AVP, Construction Disbursement Administrator

Banc of California•San Diego, CA

7d•$70,305 - $98,000

About The Position

Work directly and independently with construction contractors /project managers, third party inspection firms, fund control companies, title insurers, borrowers, accountants, lenders and clients from loan approval through final funding to manage the processing of lender approved commercial real estate construction draws and documentation thereof in accordance with internal and regulatory requirements. Provide accurate and responsive funding on highly complex construction loans through all stages. Relied on as a resource for construction industry related practices and legal requirements. Able to thoroughly understand construction related contracts and budgets. Performs all duties in accordance with the Company’s policies and procedures, all U.S. state and federal laws and regulations, wherein the Company operates.

Requirements

7-10 years construction disbursement processing experience or an equivalent required
Bachelor’s degree or equivalent work experience
Knowledge of IBS
Strong familiarity with real estate loan servicing and accounting systems
Ability to work at a high level with complex Excel spreadsheets, Word and Outlook
Ability to create reports
Ability to audit all disbursements efficiently using the Bank’s accounting and loan systems
Ability to create reports and tracking spreadsheets
Basic knowledge of real estate, escrow, title UCC, and lender due-diligence processes
Strong knowledge of the construction process and typical disbursement requirements
Ability to manage multiple tasks/projects and deadlines simultaneously
Possess strong analytical skills
Be a self-starter and detail oriented
High School diploma or equivalent required

Responsibilities

At loan closing and in conjunction with the REIG lender, establish the final Master Funding Ledger for assigned loans to include all funding sources and uses utilizing construction budget (s) and loan closing statements. Verify and allocate project equity, for hard and soft costs. Audit the Loan Disbursement File and Master Disbursement Funding Ledger at loan closing for assigned loans, to assure a proper start to the transaction on assigned loans.
Confirm all equity payment and verification thereof on assigned loans.
Ensure project budgets are accurately set up through approved fund control companies.
Proactively participate in initial post-closing meeting with REIG lending/disbursement team, and Borrowers project team. Conduct follow up meetings as necessary.
Verify and balance all budget categories and all funding sources, both initially and with each funding request.
Coordinate fund control requests and project inspections.
Prepare and monitor funding reports for management.
Accurately complete funding package, submit for approval, disburse draws using the appropriate funding source and notify recipient of funds.
Ensure line item transfers and increase transfers are adequately documented, the cost breakdown continues to balance and all changes are submitted to the Loan Officer for approval.
Ensure the Master Funding Ledger is updated regularly to reflect accurate and current construction progress and the status of the remaining available funds.
Manage mechanic’s lien detection and responsive resolution via interface with Borrower, Title Officer and Lender.
Order and review all applicable endorsements, including but not limited to, foundation and incremental increased coverage endorsements. Obtain rewrite title policies as applicable.
Establish and maintain paper and electronic files for assigned construction projects in accordance with REIG and Bank policies and procedures.
Periodically review/audit REIG construction files to ensure audit readiness.
Process partial demands and reconveyances for REIG subdivision projects.
Work with other REIG Team members to monitor and clear ticklers and exceptions.
Follow up for receipt and completion of all information in a timely manner.
Complete special projects as assigned.
Complete error-free accounting work.
Assure proper handling of requests and coordination of lien releases and receipts and compliance with Bank construction funding procedures on assigned files.
Confirm all equity payment and verification thereof on assigned files.
Maintain standards for construction files and documentation requirements for draws and verifications of payment.
Review all construction contracts and budgets for coherence and compliance with Bank requirements on assigned files.
Approve final payment and audit construction file for sign off, approved return to regular loan file on assigned files.
Confirm appropriate title endorsements are ordered, obtained and managed in file as required on assigned files.
Review filing and management of Preliminary Notices received on assigned files.
Audit monthly interest payments due on assigned files.
Review mechanics liens and/or contractor disputes on assigned files and provide loan officer and management with recommended action.
Follow all established policies and procedures.
Perform other duties and projects as assigned.

Benefits

401k plan which includes a company match and immediate vesting
Comprehensive insurance options including medical, dental, vision, AD&D, supplemental life, long-term disability, pre-tax Health Savings Account with employer contributions, and pre-tax Flexible Spending Account (FSA)
Adoption assistance
Surrogacy assistance
Fertility assistance
Paid parental leave
Family support solutions including care options for your family
Paid vacation days
Paid holidays
Volunteer time off
Tuition reimbursement
Annual mentorship program
Leadership development resources
Access to LinkedIn Learning