Loan Officer - Educational Services

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.

Following established lending policies and procedures, assists business line general managers and senior loan officers in examining, evaluating, and closing commercial extensions of credit, predominately through USDA and SBA loan programs. May request specified information for loan applications. Responsible for assembling information required by Live Oak and counsel to properly close loans. Develops borrower relationships through friendly, courteous, and responsive service. Develops understanding of commercial lending and USDA and SBA Program rules and procedures. Promotes the Bank’s services to current and potential borrowers. Nurture strong relationships with referral sources in various market niches. Travels for site visits and trade shows as needed. 

What You’ll Do at Live Oak

• While completing the application, learns and applies elements of underwriting to include the analysis of applicants’ financial status, credit, and property evaluation to determine if loan requests meet Bank, SBA, and USDA lending criteria. Learns to evaluate the sources of repayment on loan requests and do a competition analysis. 

• Prepares budgets, economic analyses, and energy market statistics for loans, as assigned, to be reviewed and validated by a Senior Lender.

• Learns bank policies and procedures as well as SBA and USDA regulations. Reviews loans for SBA and USDA eligibility and verifies same. 

• Completes the customer interview. Assesses the customer and resolves outstanding questions related to the transaction. 

• Develops expertise in use of Bank loan systems. Ensures that all documents required for the credit approval of the loan transaction are uploaded to Salesforce.com, and SharePoint, as well as potential third-party investor and/or participant share files and data rooms. 

• Develops industry expertise in specified market niches and strong relationships with referral sources in these niches.

• Beginning external sales activity including attending customer visits and trade shows with senior lending staff. Expected to over smaller loan relationships from senior loan staff for the purpose of building sales knowledge and experience. 

• Ensures a smooth transfer of the customer to the Underwriter, USDA packager, and Loan Closing Specialist for the approval, closing, and funding of the loan in addition to the construction specialist if applicable.  

• Keeps abreast of economic conditions, changes, and trends in customers' businesses, the banking 

• industry and the specific market niches targeted by the Bank. 

How You’ll Do It           

• Has responsibility for following regulatory requirements including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection, and determent of money laundering or other unlawful activities. 

• Functions as a team and realizes all members of the team are vital to its success. 

• Stays current with products and services the Bank is offering. 

• Performs other duties as required. 

Required and Preferred Experience

• Formal USDA and/or SBA and conventional credit training are preferred 

• A minimum of three years of industry-specific experience is preferred. Additional lending experience is preferred

• Excellent customer service and interpersonal skills 

• Sound judgment  

• Detail oriented  

• PC proficiency  

• In-depth knowledge of Bank lending policies, procedures and criteria  

• Strong work ethic 

• Strong organizational skills

• Minimum of a bachelor’s degree in Finance, Business, Marketing, Economics, Environmental Sciences, Mathematics, Statistics, or applied Natural Sciences