Construction Loan Administrator III

3 days ago

Iselin, United States Provident Bank Full time

How would you like to join one of the most highly regarded financial institutions in New Jersey with deep roots in the community? Provident is a successful and highly regarded multi-billion-dollar bank that continues to grow with branches in New Jersey, Eastern Pennsylvania and New York. Our longevity is a testament to our commitment to placing our employees, customers, and the communities we serve at the center of all we do. At Provident Bank, we are committed to enhancing our customer and employees' experience.

POSITION SUMMARY:

The position's role is responsible for accurately administering a portfolio of construction loans and maintaining a courteous and beneficial liaison between customers, Relationship Managers, and other outside professionals. Job performance is evaluated on accuracy, timeliness, productivity, and customer satisfaction. The role is considered the more experienced in the job family and responsible for mentoring of less experienced CLA's. The candidate selected will be expected to be work independently and will escalate situations as appropriate to Management.

KEY RESPONSIBILITIES:

  • Prepare detailed project budget template for all loans with approved budgets, funding criteria, loan allocations and re-allocations; review permitted release provisions within the loan documents. Maintains loan budget template on a regular basis reflecting each funding, principal pay down and release consideration payment.
  • Oversee project budgets for accuracy, including advances and pay downs that are in accordance with legal documentation to ensure compliance of all construction loan covenants. Reviews inspection reports, borrower's monthly requisition for accuracy, maintain and monitor the updated status of the loan as to accuracy to assure there is no over funding, with all line items being in balance and compliance with approved loan and funding budgets with the Relationship Manager to coordinate monthly advances with borrower, inspecting engineer and title company. Responds to customer inquiries timely, resolve issues and uses judgment to involve management.
  • Coordinates, creates, submits, or receives lender notices to fund construction loan advances including participated and syndicated loans. Confirms monthly interest payments, insurance and tax payments are all current and in good standing. Responsible for saving all inspection reports, budgets, title, borrower submissions and all other documents associated with an advance to the Bank's Loan System for each funding provided.
  • Prepares and reviews pre-closing documentation for commercial lending and/or commercial real estate construction loans including completion of the detailed budget template prior to closing. Reviews loan approval documents, construction loan agreements and engineer's plan & cost report to ensure proper loan administration
  • Analyzes and Reconciles Construction Loan Report monthly. Works with loan officers to obtain and keep track of any updates pertaining to each construction loan. Responsible for setting up monthly interest trailers on loan system. Updates department reports, including pipeline reports, monthly construction reports, monthly advances, and interest reserve reports. Submits to manager and Relationship Managers and Portfolio Managers. Assist and mentors less experienced CLA Construction employees when needed.
  • Responsible for confirming loan was properly established on the Bank's system by Loan Operations, creates disbursement files and follows up for any post-closing construction related documents.
MINIMUM QUALIFICATIONS:
  • Associates degree
  • 5-7 years' experience commensurate with job function
  • Extensive knowledge of Construction Mortgage Loan Administration requirements and ability to apply such knowledge.
  • Experience with complex construction loans and ability to monitor them.
  • Strong verbal, communicative and written skills.
  • Ability to manage heavy workflow, resolve problems with modest supervision, attention to detail,
  • and perform arithmetic calculations.
  • Proficient with Excel and Word.
PREFERRED QUALIFICATIONS:
  • Bachelor's degree
WORKING CONDITIONS

Work is mainly performed in a normal office environment. Noise levels usually are moderate.
  • Prolonged sitting
  • Lifting from 5 to 10 lbs. (printer paper, storage boxes)
  • Occasional bending or overhead lifting (storing files or boxes)
  • The hazards are mainly those present in a normal office setting.


HAZARDS

The hazards are only those present in a normal office setting.

This job description may not be all-inclusive. Employees are expected to perform other duties as assigned and directed by management. Job descriptions and duties may be modified when deemed appropriate by management.

Provident Bank recognizes and supports the importance of creating a socially and culturally diverse employee base. We understand, value, and appreciate the unique perspectives that a diverse workforce can contribute to our organization. We put the employee and the customer at the center of strategy because culture is a critical differentiator for why people choose to work here.

We are an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to age 40 and over, color, disability, gender identity, genetic information, military or veteran status, national origin, race, religion, sex, sexual orientation or any other applicable status protected by state or local law.

About Provident Bank

For more than 180 years, Provident Bank has served individuals, families, and businesses in our local communities with personal and business banking services.

Volunteering is a Way of Life

Our brand promise - "Commitment you can count on" - supports the investments we make in the community and donations made by our employees. It's a promise also reflected in the volunteerism of our employees, who lend time and talent and countless hours to assist hundreds of organizations and thousands of people and animals each year.

Why do we love it?
  1. We get to volunteer in areas that are meaningful to the bank and impactful in the community.
  2. Through generous contributions, we have raised over $912,000 in 2022. No item or donation is too small; we find a home for it all.

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