Commercial Real Estate Loan Closing Associate

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Date: Nov 24, 2018

Location: New York, NY, US

Company: New York Life Insurance Co

New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 billion.

 

New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+ (Source: Individual independent rating agency commentary as of 8/1/17).

 

Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.

 

 

Position Description:

New York Life Real Estate Investors is seeking an associate to join its Commercial Real Estate Loan Closing team, in New York. The position works closely with loan underwriters, borrowers, brokers, legal counsels, and third parties to facilitate the efficient closing of each transaction while ensuring all underwriting and closing requirements are met.

 

Primary Responsibilities:

  • Coordination with loan originators located in five regionally based field office locations, to facilitate the preparation and negotiation of real estate loan application commitments which include mortgage, mezzanine, co-lending, portfolio, construction and bridge structures.
  • Management of the loan closing process including:
    • review and negotiation of the loan documents, in consultation with lender’s in-house legal counsel, local legal counsel, and other internal resources, as well as borrower’s legal counsel and business counterparts; and
    • ensure the receipt and review of all due diligence items required for a timely closing (e.g., property related reports, title & survey, tenant lease related documentation, property and liability insurance, etc.).
  • Disbursement of loan proceeds including:
    • prepare wire;
    • review settlement statements;
    • collect and direct allocation of funds due to the Company (e.g. escrowed deposits, holdbacks, and fee income); and
    • facilitate the payment of expenses incurred in connection with the transaction (e.g. legal and third-party expenses).
  • Utilization of the Department’s real estate transaction management system to ensure:
    • data quality management relating to each transaction;
    • approvals for underwriting, due diligence, and investment committee are obtained prior to closing; and
    • timely transfer of closed loans to the loan management division, including on-boarding to the loan management system.
  • Participation in various departmental and divisional special projects.

 

 Qualifications:

  • Bachelor’s Degree in Finance, Real Estate, or related field.
  • A minimum of five years of experience closing mortgage loans, together with a solid working knowledge of the commercial real estate loan closing process and the legal issues that arise, as well as an understanding of the business analysis that supports each transaction.
  • Strong organizational and communication skills.
  • Self-motivated, with the ability to effectively prioritize multiple assignments.
  • Proficient knowledge of Microsoft office.

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