Overview

The Loan Servicer for Community Development Finance plays an important role in supporting the servicing of transactions within the community development and affordable housing space. The position involves a diverse range of responsibilities, including operational support, detailed portfolio management and rigorous quality control. The Loan Servicer will ensure all transactions comply with relevant bank regulations and standards, by managing documentation and coordinating with various internal and external partners. This role will require effective communication and collaboration skills to ensure smooth completion of servicing related tasks, loan modifications and draw requests.

Responsibilities

• Manages and maintains undisbursed loan proceeds according to the preapproved construction budget, ensuring accurate tracking and documentation of all construction sources and uses. Determines and reconciles funding sources for each transaction, posting information accurately. Prepares and coordinates the construction draw instructions with external construction inspector. Reviews monthly construction draws, contractor AIA documents, changes order forms, lien releases and soft cost invoices to ensure accuracy and compliance. Orders or verifies receipt of necessary title-related documents, such as date down title, foundation, and lien-free endorsements. Coordinates with client, title company, construction inspector and participating bank to resolve issues and ensures seamless servicing of each loan.
• Prepares loan or subsidy advance documents and wires instructions for construction draw advances, ensures all required documentation is accurately completed in accordance with the construction budget. Conducts an audit of all data related to advance and disbursement instructions and associated documents, ensuring each request is processed smoothly and accurately.
• Maintains and updates Ticklers, systems, and manuals to facilitate ongoing monitoring of outstanding items. Ensures records are current and accurately reflect deal status. Reviews and manages each tracking tool to confirm completion of required tasks and actions through loan maturity.
• Prepares, oversees, and approves loan advance package, including those for pool commitments and advances for disbursement. Maintains electronic credit files with meticulous file management and indexing, ensuring all approvals for loan draws and monthly advances are properly filed and easily accessible. Ensures records are up to date within the bank's document repository system and organized for efficient retrieval/ processing by internal stakeholders.
• Advises and supports external legal counsel in finalizing construction loan modification and extension letters/ agreements, ensuring that all legal documentation complies with loan approval and accurately reflects the agreed-upon terms of the modification or extension request. Collaborates with Relationship Manager (RM) to review draft legal documents and provides recommendation for changes prior to loan signing. Coordinates with legal counsel to ensure timely delivery of original loan documents to the Bank.