Modification Paralegal
Modification Paralegal
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Job Description
About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be Americas Small Business Bank. Our products help customers buy build and expand their business and our highyield savings and CD products help them grow their hardearned money. At Live Oak we never lose sight of the wellbeing of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined and we seek those who embody and embrace what it takes to empower the American dream.
How This Role Impacts Live Oak and its People
This role is vital to the ability of Live Oak to provide and handle loan modifications with efficiency accuracy and excellent customer service to the borrower. This role must be highly responsive and increasingly knowledgeable of modification requirements and procedures.
What Youll Do at Live Oak
This role is accountable for ordering analyzing negotiating and preparing the applicable due diligence agreements and loan modification documents associated with the Banks commercial loan modification operations while ensuring compliance with State Federal Bank and SBA Standard Operating Procedure (SOP) regulations. Responsible for crosschecking the information gathered identifying risks to the Bank and resolving or escalating such risks as necessary. Works closely with Loan Modification Analysts Relationship Managers Special Assets Officers Construction Credit Finance Insurance Underwriters Attorneys Borrowers counsel title companies and others as needed to ensure an efficient and accurate loan modification process. Manages the filing and recording of security instruments to properly secure the Banks collateral as needed. Accurate documentation data transcripts and files are required.
How Youll Do It
- Prepare and/or review various legal documents including loan modification agreements guarantees mortgages/deeds of trust assignments security agreements subordination agreements intercreditor agreements and resolutions.
- Review analyze prepare and/or negotiate as applicable certain due diligence items including modifications to loan credit memos purchase agreements leases organizational documents and intercreditor agreements to effectively identify critical risks to protect the Banks interests. Consult with loan team Attorneys and/or Manager on matters regarding the Banks risk as appropriate.
- Order review and analyze title reports title commitments UCC & lien searches surveys etc.
- Work closely and effectively communicate with Loan Modification Analysts Business Analysts Special Assets Construction Specialists Credit Finance Insurance Underwriters Attorneys Borrowers counsel title companies and others as needed to ensure all required loan modification documentation is obtained and in compliance with State Federal Bank and SBA regulations prior to finalization of the loan modification.
- Make independent decisions in the review of due diligence and loan documentation and communicate such decisions in a timely manner to lending personnel for any changes that are necessary.
- Prepare and record/file applicable documents to effectively perfect release and/or continue liens held as the Banks collateral in the proper lien position.
- Assist with review analysis and resolution of postclosing items and/or exceptions related to loan closings and documentation as needed.
- Promote teamwork and effectively manage a pipeline to ensure quality and customer service standards are maintained and/or exceeded.
- Help achieve corporate and department goals and help develop coordinate and enforce policies procedures and productivity standards.
- Continue to train and learn by attending educational workshops reviewing professional publications and benchmarking stateoftheart practices.
Required and Preferred Experience
- Minimum of 12 years of paralegal experience is required.
- Minimum of 12 years of Commercial Transactional or Banking experience is required
- Experience with SBA loans corporate documentation title leases contract and other legal and loan documentation is required
- High School graduate or GED required
- College Degree strongly preferred
- Certification in paralegal studies is strongly preferred
- In depth knowledge of legal terms rules and documents
- Must be familiar with court proceedings
- Proficient in Microsoft Office (Word Excel Outlook and Power Point)
- Critical strategic and analytical thinking skills
- Highly proficient computer internet and electronic researching skills
- Very detailoriented with strong organizational and leadership skills
- Excellent written and oral communication skills
- Selfmotivated confident energetic and creative
- Ability to multitask and manage narrow timelines
- Ability to crosstrain
Our Values
Dedication:Possess a deep commitment to Live Oak Banks mission and core values exemplified through a strong work ethic adaptability and pride in your work.
Ownership:Take initiative to deliver positive results by proactively and creatively solving problems while maintaining a high degree of quality.
Respect:Treat everyone courtesy politeness and kindness.
Innovation:Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
Teamwork: Foster collaboration accountability and trust with others and understand that together we do more
For a detailed overview of our employee benefits please visit: Oak Bank is an Affirmative Action and Equal Opportunity Employer Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race color religion sex sexual orientation gender identity national origin age genetic information veteran status or disability. Equal access to programs service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills experience and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employerpaid sick leave including but not limited to Arizona California Colorado District of Columbia Maine Maryland Massachusetts Michigan Nevada New Jersey New Mexico New York Oregon Rhode Island Vermont and Washington.
Employment Type
Full-Time
