Construction Loan Administrator
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Overview
Job Description
Job Description
The New Construction department works with both builders, and individuals purchasing newly constructed homes. The Construction Loan Administrator manages the lifecycle of the construction loans while the homes are being built, and the disbursement of funds (draws) based on project milestones. They act as the primary liaison between the bank, borrowers, general contractors, and third-party inspectors to ensure new home projects remain compliant and adequately funded, delivering exceptional service to Dollar Bank customers.
Education and Experience Requirements:
High School Diploma/GED required
Six (6) months banking or administrative experience.
Certificate, Licenses and Registration Requirements:
N/A
Knowledge, Skill, and Ability Requirements:
Ability to manage multiple tasks and deadlines in a high paced environment.
Effective communication skills, both oral and written for professional correspondence.
Experience with Microsoft Word and Excel.
Experience with banking or loan software a plus but not a requirement.
Familiarity with the home construction process is a plus but not a requirement.
Essential Functions:
Send mortgage insurance payments to MI companies and reconcile payments report.
Collaborate with the loan closer for final construction costs, set up escrow disbursement account, provide construction documentation to the title company and builder.
Process and review regular construction draw requests, including invoices, lien waivers, and change orders to ensure funding aligns with the approved budget.
Identify and escalate construction risks such as budget variances, delays, or lien exposure.
Ensure all required title endorsements and date-down reports are obtained before funding.
Coordinate site inspections with third-party agencies and communicate directly with borrowers regarding disbursement status and deficiencies.
Prepare conversion documents upon completion of a newly constructed home.
All employees have the responsibility and the accountability to serve as risk managers for their businesses by understanding, reporting, responding to, managing, and monitoring the risk they encounter daily as required by Dollar Bank's risk management program. Compliance with regulatory laws and company procedures is a required component of all position descriptions.
Supervisory Responsibilities:
N/A
Automate your job search with Sonara.
Submit 10x as many applications with less effort than one manual application.