Provident Bank
Construction Loan Administrator II
Provident Bank, Iselin, New Jersey, us, 08830
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 candidate selected will be expected to be work independently and will escalate situations as appropriate to Management.
KEY RESPONSIBILITIES:
Prepares and reviews pre-closing documentation for commercial lending and/or commercial real estate construction loans. Reviews loan approval documents, construction loan agreements and engineer's plan & cost report to ensure proper loan administration. Is responsible for loan set-up including completion of boarding sheets, calculation of required escrows, reserves and prepaid interest, preparation of general ledger debit and credit entries and initiating wire transfers. Establishes individual loan templates for each loan with approved budgets, funding criteria, loan allocations and re-allocations; review permitted release provisions within the loan documents. Maintains loan budget templates on a regular basis reflecting each funding, principal pay down and release consideration payment; follows up for written inspection reports and first lien certificate. Oversee project budgets for accuracy, including advances and pay downs that are in accordance with legal documentation to ensure accuracy of all construction loan documentation, that will include assuring all taxes and insurance are kept up to date. Review inspection reports, Borrower submitted draw requests and maintain and monitor the updated status of the portfolio of construction loans as to accuracy to assure there are no over fundings, with all line items being in balance. Reviews with Relationship Manager/PM to coordinate monthly advances with borrower, inspecting engineer and title company 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. Knowledge of Horizon would be beneficial although not required Coordinates and funds 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 confirming that all inspection reports, budgets, title, borrower submissions and all other documents associated with an advance is properly saved to the Bank's Loan System for each funding provided. Responds to customer inquiries. Updates department reports, including pipeline reports. MINIMUM QUALIFICATIONS :
Minimum 5 years' experience commensurate with job function Extensive knowledge of Construction Mortgage Loan Administration requirements and ability to apply such knowledge. Strong verbal, communicative and written skills. Ability to manage heavy workflow, resolve problems with modest supervision, attend to detail and perform arithmetic calculations. Proficient with Excel and detailed budgets. Knowledge of Horizon Loan System helpful but not required. 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? We get to volunteer in areas that are meaningful to the bank and impactful in the community. 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.
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 candidate selected will be expected to be work independently and will escalate situations as appropriate to Management.
KEY RESPONSIBILITIES:
Prepares and reviews pre-closing documentation for commercial lending and/or commercial real estate construction loans. Reviews loan approval documents, construction loan agreements and engineer's plan & cost report to ensure proper loan administration. Is responsible for loan set-up including completion of boarding sheets, calculation of required escrows, reserves and prepaid interest, preparation of general ledger debit and credit entries and initiating wire transfers. Establishes individual loan templates for each loan with approved budgets, funding criteria, loan allocations and re-allocations; review permitted release provisions within the loan documents. Maintains loan budget templates on a regular basis reflecting each funding, principal pay down and release consideration payment; follows up for written inspection reports and first lien certificate. Oversee project budgets for accuracy, including advances and pay downs that are in accordance with legal documentation to ensure accuracy of all construction loan documentation, that will include assuring all taxes and insurance are kept up to date. Review inspection reports, Borrower submitted draw requests and maintain and monitor the updated status of the portfolio of construction loans as to accuracy to assure there are no over fundings, with all line items being in balance. Reviews with Relationship Manager/PM to coordinate monthly advances with borrower, inspecting engineer and title company 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. Knowledge of Horizon would be beneficial although not required Coordinates and funds 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 confirming that all inspection reports, budgets, title, borrower submissions and all other documents associated with an advance is properly saved to the Bank's Loan System for each funding provided. Responds to customer inquiries. Updates department reports, including pipeline reports. MINIMUM QUALIFICATIONS :
Minimum 5 years' experience commensurate with job function Extensive knowledge of Construction Mortgage Loan Administration requirements and ability to apply such knowledge. Strong verbal, communicative and written skills. Ability to manage heavy workflow, resolve problems with modest supervision, attend to detail and perform arithmetic calculations. Proficient with Excel and detailed budgets. Knowledge of Horizon Loan System helpful but not required. 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? We get to volunteer in areas that are meaningful to the bank and impactful in the community. 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.