Construction Loan Administrator - Commercial Banking

IDB • New York, NY

7d • $80,000 - $110,000 • Hybrid

About The Position

Job Summary:
Loan administration of complex construction loans; mostly commercial, part residential and land development loans.

Requirements

• Bachelor’s degree in Business preferred. Minimum of 3 - 5 years of relevant experience.
• Proficient in Word and Excel.
• Strong attention to detail and accuracy.
• Exercise sound judgement, and excellent independent decision-making skills.
• Excellent communication and organization skills.
• Provide excellent customer service to both internal and external customers.

Nice To Haves

• Familiar with LoanIQ or similar loan system preferred.
• Ability to adhere to set turnaround time on all draw requests

Responsibilities

• Administer construction loan portfolio. Process loan advances and reductions, track insurance, quote payoff figures, and apply interest payments.
• Construction monitoring of both commercial and part residential loans. Set up monitoring workbooks with loan specific draw schedules for complex loans.
• Coordinate all site inspections for loan draws relating to the construction loans and title bringdowns.
• Ability to establish draw schedules and budget tracking using workbooks/systems based on the requirements of the loan approval, loan documents, and construction contract, if applicable.
• Careful review of draw request to identify possible budget problems, and elevate to supervisors with recommendations for resolution.
• Review inspection reports and documents for accuracy, and for conformance with the budget, loan approval, and Loan Agreement.
• Approve draws jointly with Relationship Managers.
• Update ledgers, budgets, and the funding log.
• Work with title company to obtain Partial Satisfaction Certificates for processing within 30 days of receipt of payment.
• Prepare quarterly Project Status Reports for review by, and signature of the loan officer.
• Understanding of AIA construction documents, and the ability to identify and elevate issues contrary to documentation.
• Backup other Administrators in their absence.

Benefits

• In addition to base salary, our total rewards package also includes eligibility for an annual bonus, medical, pharmacy, dental, and vision plans, life and disability insurance, employee wellness program, retirement and savings plans with employer contributions, generous holiday and paid time off schedules, parental leave, and tuition reimbursement.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level