What are the responsibilities and job description for the Construction Loan Administrator and Closer position at NewPoint Real Estate Capital LLC?
Job purpose
The Construction Loan Administrator and Closer provides construction risk management services and ensures loans financed by NewPoint Real Estate Capital are closed in compliance with relevant regulations and company procedures. The position reports to the Managing Director, Construction Closing and Servicing and does not have direct reports.
Duties and responsibilities
Closer:
- Manage the documentation and closing of affordable multifamily real estate construction loans;
- Control the integrity and risk of construction loans within the portfolio by working with borrowers, investors, contractors, architects, and title companies;
- Assist with engaging, managing and directing external counsel to prepare loan documents;
- Assist with coordinating loan closings with all parties involved within target closing time frames as required by department, business, transaction, borrower, and investor;
- Coordinate internally with underwriting, accounting, servicing, asset management and the MD on new loan setup, funding requirements, setting up covenants, etc.;
- Ensure loan closing submission packages comply with applicable internal guidelines, external regulations, and investor requirements;
- Ensure all fees are properly accounted for and collected at closing;
- Confirm all loan paperwork is handled in compliance with Company procedures and relevant regulations;
- Responsible for transmittal of loan information to Servicing to support accurate servicing of the loan; and
- Other reasonable tasks and services in connection with your position.
Construction Loan Administrator:
- Review and ensure monthly draw packages are complete;
- Recommending and authorizing the release of funds for monthly draws and maintaining relationships with all parties involved in project development;
- Monitor the construction, expenditure of funds and quality of project;
- After the loan is closed, initiate, process and distribute monthly construction reports and construction interest statements;
- Maintain construction loan status in department’s loan tracking system;
- Maintain files for internal and third-party review and audits;
- Keep abreast of current developments and market trends to better service construction loans; and
- Other reasonable tasks and services in connection with your position.
Qualifications
- Degree in Business, related field, or equivalent experience;
- Experience closing Tax Exempt Bond/LIHTC construction loans;
- Minimum 10years in multifamily real estate loan servicing, and specifically some experience with construction loan servicing;
- Strong knowledge of multifamily real estate documentation, loan products, servicing principles for affordable and construction real estate loans;
- Proficient at reviewing and analyzing loan documents;
- Strong communications, analytical, and customer service skills;
- Attention to detail and ability to evaluate situations and work independently to develop a solution;
- Must be able to prioritize and manage multiple duties and tasks and take initiative;
- Must have an eye for detail and an ability to excel in a fast paced, document sensitive, time-sensitive environment with frequent interruptions; and
- Must be proficient with excel and word and adapt to and learn new software easily.
