Affordable Housing Loan Servicing Specialist
6 days ago
As a Loan Servicer for Community Development Finance, you will play a vital role in supporting the servicing of transactions within the community development and affordable housing space. The position involves a diverse range of responsibilities, including operational support, detailed portfolio management, and rigorous quality control.
About Us
First Citizens Bank is a leading financial institution committed to providing exceptional services to our clients. We value integrity, teamwork, and innovation in all aspects of our business.
Responsibilities:
- Manages and maintains undisbursed loan proceeds according to the preapproved construction budget, ensuring accurate tracking and documentation of all construction sources and uses.
- Determines and reconciles funding sources for each transaction, posting information accurately.
- Prepares and coordinates the construction draw instructions with external construction inspectors.
- Reviews monthly construction draws, contractor AIA documents, changes order forms, lien releases, and soft cost invoices to ensure accuracy and compliance.
- Coordinates with clients, title companies, construction inspectors, and participating banks to resolve issues and ensures seamless servicing of each loan.
- Prepares loan or subsidy advance documents and wires instructions for construction draw advances, ensuring all required documentation is accurately completed in accordance with the construction budget.
- Conducts an audit of all data related to advance and disbursement instructions and associated documents, ensuring each request is processed smoothly and accurately.
- Maintains and updates ticklers, systems, and manuals to facilitate ongoing monitoring of outstanding items.
- Ensures records are current and accurately reflect deal status.
- Reviews and manages each tracking tool to confirm completion of required tasks and actions through loan maturity.
Qualifications:
- Bachelor's Degree and 3 years of experience in Real Estate Lending, Loan Closing/Servicing/Processing, and/or Financial Services OR High School Diploma or GED and 7 years of experience in Real Estate Lending, Loan Closing/Servicing/Processing, and/or Financial Services
Compensation:
In California, the base pay for this position is generally between $70,200 and $88,000. In Massachusetts, the base pay for this position is generally between $65,000 and $83,000. Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. Total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.
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