Construction Loan Specialist Job Listing at Valley Bank in Morristown, NJ (Job ID 25-934)

Description

Responsibilities include but are not limited to:

• Review loan approval documents, construction loan agreements, Engineer's Plan & Cost Report and any participation agreements to ensure accurate and proper loan administration. Coordinate and oversee all site inspections for loan draws, ensuring timely completion. This includes scheduling inspections and liaising with engineers to confirm inspection dates.
  Establish individual setup in the loan monitoring system, Built, for new loans, including formulating complex budgets and ensuring financial accuracy and compliance throughout the project lifecycle.
• Review inspection reports from engineers to ensure construction projects adhere to approved plans and budgets. Verify project progress, assess work quality, ensure compliance with building codes, track expenses against the budget, review change orders, and monitor site safety conditions. Address any discrepancies or issues promptly to maintain the integrity of the construction loan process.
• Review draw request documentation with a thorough understanding of AIA construction documents, ensuring the portfolio of construction loans is accurately maintained and monitored to prevent overfunding, with all line items balanced.
• Oversee project budgets for accuracy, including advances and pay downs, ensuring compliance with legal documentation.
• Ensure all taxes, insurance and interest payments are consistently up to date.
• Handle requests for partial paydowns by calculating the paydown amount according to release provisions, processing the payment, and executing the release.
• Collaborate with lenders, Credit, and Loan Servicing to ensure effective administration of construction loans.