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 America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being 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
As a Loan Modification Analyst, you play a pivotal role in ensuring borrowers’ loan modification requests receive efficient, accurate, high quality, and customer-focused service while safeguarding the bank’s interests. Your expertise directly impacts our borrowers and contributes to Live Oak’s mission of being America’s Small Business Bank. Specifically:
- Critical Support: You guide borrowers through the loan modification intake and approval process, collaborating with external third parties, and various internal teams to ensure timely and prudent outcomes. Your critical thinking and problem-solving skills directly impact borrowers’ financial well-being and Live Oak’s reputation.
- Efficiency and Accuracy: You contribute to Live Oak’s ability to handle loan modifications swiftly and accurately, safeguarding the Bank’s interests while providing borrowers with a positive experience.
- Risk Mitigation: By strategically analyzing loan modification requests and supporting documentation, you protect the bank from potential risks. Your attention to detail maintains our high standards and ensures compliance with bank and government regulations.
What You’ll Do At Live Oak
In this position, you’ll have several key responsibilities:
- Effective Communication: Engage directly with borrowers, external third parties, and internal teams to set clear expectations for the modification process.
- Thorough Evaluation: Assess borrowers’ financial status, current collateral, loan terms and structure, in conjunction with the modification request, ensuring accuracy and prudence.
- Document Preparation: Prepare and submit loan modification credit memoranda to Credit Administration for approval, addressing risks and critical details.
- Team Support: Lead and assist servicing teams during the approval process, fostering collaboration and efficiency.
How You’ll Do It
- Demonstrate excellent customer service, negotiation, critical thinking and problem-solving skills.
- Maintain thorough knowledge about current modification requirements and procedures, ensuring compliance.
- Conduct thorough reviews and independently apply expertise and judgment to validate and ensure eligibility of the modified loan structure.
- Make timely and independent Credit decisions within approved Credit authority for specific modification requests.
- Conduct certain due diligence items including checking for any outstanding exceptions, ordering, and evaluating third party appraisal(s) on real estate, business valuation(s), etc. when necessary.
- Review and analyze documents supplementing each loan modification request, including purchase agreements, leases, organizational documents, etc.
- Effectively manage a pipeline to ensure quality and customer service standards are achieved.
- Follow requirements related to BSA, AML, CIP, and OFAC to prevent unlawful activities.
- Stay informed by attending workshops, reviewing publications, and benchmarking best practices.
Required And Preferred Experience
- Minimum of 4-6 years of Commercial, Transactional, or Banking experience required.
- Prior Live Oak Bank experience preferred.
- Experience with SBA loans, corporate documentation, title, leases, contract and other legal and loan documentation is required.
- Bachelor’s degree required.
- Proficient in Microsoft Office (Word, Excel, Outlook, and Power Point) required.
Skills
- Critical thinking
- Negotiation
- Problem Solving
- Communication
- Customer Service
- Organization
- Research
- Detail oriented
Certifications
- Paralegal studies – preferred
Education
- Bachelor’s degree - required.
To Thrive at Live Oak
- Gravitate to Growth – Shows adaptability and support for changes to improve organizational effectiveness.
- Communicate and Collaborate – Communicates clearly and thoughtfully, demonstrating empathy in teamwork.
- Eye of the Tiger – Gets positive results by taking personal responsibility for actions and team outcomes.
- Know Your Business – Curates and maintains a depth of knowledge and skill to perform one’s job effectively.
- Customer at the Center – Provides customers with a personalized experience to achieve exceptional outcomes.
For a detailed overview of our employee benefits please visit:
http://www.liveoakbank.com/careers/
Live 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 careers@liveoak.bank
EEO is the Law
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.
The base pay range for this position is $55,000.00 - $90,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid 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.
