Closing Coordinator, AVP - Community Lending & Investments
Company: CIT Group
Posted on: June 8, 2021
CIT is a leading national bank focused on empowering businesses
and personal savers with the financial agility to navigate their
goals. CIT Group Inc. (NYSE: CIT) is a financial holding company
with over a century of experience and operates a principal bank
subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The
company's commercial banking segment includes commercial financing,
community association banking, middle market banking, equipment and
vendor financing, factoring, railcar financing, treasury and
payments services, and capital markets and asset management. CIT's
consumer banking segment includes a national direct bank and
regional branch network. Discover more at cit.com/about.
CIT Bank N.A. is expanding its debt and equity products to help
promote community and economic development projects in communities
served by our bank network. As one of the largest Financial
Institutions headquartered in California, CIT Bank, N.A. provides
both debt and equity products to a wide range of community
development activities including affordable housing, community
facilities, small business development and Community Development
Financial Institutions (CDFIs). The Closing Coordinator position
will assist underwriters in the coordination of third-party reports
and approvals; work with title and legal for documentation of
transactions; and preparation of regulatory files for a variety of
commercial real estate transactions (multifamily, community
facilities, and office) as well as equity investments for
affordable housing, economic development and community
Key responsibilities: The Closing Coordinator is responsible for
assisting the community development underwriters with ordering and
tracking internal reviews for appraisals, environmental reports,
plan and cost reviews, flood certification and insurance
requirements. This includes engaging vendors, tracking the
completion of the reports, preparation of internal reviews requests
and secure all internal approvals of third-party reports.
The primary role of the Closing Coordinator is to work with
underwriters in the coordination of underwriting and closing of
community development transactions, including the legal, real
estate, and project level due diligence. The Closing Coordinator
will also assist in the preparation of the closing materials per
the Community Development Lending Standards and will lead the
transactional closings calls of both loans and investments. The
qualified candidate must be able to effectively communicate with
developers, third party lenders, counsel, title companies,
accounting firms, and internal personnel such as underwriting,
construction, and asset management. Job responsibilities
- The Closing Coordinator is responsible for assisting the
community development underwriters with ordering and tracking
internal reviews for appraisals, environmental reports, plan and
cost reviews, flood certification and insurance requirements. This
includes engaging vendors, tracking the completion of the reports,
preparation of internal reviews requests and secure all internal
approvals of third-party reports.
- Review Market Studies, Appraisals, Financial Statements, Plan &
Cost Reviews, Construction Contracts and LIHTC Applications to
assess financial feasibility of proposed transactions and
- Maintain due diligence closing checklist and track updates with
developers and counsels
- Perform cursory review of title, survey, organizational
documents, loan documents, insurance certificates, and other
project level due diligence to ensure conformance with internal
requirements and credit approvals.
- Manage third party reports by collaborating with internal and
external constituents and coordinating all internal approvals of
third-party reports as part of the preparation of the closing
compliance memos for the closing process.
- Assist with the transition of transactions to asset and
portfolio management by ensuring budgets, timelines, sources and
uses and other transaction documents align and are signed off by
all relevant parties.
- Prepare regulatory files and forms for both loans and
- Enjoy working in relationship management teams with a proven
understanding of the importance of balancing asset quality and
community development needs
- Ability to work in a fast-paced, results-oriented environment
while exercising sound judgement with attention to detail and
accuracy skills, and other duties as requested by Director
- Minimum of three years applicable LIHTC and transactional real
- Legal experience, or familiarity with legal documents and
transaction closings, is preferred.
- A bachelor's degree is required, preferably in Finance,
Business Administration, or a related field.
- Excellent communication and time management skills. Longer
hours at certain times of the year may be required.
- Must be proficient with Microsoft Office Suite with a heavy
emphasis on Excel and Word.
Must possess and be able to demonstrate effectiveness with each
of the following Key Attributes.
- Excellent oral and written communication skills
- Strong analytical and project management skills
- Ability to effectively manage and administer sensitive and
- Strong initiative and ability to work without guidance &
- Willingness to meet deadlines through a flexible work
- Professionalism/Ethics (Trust, Attitude, Commitment, Honesty,
Collaboration, & Approachability)
Keywords: CIT Group, Pasadena , Closing Coordinator, AVP - Community Lending & Investments, Other , Pasadena, California
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