The Construction Administration Specialist is responsible for setting up construction loan budgets post-closing and process Commercial and Residential construction loan draw requests and repayments, ensuring all requirements are in place and in compliance with policies and procedures while delivering optimum customer service.
Duties and responsibilities include:Review construction file documents to ensure all requirements are met.Review and process draw requests/documentation according to bank’s policy, procedures, and terms in the loan agreement.Upload draw request documentation to syndication system, as applicable.Process repayments and monthly interest reserve advances.Input all draws/repayments/interest information in the Excel spreadsheets and/or construction administration system, ensuring they are in balance with the loan system and construction budget, as well as updating the commitment amounts as they revolve.Prepare all necessary forms to submit daily work to Loan Operations, and investor banks as applicable.
Review and issue estoppel information for each project ensuring compliance with approved terms and conditions.Maintain monthly logs for disbursement and payments.Assemble and file draw/repayment/interest documentation in the construction files/system electronically, as applicable.Interaction with external and internal contacts (borrowers, investor/participant banks, engineer inspectors, title companies, attorneys, operation staff, etc.)Monitor insurance for construction projects and land loans, including flood insurance, and force placements, as applicable.Stay abreast of changes to federal regulations that might directly affect construction loans subject to flood insurance.Back up other team members during vacation and sickness, as applicable.Maintain an interactive relationship with lending officers and portfolio managers to enable proper monitoring of their respective portfolios.Participate in special projects as needed.Responsible for ensuring that construction loan available balances are accurately reflected in the core system every month end, so that the Construction Loans Report is accurate.
Responsible for the Construction Loan Status Report prepared quarterly.Minimum Education and/or Certifications Requirements:College degree in banking, finance, accounting, or related field.
Bachelor’s degree preferred.
RE Documentation and related courses.Minimum Work Experience Requirements:7 years of experience in handling construction loan documentation and administration, with excellent knowledge of related issues in construction process including lien law and contractors’ issues and flood regulations, insurance policies and NFIP guidelinesTechnical and/or Other Essential Knowledge:Extensive knowledge of construction projects, loan structure and documentation, and procedures, including disbursements.
Familiar with accounting principles, Real Estate law and documentation.Proficiency using Microsoft Office 365 products including MS Word, MS Visio, MS Excel, MS Teams, and MS PowerPoint