OFN's core mission is to align capital with social, economic, and political justice. We seek qualified candidates committed to this mission and to upholding OFN's standards for excellence. OFN is currently hiring for the following staff positions. Internships are also available - click the link at right.
If we don't currently have an open position in your area, you may submit a Resume.
Position Summary and Essential Functions:
This position is primarily responsible for assisting the Vice President, Loan Operations in the administration of OFN’s existing loan portfolio and OFN’s Bond Guarantee Loans. Such assistance will include compliance analysis, database management, file maintenance, and recordkeeping.
General Loan Administration responsibilities include but are not limited to:
- Prepare, collect and coordinate loan documentation and internal funding requests.
- Coordinate and implement the on-boarding of new loans and modifications to existing loans.
- Prepare, and coordinate loan commitment and closing documentation, ensure closing conditions are met and initiate the funding for each loan closing.
- Document all modifications and renewals and share with other internal departments as required.
- Prepare timely submissions of internal and external departmental reports.
- Assist with the implementation of a Loan Origination/Servicing/Accounting System.
- Review quarterly interest payments from accounting for accuracy.
- Prepare and review invoices for loans and asset management.
- Preserve, maintain and update borrower files and legal documents as needed.
- Assist other financial services team members on projects or deliverables, as requested by the VP, Loan Operations.
Bond Guarantee Program Responsibilities include but are not limited to:
- Support the preparation and submission of the Bond Guarantee Program application via collection, organization and remittal of financial documents.
- Review and coordinate documents related to Eligible CDFIs’ requisition of Bond Funds, payment oversight of the Bond and Bond Loans, management of Bond Loan collateral, and Eligible CDFI and OFN compliance with Bond Guarantee Program requirements.
- Review and coordinate documents from Borrower regarding Loan Requisition/Advance requests for completeness and compliance with the Bond Loan legal documents, regulations, and Secondary Loan Requirements.
- Ensure proper administration of all Secondary Loan documents by the Eligible CDFI including the creation and perfection of required security interests and liens on Secondary Loans. Perform first level review of the performance, replacement and removal of Bond Loan Collateral and ensure Non-Performing Collateral is replaced in a timely fashion. Ensure the Eligible CDFI maintains the required amount of collateral per Bond Loan legal documents.
- Review Escrow Agent activities and the custody of Secondary Loan documents held by the Escrow Agent.
- Review, coordinate and test for compliance with covenants of the Eligible CDFI per the Regulations and Bond Loan legal documents.
- Track and submit monthly, quarterly and annual reports to the CDFI Fund to support compliance with the terms and conditions of the Bond documents via database management systems.
- Process documentation as needed to declare Events of Default under the Bond Guarantee Program and initiate remedies when necessary.
- Bachelor’s Degree or 5+ years direct work experience in lieu of degree required.
- 1-3 years experience in lending markets that have similar characteristics to the loans of OFN, and/or title or mortgage industry experienced required.
- Experience in loan documentation, preparation and review preferred.
- Experience in lending to financial and /or nonprofit institutions preferred.
- Experience in multi-party lending structures, with borrowers, lenders, banks and servicers and backup servicers preferred.
- Experience with Quality Control Audits a plus.
- Ability to understand loan documentation is required.
- Ability to review the work of other partners/subcontractors is required.
- Experience in nonprofit or small office environment a plus.
- Knowledge of accounting or lending practices required.
- Superior written and verbal communication skills required with emphasis on clarity, conciseness and relevance.
- Ability to understand and modify financial statements is preferred.
- Superior interpersonal skills and ability to work well with diverse constituents is required.
- Knowledge of and commitment to community development preferred.
- Proficiency with MS Office and database software is required.
- Ability to work independently or in team environment as required.
- Ability to manage multiple tasks effectively and efficiently under moderate supervision.
- Some travel required (<10% of time).
- No extraordinary physical requirements beyond ability to travel.
- Job involves normal physical requirements for an office position.
Interested parties should complete an application and submit their resume and letter of interest at: https://www.theapplicantmanager.com/edit_position?pos=OF118
Application deadline: October 7, 2016
Search: Associate, Financial Services
Opportunity Finance Network
620 Chestnut Street Suite 572
Philadelphia, PA 19106
Each summer OFN offers several internships across the organization. Our program is designed to give interns work experience in their field of interest. It also introduces them to the opportunity finance industry and the transformative work CDFIs do in low-income communities across the country.
Available Summer 2016 Internships
All OFN 2016 Summer Internships have been filled. Visit our Internships page for more details.