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Closing Coordinator, AVP - Community Lending & Investments

Company: CIT Group
Location: Pasadena
Posted on: June 8, 2021

Job Description:

Overview

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.

Responsibilities

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 services.

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 include:

  • 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 coordinate closings.
  • 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 investments.
  • 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

Qualifications

  • Minimum of three years applicable LIHTC and transactional real estate experience.
  • 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 confidential information
  • Strong initiative and ability to work without guidance & supervision
  • Willingness to meet deadlines through a flexible work schedule
  • 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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