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Construction Disbursement Officer
2 weeks ago
Since 1973, East West Bank has served as a pathway to success. With over 110 locations across the U.S. and Asia, we are the premier financial bridge between the East and West. Our teams of experienced, multi-cultural professionals help guide businesses and community members on both sides of the Pacific looking to explore new markets and create new opportunities, and our sustained growth and expertise in industries like real estate, entertainment and media, private equity and venture capital, and high-tech help build sustainable businesses and expand our associates' potential for career advancement.
Headquartered in California, East West Bank (Nasdaq: EWBC) is a top-performing commercial bank with a strong foundation, an enterprising spirit and a commitment to absolute integrity. East West Bank gives people the confidence to reach further.
Overview
The Construction Officer is responsible for the servicing of complex Commercial Construction Projects and complex Construction Loans with activities including but not limited to; monitoring construction throughout the life cycle, set up of the construction loans and budget into CLCS, the disbursement of construction loan draws within established budget, the 2nd review of all data entered in CLCS and review of Construction Loan Agreement and its Budget. This position is also responsible for sampling review of the portfolio, CLCS system set up, user acceptance testing and training.
Responsibilities
- Review the CCR and loan agreement ensuring proper terms and budget are within the approved credit.
- Enter new construction loans in the CLCS system and set up appropriate budget for complex projects
- Ensure the new loan set up line item budgets are in accordance with the credit approval and Construction Loan Agreement.
- Review the disbursement draw request to the specific line item in the budget ensuring funding within the budget.
- Perform 2nd review quality control of all loan set up in CLCS
- Review and approve draws for disbursement
- Obtain approval for budget change request line item
- Reconcile borrower's construction loan budget to the bank's records
- Obtain title insurance date down/change orders for draw request.
- Order third party inspection reports, process invoicing and reconciliation
- Track and follow up on receipt and approval of inspection and title date down reports.
- Monitor use of borrower's soft cost funds and disbursing funds on borrower's behalf.
- Monitor interest reserve adequacy on all accounts
- Monitor and reconcile Construction Loan Disbursement Report
- Maintain and monitor current property and general liability insurance for all files
- Interface with relationship managers, title companies, appraisal department, construction services, accounting and etc.
- Obtain documentation for pending loan packages for Cost Review
- Review and approve end of day balancing for all associates
- Respond to internal inquiries on the above processes
- Develop training plans and deliver training for all associates
- Develop internal procedures and workflow for the team
- Prepare 1099 year end reporting
- Perform system update and user acceptance testing for new releases/enhancement
- May perform other duties as assigned
- Bachelor Degree in Finance or Accounting Degree preferred, or equivalent work related experience
- Minimum 8 years of work experience in commercial real estate construction loan Administration
- Knowledge of complex construction finance projects with multiple phases
- Experience with complex loan structured including Syndication & Bond
- Thorough understanding of Construction Loan Agreement and its covenants and provisions relative to construction disbursement and budget
- Thorough experience with collateral perfection and Title Policies
- Construction Loan system experience required with CLCS knowledge preferred
- Proficient in Microsoft Office with advance Excel skills preferred
- Excellent written and verbal communication skills required
- Good organizational, analytical and problem solving skills
- Good leadership and project management experience required
- Ability to handle multiple tasks with excellent attention to detail
- Ability to organize and maintain a high volume work environment
- Ability to adapt quickly to changes and perform in a fast paced environment
- Ability to build effective relationships as needed to effectively address issues and obstacles
Applicants must have legal authorization to work in the United States. We do not offer visa sponsorship at this time.
Compensation
The base pay range for this position is USD $70,000.00/Yr. - USD $90,000.00/Yr. Exact offers will be determined based on job-related knowledge, skills, experience, and location.
