Construction Loan Assistant

Washington, DC

Position Summary:
Love Funding is seeking a detail oriented, organized individual to carry out tasks essential to processing draws and mortgage/interest payments for our construction loan portfolio. Candidates must have excellent verbal and communication skills and be adept in multi-tasking in a fast paced environment.  The position also requires providing general support to Love Funding’s construction loan servicing team..

CONSTRUCTION DRAW PROCESSING:

  • Following initial closing, enter all contacts in Salesforce and verify property & loan information (including applicable HUD office)
  • Enter project escrows, builder’s risk insurance, letters of credits (with expiration dates) and any known real estate tax information in Salesforce
  • Review customized HUD forms prepared for borrowers prior to release
  • Prepare & email title down date requests to title agent; review title searches to confirm clear title
  • Prepare & email funding letters on approved construction draws
  • Email and/or mail copies of approved draws to:
    • Borrower and Contractor (communicate targeted funding date)
    • Midland States Bank (MSB) for Ginnie Mae reporting purposes
    • HUD on monthly basis
  • Update actual funding date in project tracking spreadsheets (HUD-92451 Financial Record of Mortgage Loan Transaction)
  • Update Salesforce when draws fund and when copies of approved draws are sent to HUD
  • Review draws for insurance and real estate tax disbursements and process per instructions
  • Scan & save insurance and tax bills to shared drive and upload to Synergy
  • During construction, maintain insurance, tax and MIP due dates in Salesforce & loan set-up sheets

FINAL ENDORSEMENT:

  • Email requests to MSB Servicer to post interest and close escrow accounts, as directed by asset management
  • Create transfer letters, process related checks and wires for final closing
  • Upon final endorsement closing, carry out required steps to transfer loan servicing to MSB
  • For multifamily loans, create and submit HUD-92080 to change “Servicer of Record” from Love Funding to MSB

BOOKKEEPING:

  • Prepare and process transfer letters/wires and various types of escrow releases during construction
  • Deposit incoming checks and create outgoing checks, as needed
  • Assist in generating monthly mortgage/interest billing during construction
  • Update tracking reports when interest and mortgage payments are received
  • Review monthly accounting reports and submit to HUD, as requested by asset management
  • Track receipt, review & submission of monthly accounting reports in Salesforce

MISC. DUTIES:

  • Save final closing documents to shared drive and upload to Synergy
  • Filing, copying, document storage & retrieval
  • Misc. administrative duties and special requests, as assigned

MINIMUM REQUIREMENTS:

  • High school diploma
  • Associate degree or 3+ years of experience in administrative, banking or bookkeeping/accounting positions
  • Proficient in Microsoft Word and Excel
  • Excellent written and verbal communication skills and organizational skills
  • Prior experience working for a title company, bank and/or lender is a plus
APPLY ONLINE

 

Note: You will be directed to the Careers page for Midland States Bank. Love Funding is a subsidiary of Midland States Bank.

2017-10-26T18:26:43+00:00 Job Openings|