What are the responsibilities and job description for the Construction Administration Specialist position at Amerantbank?
The Construction Administration Specialist is responsible for setting up construction loan budgets post-closing and process Commercial and Residential construction loan draw requests and repayments, ensuring all requirements are in place and in compliance with policies and procedures while delivering optimum customer service.
Duties and responsibilities include :
Note : The following responsibilities also pertain to loans where Amerant is the syndicating agent bank, or lead bank, as applicable.
- Review construction file documents to ensure all requirements are met.
- Review and process draw requests / documentation according to bank’s policy, procedures, and terms in the loan agreement.
- Upload draw request documentation to construction administration system or syndication system, as applicable.
- Process repayments and monthly interest reserve advances.
- Input all draws / repayments / interest information in the Excel spreadsheets and / or construction administration system, ensuring they are in balance with the loan system and construction budget, as well as updating the commitment amounts as they revolve.
- Prepare all necessary forms to submit daily work to Loan Operations, and investor banks as applicable.
- Review and issue estoppel information for each project ensuring compliance with approved terms and conditions, as applicable.
- Maintain monthly logs for disbursement and payments.
- Assemble and file draw / repayment / interest documentation in the construction files / system electronically, as applicable.
- Interaction with external and internal contacts (borrowers, investor / participant banks, engineer inspectors, title companies, attorneys, operation staff, etc.)
- Monitor insurance for construction projects and land loans, including flood insurance, and force placements, as applicable.
- Stay abreast of changes to federal regulations that might directly affect construction loans subject to flood insurance.
- Back up other team members during vacation and sickness, as applicable.
- Maintain an interactive relationship with lending officers and portfolio managers to enable proper monitoring of their respective portfolios.
- Maintain communication and coordination with the Doc Prep / Closing Team to review documentation and get a head start in reviewing the budget and loan agreement, and provide assistance as needed.
- Participate in special projects as needed.
- Responsible for ensuring that construction loan available balances are accurately reflected in the core system every month end, so that the Construction Loans Report is accurate.
- Responsible for the Construction Loan Status Report prepared quarterly.
- Manage the insurance claim review and disbursements process.
- To identify, evaluate, monitor and make any recommendation deemed necessary to their respective Risk Management Committee in order to assess, reduce, eliminate or control any current or prospective risks to earnings and capital arising from violations of, or nonconformance with, laws, rules, regulations, prescribed practices, internal policies and procedures, or ethical standards.
Minimum Education and / or Certifications Requirements :
College degree in banking, finance, accounting, or related field. Bachelor’s degree preferred. RE Documentation and related courses.
Minimum Work Experience Requirements :
5 years of experience in handling construction loan documentation and administration, with excellent knowledge of related issues in construction process including lien law and contractors’ issues and flood regulations, insurance policies and NFIP guidelines
Technical and / or Other Essential Knowledge :
Extensive knowledge of construction projects, loan structure and documentation, and procedures, including disbursements. Familiar with accounting principles, Real Estate law and documentation. Proficiency using Microsoft Office 365 products including MS Word, MS Visio, MS Excel, MS Teams, and MS PowerPoint
