Senior Closing Officer or Lead Closing Officer (Community Development Lending and Investment Team)

Location:

This role can be filled as either a Lead Closing Officer or Senior Closing Officer.

Senior Closing Officer Job Description:

Job Summary
The Senior Closing office is responsible for all pre-closing and closing functions required for credit products offered by Real Estate Capital, primarily the Community Development Lending and Investment team, or other KeyBank lines of business as required by credit policy. Including compliance with credit policy, internal compliance procedures (OFAC, Patriot Act, Beneficial Ownership etc.), credit approval, and documentation standards according to internal closing procedures and controls.

This role maintains a volume assigned portfolio consisting of moderate to highly complex construction and tax credit equity transactions, interim loans (including multiple tranche transactions), line of credit facilities, and standby letters of credit or revenue bond transactions, any of which may be syndicated/participated. Transactions primarily involve low-income housing tax credits (LIHTC), historic tax credits (HTC), new markets tax credits (NMTC), commercial, multifamily, residential and tax-exempt bond financing transactions. Independently manage assigned work with limited oversight from Manager and offer assistance to others as time permits. Responsible for providing superior internal and external client service while anticipating and mitigating risk to KeyBank. Lead projects and initiatives and offers suggestions to support a continuous improvement mindset. Provide ongoing coaching and mentoring to others and serve as a back-up to the Manager, as needed.

Essential Functions

• Provide expertise to RM and PM in pre-closing process through review of items required to close, participation in client meetings, review of credit approval conditions and assistance and review of loan documentation
• Proactively drive the loan closing process with the client, utilizing closing checklist to identify and monitor progress of items required to close and responsible parties, identifying the items and conditions to be satisfied, and obtaining and reviewing due diligence for the transaction
• Display expert level of proficiency in reviewing documentation to ensure accurate representation of business terms and conformity to credit approval and policies
• Engage/coordinate outside consultants necessary for the transaction, including legal counsel. Serve as the primary contact for the bank throughout the closing process
• Consistently provide superior service directly for bank clients while maintaining risk management, compliance with bank policies and regulatory requirements, internal procedures and controls
• Utilize internal compliance applications in order to ensure adherence to all governmental and fiduciary laws, including OFAC and Patriot Act
• Identify and resolve issues affecting client credit facilities and mitigate risks to Key; partner with Loan Services to resolve issues as appropriate
• Work closely with the RM, borrowers, borrower's counsel, bank counsel, title companies and Service Officer, among others to achieve a well-coordinated and timely loan closing
• Clearly and immediately communicate problems/issues and elevate appropriately; assist in resolving issues affecting client service and risk management
• Work with Service Officer, consultant and RM to ensure project budget is balanced and conforms to loan approval
• Provide authorization to close to Service Officer; work closely with multiple parties to achieve a well-coordinated and timely closing, funding and booking of the transaction
• Coordinate collection of all fees and charges necessary to close transaction; provide required documentation for booking transaction, fees and establishing ticklers for financial covenants
• Assemble and maintain closing file in a timely manner; enter and monitor required post closing ticklers
• Ensure documentation exceptions are tracked on the exception report, take ownership and provide remediation of any documentation exceptions noted, working in tandem with the RM as appropriate
• Identify process improvements to continuously enhance client service and documentation quality
• Coach and mentor others on the team; serve as back-up to the Manager, as needed
• Serve as a resource to the credit underwriting team for deal structure inquiries
• Lead various ad hoc projects and provide reporting information as requested
• Complete all required training within established timeframes and maintain ongoing professional and regulatory readiness. Performs other duties as assigned; duties, responsibilities and/or activities may change or new ones may be assigned at any time with or without notice.
• Complies with all KeyBank policies and procedures, including without limitation, acting with a high level of professionalism at all times, conducting business ethically, avoiding conflicts of interest, and acting in the best interests of Key's clients and Key.

