two-Years’ experience or 6+ years real estate lending specific experience.
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Preference to candidates with work experience and/or Bachelor’s degree in finance, Title, real estate or associated fields.
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Strong preference to previous multifamily real estate experience and/or Bank, FHA HUD, and Agency experience.
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Strong organizational and communication skills, with a focus on accuracy and attention to detail.
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Possess the initiative to work in an independent and reliable manner, and ability to work closely with other internal departments to close and deliver a loan in a timely manner.
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Strong customer service skills in person, via electronic communication and phone.
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Excellent interpersonal and presentation skills, with a strong work ethic and the ability to thrive in a fast-paced environment.
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Proficient in Microsoft Work, Excel, Outlook and database management
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Requires critical thinking skills and multitasking.
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Demonstrates strong teamwork and collaboration, with a positive attitude and a commitment to responsibility and integrity.
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Committed to conducting business in a manner that consistently reflects positively on Merchants Capital’s good name, goodwill, and reputation.
Pay Range
The total compensation pay range for new hires in Bloomington, MN is $95,000 - $115,000 annually. This range includes a base pay, plus an annual discretionary bonus. The amount of any actual bonus may vary and is subject to individual and company performance. Please note that the pay range provided is a good faith estimate of total compensation for the position at the time of posting. Actual total compensation will be dependent on factors, including but not limited to, the individual’s qualifications, experience, knowledge, skills, and abilities.
Our Benefits
Merchants offers a comprehensive package of benefits for eligible employees, including, but not limited to: 401(k) employer contributions; employee stock ownership plan (ESOP); medical, dental and vision insurance; various types of leaves of absence, including paid time off, paid holidays, paid leave as provided under state and local paid leave laws, and short-term and long-term disability; health savings accounts (HSAs), flexible spending accounts (FSAs), dependent care and commuter reimbursement accounts, employee and dependent life insurance and supplemental life and AD&D insurance; telehealth, optional ancillary insurance policies, education assistance, and an employee assistance program. Eligibility for benefits is governed by the applicable plan documents and policies.
ABOUT MERCHANTS CAPITAL
With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com.
