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This position is responsible for administering a construction permanent loan through the construction phase and moving the construction permanent loan into the permanent phase to servicing. The construction administrator is responsible for ordering property inspections, title rundowns, working with the title companies to ensure lien priority, calculating the amount of the draw to the builder, ensuring the projects are fully protected with proper insurance, working directly with the builder and the borrower coordinating the disbursements, and other responsibilities incumbent with the construction permanent loan. Also responsible for insuring that the security for the loan proceeds is in line with the amount disbursed. Upon the project completion, the administrator will be responsible for conversion/modification of the loan to the permanent phase and transferring the loan to Loan Servicing.
Responsible for coordinating progress reports and title rundowns (as applicable); verify progress report to the contract, disbursement verification to determine if loan funds are sufficient to complete the project; review doc tracking prior to disbursements for any outstanding documentation; insure borrower is current on their payments; insure that proper replacement insurance and flood insurance (if applicable) is in effect during the construction phase; authorize disbursements in appropriate form; confirm entries are made accurately to the administration system; notify all appropriate individuals of the progress and draw amount for each draw.
Construction file review to determine State specific requirements (title, lien, endorsements, etc) for disbursements; review contracts for disbursement requirements; determine funding method; set up administration system for the loan and draw schedule.
Determine if the loan qualifies to convert to the permanent phase or requires a modification; verify all loan proceeds have been disbursed and all fees have been collected or if a refund is required to the borrower; ensure all documents required to convert/modify the loan have been obtained; ensure that proper homeowners and flood (if required) is received. Draw up the modification agreement when required to be executed by borrower and mail the agreement for execution.
Maintain files in accordance with policy; track loan maturities and lock-in issues; document the file if issues arise with the borrower and/or the builder.
The position’s scope applies to the Home Lending Solutions Retail mortgage origination, the customer experience and activity while in the construction phase of their project. The position also is responsible for managing the Bank’s risk during the construction phase by insuring lien priority and avoiding legal issues which might arise. The administrators will be expected to disburse loan proceeds for construction progress while ensuring these funds remain in a first lien position on title. At the same time, while disbursing these funds, the administrator’s responsibility is to ensure the disbursements are made in accordance with the legal agreements executed at the closing by the borrowers. The administrator will be expected to maintain a benchmark of 80 loans per person depending on the state in which the loan is located. However, in states where there are requirements for title updates and the lien laws are more complex, the benchmark may be lower due to the time required to process the draws.
This position is a direct influence to the Home Lending Solutions’ customer satisfaction with their loan experience and expanding the referral base of potential customers and builders for the HLS loan officers.
Strong organizational skills: able to think clearly during stressful situations; resolve issues quickly and effectively.
Excellent analytical skill: able to determine the appropriate action required to protect the Bank’s security and loan.
Skilled in software applications: Microsoft Word, Excel, Empower, and TCL a plus
Excellent communication skills, both written and verbal
Comfortable talking through difficult situations with the borrower and the builder
Hours and Work Schedule
Hours per Week: 40
Work Schedule: Monday-Friday 8:00AM-5:00PM
Equal Employment Opportunity
It is the policy of CCO Mortgage Corporation to provide equal employment and advancement opportunities to all colleagues and applicants for employment without regard to race, color, ethnicity, religion, gender, pregnancy/childbirth, age, national origin, sexual orientation, gender identity or expression, disability or perceived disability, genetic information, citizenship, veteran or military status, marital or domestic partner status, or any other factor protected by federal, state and/or local laws.
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