Job Description: Job Summary This position is responsible for the monitoring and processing construction loan draws from loan inception to completion. Collaborates with the Sr Construction Draw Administrator to ensure that construction loans are processed in accordance to the Bank's policies and the loan approval. Responsibilities include, but are not limited to, reviewing the Construction Loan Agreement, draw requests, sworn statements, budgets, ordering title updates and inspections and maintaining accurate records of all draws. The Draw Administrator must work closely with the relationship manager, customer, contractor, title company and inspectors to coordinate the draws as well as other internal departments.
Review FAM (approval document) and construction loan documentation to determine all requirements and conditions of each project. Must have a total understanding of each project as requirements may be different for a residential development and a commercial project. If discrepancies are found between the FAM and the documents, must be able to resolve with the business unit, credit and the commercial operations processing group.
Review all documentation for each draw requests. This may include review of all sworn statements, waivers, invoices, inspections and comparison to budget line items to ensure project is on track. Communication with relationship manager and customer may be necessary if there are any discrepancies
Order inspections, title updates and surveys as required for each project type
Maintain accurate records of each draw and interest reserve payments to ensure within budget
Prepare disbursement and funding forms for approval by management
Upload all documentation on each draw to the appropriate systems and assist in other areas of commercial loan operations as time permits such as participation draws/pay downs, documentation review
Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar's internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
HS Diploma, GED or Foreign Equivalent required
Minimum of 3 years of hands on commercial construction servicing, documentation.
Must be able to read loan agreements and other documentation and have worked on construction draws from start to finish.
AFS knowledge preferred
Excellent communication skills, both written and oral
Ability to prioritize work load and time to ensure that draws are not unduly delayed
Ability to learn multiple systems
The job requires a moderate degree of physical exertion and stamina such as standing, sitting, walking, driving or infrequent lifting. Extensive periods of sitting and computing