Job Details

Legal Staff Paralegal in Minneapolis, MN

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Company name

Thrivent Financial

Organization Type

In-House

Job Type

Legal Staff

Practice Area

Finance - Banking
Real Estate

Years of Experience

Min 7 yrs required

Location

USA Minneapolis, MN

Date Last Verified

May 03,2018

Posted on

Mar 13,2018

30 hits

Profile

Senior Loan Closing Specialist The candidate manages the closing process for assigned commercial mortgage loans on behalf of the company. Coordinates with both internal and external partners on a daily basis and monitors all workflow for the timely collection of all due diligence for the closing of all commercial mortgage loans including: permanent and construction loans; refinances; loan modifications; assumptions; and collateral substitutions. Develops a closing checklist and manages due diligence reviews from a business, collateral and legal perspective. Identifies and assesses risk and works with internal and external partners to resolve issues and mitigate risk ensuring a timely closing for all loans in conformance with company policy and procedures. Reviews and audits loan document business terms based upon the loan commitment; works with internal and external legal counsel and senior management to resolve issues. Verifies leasing income conforms to the requirements set forth in the loan commitment. Works with internal and external legal counsel to review and resolve issues regarding leasing documentation in connection with the closing process, including tenant estoppels, SNDA’s and leasing analysis forms required by the loan commitment. Obtains third party reports and ancillary documentation required by the loan commitment. Identifies outstanding issues and works with internal and external legal counsel and senior management to ensure all reports satisfy all company requirements. Obtain, review and submit for approval any additional documentation required to resolve outstanding issues. Obtains, reviews and approve evidence of all insurance documentation required by the mortgage loan commitment; obtain and submit for approval any additional required documentation. Works with internal external partners to resolve outstanding issues. Performs escrow analysis of funds on deposit or funds placed in escrow post-closing based upon the loan commitment or as a satisfactory resolution to issues raised in the closing process. Coordinates with outside counsel to insure all business authority documents have been received from borrower during the loan process and reviews documentation to insure that the existence of the borrowing entity as defined in the authority documents are satisfactory. Insures resolution to title and survey issues in coordination with external counsel and borrower’s counsel to verify the title insurance requirements have been meet in conjunction with the loan commitment. Coordinate and schedule loan closings, ensuring availability of funds and confirming all closing requirements of the mortgage loan commitments are in compliance and complete. Initiates funding process; manage post-closing requirements. Manages the construction loan closing process through all phases of the construction life cycle from the loan commitment stage through completion of construction. Initiates phone conferences and coordinates collection of all due diligence with internal and external partner in accordance with the loan commitment and construction loan agreement. Obtains and maintains all construction contracts, construction budgets, and all documentation to individual loan draw requests from borrower, including conditional and unconditional lien waivers. Works with all parties to obtain the required mechanic’s lien waivers and resolve issues as needed. Orders and reviews title endorsements and escrow instruction letters for each loan draw; verifies the funding for each draw meets the requirements set forth within the construction loan agreement. Monitors and tracks loan balance and issues monthly statement to borrower: Collects payment of monthly interest directly with borrower and processes payment with internal partners. Verifies completion of construction per the terms provided in the construction loan agreement. Other responsibilities as from time to time directed by management. Must have a College degree, paralegal, or equivalent experience. Should have 7+ years of varied mortgage/real estate experience. Through knowledge of mortgage related documentation is required. Experience working with complex legal documents including mortgages, property leases, corporate organizational entity documents is needed. Must have excellent written and verbal communication skills.

Company info

Hiring Coordinator
Thrivent Financial
625 Fourth Ave. S.
Minneapolis, MN 55415-1624