Construction Loan Coordinator - Mortgage Services

Company: Valley Bank
Location: Wayne
Posted on: May 16, 2023

Job Description:

The Construction Loan Coordinator will work in conjunction with the Construction Loan Administrator while handling all aspects of the servicing of the residential construction loan portfolio. This role converts construction loans to permanent loans as dictated by loan documents, serves as a point of contact for borrowers, relationship managers (HLC), the construction loan department and third-party vendors; advance funds as warranted, maintain accounting of same. Responsibilities include but are not limited to:

• Primary liaison for the servicing functions of construction loans. Provides a positive customer experience to help ensure the servicing aspect of all construction loans are administered smoothly and effectively.
• Validate and ensure accuracy of new loan set-ups in accordance with the Note and Construction Loan Agreement, accounts are properly flagged, required escrows are established, and borrower funds are properly credited to the respective General Ledger.
• Process advance requests timely and accurately and in accordance with departmental and bank policies and procedures.
• Process monthly loan payments and escrow disbursements, if applicable, and ensure adequate insurance coverage during the construction phase.
• Convert completed construction loans to permanent loans at the completion of the construction phase and provide proper notification to the borrower.
• Assists with the completion of reports within specified timeframes.

Keywords: Valley Bank, Wayne , Construction Loan Coordinator - Mortgage Services, Professions , Wayne, New Jersey