Par Loan Closer
General Summary: Responsible for the drafting of market standard documentation used to transfer ownership of loan products between parties as well as the calculation of the economics associated with the settlement of such transactions.
The position also involves negotiation of terms used in the documentation and the communication of complex legal issues to external clients as well as the trading desk in an articulate manner.
- Job Description: PAR LOAN CLOSER - General understanding closing procedures of "par loan" trades - Understanding of fundamental policies and procedures of the firm - Ability to manage multiple credits and their respective outstanding trades (time management) - Gain a basic understanding of Loan IQ and the Clear Par, the online settlement service, as it pertains to the loan trading function - Gain a basic understanding of LSTA (Loan Sales & Trading Association) documents and procedures - Daily responsibilities - Evaluate outstanding trades and apply focus to those that are approaching Trade Date + 7 - Execute closing documents for actual loan transfers, directly w/ counterparties and online - Check pricing calculations prior to settlement of open trades - Interact with Deal Administrators to ensure accurate execution of transactions - Provide manager with daily update on activities and potential problems Any specific technology skills needed for the role An above average competency with Microsoft Excel and Word is beneficial.
- Additional responsibilities - Customer contact, ability to forge relationships and assist in resolution of trade related issues - Interaction with the Par Loan Trading desk for guidance in problem solving and customer relation
1. Managing Relationships - Interact with team members, group managers, trading desks and external clients and lawyers.
2. Intellectual - Knowledge of loan closing procedures, Loan IQ, an innovative online settlement platform and the LSTA.
- Aptitude in mathematics / analysis would be beneficia
3. Skill set required for the role - individual must: - be highly motivated, organized and proactive - have the ability to handle multiple transactions at a time - have a sense of urgency and be very responsive (get documents out same day or T+1) - have strong, independent investigational skill
4. Technical/Product Knowledge - General understanding of loan closing procedures and the fundamentals of settling tradable asset
5. Adaptability - The nature of the role transitions rapidly from customer relations to loan closer to pricing analyst on a daily basis.
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