Construction Loan Administrator

Fulton Bank • Parsippany, NJ

6d • Hybrid

About The Position

This is a full-time career opportunity that can be hybrid within the Fulton Bank footprint (DC, DE, MD, NJ, PA, VA) or remote if residing within the footprint. The role is responsible for the administration of certain real estate secured commercial mortgage credit facilities. This includes reviewing and preparing loan advances, monitoring builder lines, development loans, and specialized construction loans. It also involves issuing release consideration letters or payoff quotes, collateral releases, collateral tracking, and processing loan payments.

Requirements

• Associate Degree or equivalent experience.
• 8 or more years of experience in Construction Loan Administration with commercial development and construction loans.
• Strong working knowledge of construction administration platforms.

Nice To Haves

• Specialty in Business Administration or equivalent degree.
• Experience with residual and builder lines.
• Built Technologies.

Responsibilities

• Responsible for the setup of construction loans for both commercial projects and residential development for monitoring within the Commercial Mortgage Administration group.
• Collecting, reviewing, and analyzing loan documentation such as construction loan agreements for special terms, title insurance for advance limitations, and other documents like flood determinations and building permits to ensure that each future advance is calculated and advanced properly within each loan’s structure.
• Performing an initial loan advance into a customer’s account or a wire transfer, and working with the relationship managers to verify a reconciliation schedule for inspection reporting.
• Helping guide less experienced employees with legal and structural questions concerning the proper set up of a construction loan.
• Funding construction loan projects at the documented times and percentage of completed construction.
• Verifying loan system availability and analyzing availability with tracking systems.
• Preparing daily account and General Ledger transactions which may include interest reserves, payments, and tickets for processing.
• Analyzing and validating all advances to ensure proper hurdles have been achieved by borrowers.
• Monitoring may include analyzing loan budgets, change orders, housing starts, project costs, etc.
• Fielding questions from less experienced employees within the team to accomplish correct funding.
• Identifying when exception approval and appropriate documentation is required when stored materials or change order items are requested for funding or when other items may come up that require exception approval.
• Conferring with the Due Diligence Officer or Legal in reviewing title insurance binders, commitments, policies to verify whether or not advance bring down or updates are required and to also verify collateral.
• Ordering property inspections from approved property inspectors as needed for advances.
• Tracking, reviewing, and analyzing property inspection reports to see if loan advance requests can be advanced.
• Performing all functions independently and reviewing title insurance along with the due diligence office with little or no input from legal.
• Issuing payoff quotes and/or release consideration letters for monitored loans and lines.
• Maintaining a master sheet of payoff instructions for all loans monitored.
• Reviewing collateral releases for accuracy and obtaining appropriate signatures and notarizing releases.
• Preparing release correspondence and maintaining records of releases processed.
• Processing daily account and general ledger entries for releases, principal curtailments, and loan payoffs.
• Tracking exception approvals related to construction and development loan advances and releases.
• Scanning advance and payoff and release related documents and filing electronically for future reference.
• Conferring with the Special Assets department on certain loans which may require special handling.
• Researching, analyzing, and resolving problem inquiries made by Relationship Managers and borrowers.
• Recommending improvements to the department’s construction loan monitoring process to supervisor.
• Identifying and reporting to supervisor any deviations from loan policy or loan approval.
• Demonstrating strong judgment in identifying when an issue requires escalation and ensuring it is directed to the appropriate party.
• Training others in all functions of the position, specifically training new hires in Fulton systems, policies, and procedures.
• Supervising the team from time to time when the team leader is not present.
• Interpreting legal documents with little or no help from Due Diligence or Legal, or conferring with legal at a technical and legally familiar level.

Benefits

• Medical plans with prescription drug coverage
• Flexible spending account or health savings account depending on the medical plan chosen
• Dental and vision insurance
• Life insurance
• 401(k) program with employer match
• Employee Stock Purchase Plan
• Paid time off programs including holiday pay and paid volunteer time
• Disability insurance coverage
• Maternity and parental leave
• Adoption assistance
• Educational assistance
• Wellness program with financial incentives

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Associate degree