Education

• Bachelor's Degree or equivalent work experience
• MBA or Paralegal training, law degree and/or LPO license (preferred)

Work Experience

• 5+ years of related experience to Commercial Development and Closing and/or Commercial Construction Closing, preferably in banking or financial services (required)
• Extensive knowledge of construction and interim loan financing including underwriting, risk management and mitigation, loan closing and portfolio administration
• Extensive knowledge of commercial real estate programs/products and services including low income housing tax credit (LIHTC), historic tax credit (HTC), new market tax credit (NMTC), tax exempt bonds, letters of credit (L/C's), permanent mortgages and forward commitments, interest rate protection products, etc.
• Extensive knowledge of government programs for affordable housing and community reinvestment; experience with not-for-profit real estate development and sensitivity to local community needs
• Significant experience with multi-bank loan participations/syndications and secondary market standards

Skills

• Strong understanding of commercial lending concepts
• Expert proficiency in commercial loan documentation and closing
• Strong knowledge with commercial loan accounting systems, including LIQ
• Excellent solution-oriented and problem-solving skills
• Excellent decision-making skills and judgment
• Ability to work at a high level of independence without on-site direct supervision
• Excellent interpersonal, written, and verbal communication
• Expert planning and organizational abilities; high attention to detail
• Expert proficiency in managing multiple tasks in a high-volume environment
• Expert aptitude for analysis, systems and mathematics
• Deliver excellent, distinctive personalized service to external and internal clients
• Proficiency in Microsoft Excel, Word, PowerPoint, and OneNote

Core Competencies

• All KeyBank employees are expected to demonstrate Key's Values and sustain proficiency in identified Leadership Competencies.

Physical Demands

• General Office - Prolonged sitting, ability to communicate face to face in person or on the phone with teammates and clients, frequent use of PC/laptop, occasional lifting/pushing/pulling of backpacks, computer bags up to 10 lbs.

Work Location Category

• Hybrid (2+ days)

Lead Closing Officer Job Description:

Job Summary
The Lead Closing Officer is responsible for all pre-closing and closing functions required for credit products offered by Real Estate Capital, primarily the Community Development Lending and Investment team, or other KeyBank lines of business as required by credit policy, including compliance with credit policy, internal compliance procedures (OFAC, Patriot Act, Beneficial Ownership etc.), credit approval, and documentation standards according to internal closing procedures and controls.

This role maintains an assigned portfolio consisting of simple to moderately complex construction and tax credit equity transactions, interim loans (including multiple tranche transactions), line of credit facilities, and standby letters of credit or revenue bond transactions, any of which may be syndicated/participated. Transactions primarily involve low income housing tax credits (LIHTC), historic tax credits (HTC), new markets tax credits (NMTC), commercial, multifamily, residential and tax exempt bond financing transactions. Responsible for providing superior internal and external client service while managing risk to KeyBank. Assist or lead projects and initiatives and offers suggestions to support a continuous improvement mindset.

