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Sr. Commercial Loan Construction Draw Administrator - (Hybrid)

Company: Flagstar Bank
Location: Troy
Posted on: November 12, 2021

Job Description:

This position is responsible for the monitoring and administration of a portfolio commercial construction loans, in support of multi-million dollars loans with varying degrees of complexity. Construction loans are an integral part of the Commercial Loan portfolio and must be handled with great care, knowledge and timeliness. Responsibilities include, but are not limited to, reviewing the Construction Loan Agreement, draw requests, sworn statements, budgets, ordering title updates and inspections and maintaining accurate records of all draws. The Draw Administrator must work closely with the relationship manager, customer, contractor, title company and inspectors to coordinate the draws as well as other internal departments. --- Review FAM (approval document) and construction loan documentation to determine all requirements and conditions of each project. Must have a total understanding of each project as requirements may be different for a residential development and a commercial project. If discrepancies are found between the FAM and the documents, must be able to resolve with the business unit, credit and the commercial operations processing group. --- Review all documentation for each draw requests. This may include review of all sworn statements, waivers, invoices, inspections and comparison to budget line items to ensure project is on track. Communication with relationship manager and customer may be necessary if there are any discrepancies --- Order inspections, title updates and surveys as required for each project type --- Maintain accurate records of each draw and interest reserve payments to ensure within budget --- Prepare disbursement and funding forms for approval by management and upload all documentation on each draw to the appropriate systems --- Serve as a subject matter expert in the department and assist in other areas of commercial loan operations as time permits such as participation draws/pay downs, documentation review

  • Minimum of 7 years of hands on commercial construction servicing, documentation.
  • Must be able to read loan agreements and other documentation and have worked on construction draws from start to finish.
  • HS Diploma, GED or Foreign Equivalent
  • Microsoft Excel
  • AFS knowledge preferred
  • Excellent communication skills, both written and oral
  • Ability to prioritize work load and time to ensure that draws are not unduly delayed
  • Ability to learn multiple systems

Keywords: Flagstar Bank, Troy , Sr. Commercial Loan Construction Draw Administrator - (Hybrid), Professions , Troy, Michigan

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