Commercial Mortgage Loan Officer
$80,000–$95,000 plus bonus and benefits
Toronto, ON (Fully in-office)
Our client is a dynamic and growing firm in the real estate finance sector. They are seeking a highly organized, detail-oriented Commercial Mortgage Loan Closer to join their team. This role will be responsible for managing commercial mortgage files through the closing and funding process, with a strong focus on CMHC-insured lending and funding requirements. You will work closely with underwriting, borrowers, legal counsel, and third-party vendors to ensure transactions are completed accurately and efficiently.
Responsibilities:
Pre-Closing & Due Diligence Coordination
- Documentation: Prepare letters of intent (LOI) and commitment letters using template documents, ensuring all requirements are accurately reflected and aligned with credit conditions.
- Pipeline Management: Receive deposits and signed LOIs/commitments and efficiently circulate files to assigned legal counsel.
- Borrower Relations: Prepare introductory letters outlining customized checklists and due diligence requirements, while acting as a key point of contact throughout the closing process.
- Vendor Engagement: Order and coordinate services with title insurance companies, insurance consultants, appraisers, and other third-party providers.
- File Review: Review tenant estoppels, insurance policies, legal due diligence packages, and other supporting documentation, ensuring all requirements are satisfied, including AML compliance.
- CMHC Requirements: Coordinate and review CMHC documentation and conditions to ensure files are properly prepared for approval, funding, and pooling.
Closing & Collaboration
- Team Synergy: Work closely with underwriting, origination, and accounting teams to ensure all due diligence and closing conditions are completed prior to funding.
- Escrow & Reserves: Ensure all escrow, reserve, holdback, and other funding requirements are accurately captured in the final mortgage loan closing statement.
- Legal Instructions: Review or prepare final closing documents and provide accurate instructions to legal counsel regarding loan documentation and closing requirements.
- Compliance: Verify that all file conditions are cleared, disclosure tolerances are within guidelines, and transactions adhere to internal, investor, CMHC, and regulatory requirements.
- CMHC Funding: Manage the final stages of CMHC-insured transactions, ensuring all required documentation and funding conditions are satisfied ahead of closing and funding.
Funding & Reconciliation
- Financial Math: Prepare, balance, and verify final closing figures and mortgage loan closing statements.
- Funding Execution: Requisition loan funds and coordinate accurate funding wires in accordance with approved closing instructions.
- CMHC Funding & Pooling: Support the CMHC funding and pooling process, ensuring files are complete and properly documented through to completion.
- File Reconciliation: Complete a full reconciliation of mortgage loan files following closing and funding.
Qualifications:
- 2+ years of hands-on experience in commercial mortgage lending, with direct experience in commercial mortgage funding and closing strongly preferred.
- Strong CMHC experience, including familiarity with CMHC documentation, funding requirements, and the mortgage pooling process.
- Experience independently managing commercial mortgage files from initial engagement through closing and funding.
- Exceptional verbal and written communication skills, with the ability to manage expectations and timelines with borrowers, underwriters, lawyers, and external vendors.
- Strong attention to detail with an ability to identify discrepancies in financial figures, compliance requirements, and legal documentation.
- Ability to proactively identify missing documents, resolve issues, and keep multiple loan files moving simultaneously in a high-volume, deadline-driven environment.
- Proficiency with Microsoft Excel and standard loan origination/closing software
