Construction Loan Draw Specialist

PrimeLending•Dallas, TX

About The Position

Under general supervision, the Construction Loan Draw Specialist assists in all aspects of loan draw processing for residential homebuilder and commercial construction borrowers. Reviews client draw requests and ensures requests are in line with internal and external regulations prior to processing the release of funds to clients. The Construction Loan Draw Specialist will engage with external vendors including third-party inspectors, surveyors, and title companies to gather project data and will input data into the draw monitoring system.

Requirements

High School diploma, general education degree (GED), or equivalent required.
Minimum 2 years of lending/loan administration experience.
Excellent PC skills, including word processing and spreadsheets via Microsoft Office products as well as custom applications and systems.
Excellent verbal, written and interpersonal communication skills.
Excellent analytical, time management, organizational and problem-solving skills with the ability to multi-task and produce error-free work in a deadline-driven environment.
Must be self-motivated with strong attention to detail and accountability.

Nice To Haves

Strong preference for previous experience with construction draw servicing or related construction industry experience.
Knowledge of construction disbursement servicing system a plus.

Responsibilities

Monitors construction draw pipeline for residential homebuilders and/or commercial construction loans.
Performs general maintenance on loan accounts and ensures supporting documentation is uploaded into the monitoring system.
Inputs budgets and schedules in draw monitoring system according to loan approval and supporting construction documents.
Orders and reviews inspection reports, including final inspections, and surveys; ensures that project inspections are in line with draw request.
Updates project completion progress in draw monitoring system in accordance to inspections.
Reviews draw requests and borrowing base requirements to ensure appropriate approvals are secured and internal requirements are met.
Verifies availability of funds prior to release.
Reviews loan for outstanding past due payments.
Ensures draw funds are held until past dues are resolved.
Prepares loan advances and wires for completing construction draws.
Communicates with lenders, lending assistants, borrowers, vendors, and other lending stakeholders on draw requests, including status updates, discrepancies, or any issues encountered when reviewing requests.
Engages appropriate party to resolve discrepancies.
Monitors exceptions on draw requests and coordinates with lending staff and borrower to clear exceptions.
Monitors key loan account data such as down date endorsement requirements and construction loan binder extensions; documents data changes within the draw monitoring system.
Tracks borrower equity injection reports to ensure project is in line with loan approval guidelines/requirements.
Generates reports related to draw pipeline and provides to loan operations management.
Additional duties and responsibilities as needed.