Essential Functions

• Provide expertise to RM and PM in pre-closing process through review of items required to close, participation in client meetings, review of credit approval conditions and assistance and review of loan documentation
• Drive the loan closing process with the client, utilizing closing checklist to identify and monitor progress of items required to close and responsible parties, identifying the items and conditions to be satisfied, and obtaining and reviewing due diligence for the transaction
• Display high level of proficiency in reviewing documentation to ensure accurate representation of business terms and conformity to credit approval and policies
• Engage/coordinate outside consultants necessary for the transaction, including legal counsel. Serve as the primary contact for the bank throughout the closing process
• Consistently provide superior service directly for bank clients while maintaining risk management, compliance with bank policies and regulatory requirements, internal procedures and controls
• Utilize internal compliance applications in order to ensure adherence to all governmental and fiduciary laws, including OFAC and Patriot Act
• Identify and resolve issues affecting client credit facilities and mitigate risks to Key; partner with Loan Services to resolve issues as appropriate
• Work closely with the RM, borrowers, borrower's counsel, bank counsel, title companies and Service Officer, among others to achieve a well-coordinated and timely loan closing
• Clearly and immediately communicate problems/issues and elevate appropriately; assist in resolving issues affecting client service and risk management
• Work with Service Officer , consultant and RM to ensure project budget is balanced and conforms to loan approval
• Provide authorization to close to Service Officer; work closely with multiple parties to achieve a well-coordinated and timely closing, funding and booking of the transaction
• Coordinate collection of all fees and charges necessary to close transaction; provide required documentation for booking transaction, fees and establishing ticklers for financial covenants
• Assemble and maintain closing file in a timely manner; enter and monitor required post closing ticklers
• Ensure documentation exceptions are tracked on the exception report, take ownership and provide remediation of any documentation exceptions noted, working in tandem with the RM as appropriate
• Identify process improvements to continuously enhance client service and documentation quality
• Train and mentor less experienced Closing Officers; provide backup to other Closing Officers
• Under the direction of the Manager, assist with other ad hoc projects and reporting as requested
• Complete all required training within established timeframes and maintain ongoing professional and regulatory readiness. Performs other duties as assigned; duties, responsibilities and/or activities may change or new ones may be assigned at any time with or without notice.
• Complies with all KeyBank policies and procedures, including without limitation, acting professionally at all times, conducting business ethically, avoiding conflicts of interest, and acting in the best interests of Key's clients and Key.

Education

• Bachelor's Degree or equivalent work experience
• Paralegal training, law degree and/or LPO license (preferred)

Work Experience

• 3+ years of related experience in Commercial Development and Closing and/or Commercial Construction Closing, preferably in banking or financial services (required)
• Thorough knowledge of construction and interim loan financing including underwriting, risk management and mitigation, loan closing and portfolio administration (required)
• Strong knowledge of commercial real estate programs/products and services (required)
• Strong knowledge of low income housing tax credit (LIHTC), historic tax credit (HTC), new market tax credit (NMTC), tax exempt bonds, letters of credit (L/C's), permanent mortgages and forward commitments, interest rate protection products, etc. (preferred)
• Strong knowledge of government programs for affordable housing and community reinvestment; experience with not-for-profit real estate development and sensitivity to local community needs (preferred)
• Experience with multi-bank loan participations/syndications and secondary market standards (preferred)

Skills

• Understanding of commercial lending concepts
• Proficiency in commercial loan documentation and closing
• Familiarity with commercial loan accounting systems, including LIQ
• Strong solution-oriented and problem-solving skills
• Excellent decision-making skills and judgment
• Ability to work independently without direct on-site supervision, understanding when to ask for assistance
• Strong interpersonal, written, and verbal communication
• Effective planning and organizational abilities; high attention to detail
• Ability to manage multiple tasks in a high-volume environment
• Strong aptitude for analysis, systems and mathematics
• Deliver distinctive personalized service to external and internal clients
• Experience with Microsoft Office applications, including Word, Excel, PowerPoint and OneNote

Core Competencies

• All KeyBank employees are expected to demonstrate Key's Values and abide by Key's Code of Conduct.

Physical Demands

• General Office - Prolonged sitting, ability to communicate face to face in person or on the phone with teammates and clients, frequent use of PC/laptop, occasional lifting/pushing/pulling of backpacks, computer bags up to 10 lbs.

Work Location Category

• Hybrid (2+ days)

COMPENSATION AND BENEFITS

Compensation can be offered at either level. Compensation above is for the Lead Closing Officer.

Senior Closing Officer Compensation: This position is eligible to earn a base salary in the range of $71,000 to $125,000 annually depending on job-related factors such as level of experience. Compensation for this role also includes eligibility for short-term incentive compensation and deferred incentive compensation subject to individual and company performance. Please click here for a list of benefits for which this position is eligible.

Please click here for a list of benefits for which this position is eligible.

Key has implemented an approach to employee workspaces which prioritizes in-office presence, while providing flexible options in circumstances where roles can be performed effectively in a mobile environment.

Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com.