The Commerical ML Closer/Servicer position has two primary
functions.
1) Ensure each loan is closed in accordance with the loan
commitment. Further, coordinate the closing process through the
funding of the loan.
This position requires a sense of urgency to keep the transaction
moving. It also requires good communication skills in order to
successfully deal with the various parties involved.
Job Responsibilities:
- Review title report and survey
- Work with local counsel to ensure any needed appurtenant
easements are insured as part of our collateral under the
mortgage.
- Ensure any encumbering easements are acceptable.
- Reconcile the metes and bounds description of the
collateral to the appropriate calls and distances on the
survey.
- Ensure proper evidence of utilities.
- Confirm the surveyor's certification is acceptable and
approve any encroachments.
- Negotiate loan documents
- Work with local counsel and in-house counsel to negotiate
changes to the loan documents.
- Address business points such as leasing approval
thresholds, qualifications to borrower representations and
warranties, insurance and condemnation provisions,
membership/partnership transfer provisions, etc.
- Abstract leases/Negotiate lease terms & subordination
agreements.
- Review and on occasion abstract leases.
- Identify business risks associated with lease provisions
and how they affect our mortgagee's interest.
- Understand the ownership structure of the borrower
- Work with the loan originator to approve
partnership/membership transfer provisions in the mortgage.
- Review and approve due diligence items
- Reconcile lease terms within each estoppel to the rent
roll provided at underwriting.
- Confirm the proper amount of rental income, lease term,
square footage, etc. for each tenant.
- Confirm the property has the proper zoning
classification.
- Review the casualty and liability insurance coverage for
proper insurable value, co-insurance provisions, rent loss
coverage, etc.
- Identify the legal and business risks associated with
each mortgage loan investment being closed
- Depending upon the degree of risk, the ML Closer makes
the decision whether to accept or reject proposed solutions
to the issues.
- They may get the manager of the closing area, the
producer or the Manager of the Mortgage Loan Department
involved.
- Input each loan closed on LNC's PAM Mortgage Servicing System
2) Servicing deals with various issues on loans in the portfolio.
Decisions and responses are made within the parameters of the
loan documents and with good judgment to protect LNL. The staff
are responsible for addressing post closing requests that come in
from the borrowers. Further, it is their responsibility to
enforce all terms/conditions of the Note, Mortgage/Deed of Trust
and other instruments securing the loan.
This includes:
- Servicing Requests:
- Sale and Assumptions/Transfers within the borrowing
entity
- Partial Releases
- Condemnations
- Lease buyout/modifications
- Casualty loss
- Approval of easements
- Payoff quotes
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