Construction Servicing Specialist II

Description

What You'll Do
The Construction Servicing Specialist II provides experienced construction loan servicing support across the Credit Union's residential and commercial construction loan portfolio, helping ensure construction loans are accurately administered from loan setup and construction draws through project completion and conversion to long-term financing. This role is responsible for processing and monitoring construction draws, completing draw documentation and compliance checks, providing member service, managing project budgets, monitoring the construction portfolio, processing interest reserve payments, performing loan maintenance, and supporting vendor and payment administration. The Construction Servicing Specialist II independently performs established residential construction servicing functions while developing increasing knowledge and proficiency in commercial construction servicing. This role works closely with borrowers, builders, contractors, Mortgage and Commercial Loan Officers, Mortgage Underwriting, Closing, Funding, Servicing, and Commercial Portfolio Management to support an accurate, timely, and positive construction lending experience. Construction Draw Administration and Project Management
- Process and monitor residential construction draws and assigned commercial construction draws from request through disbursement.
- Review draw requests against approved project budgets, inspections, construction progress, prior disbursements, and remaining loan availability.
- Ensure required draw approvals are obtained prior to disbursement.
- Process approved electronic and check payments accurately and within required timeframes.
- Monitor construction progress, project budgets, remaining funds, and loan maturity dates throughout the construction loan cycle.
- Identify stalled projects, potential cost overruns, budget shortfalls, maturity concerns, or other construction servicing exceptions and elevate as appropriate.
- Maintain accurate residential and commercial construction project budget information within applicable systems and spreadsheets. Documentation, Compliance, and Collateral Protection
- Complete required documentation and compliance checks for each construction draw.
- Obtain and maintain required inspections, invoices, lien waivers, draw authorizations, and other supporting documentation.
- Maintain required lien information and documentation within the applicable state construction registry.
- Obtain and monitor builder's risk/course of construction, general contractor liability, workers' compensation, and other required insurance coverage.
- Monitor property tax requirements throughout the construction period.
- Identify missing documentation, compliance concerns, or servicing exceptions and coordinate resolution or escalation.
- Maintain complete and accurate construction servicing files in accordance with Credit Union policies and procedures. Residential Construction and Long-Term Conversion
- Maintain working knowledge of residential construction servicing requirements, including applicable Fannie Mae (FNMA) requirements affecting construction-to-permanent financing and loan sale eligibility.
- Process applicable long-term interest rate float-down requests for residential construction loans.
- Coordinate and process final loan modifications required prior to conversion to long-term financing.
- Process residential construction loan extension requests according to established procedures.
- Monitor construction loan maturity dates and identify projects that may require extensions or additional action.
- Order final 1004D inspections for completed residential construction projects as required.
- Obtain required Certificates of Occupancy (C of O) and other project completion documentation.
- Submit final inspections, Certificates of Occupancy, and required documentation to Mortgage Underwriting for review and approval prior to conversion to long-term financing.
- Coordinate with Mortgage Loan Officers, Underwriting, Closing, Funding, and Servicing as construction projects are completed and loans transition to permanent financing.
- Develop increasing knowledge and proficiency in commercial construction loan servicing.
- Process assigned commercial construction draws and associated documentation.
- Maintain commercial construction project budget spreadsheets and reconcile draws against approved project budgets.
- Monitor commercial construction projects for progress, remaining funds, maturity dates, inspections, insurance, and required documentation.
- Coordinate with Commercial Loan Officers, Commercial Portfolio Management, and Commercial Servicing throughout the construction lifecycle.
- Support the transition of completed commercial construction loans to long-term servicing.
- Develop proficiency in Built CLA+ as commercial construction servicing processes are incorporated into the platform. Member Experience and Relationsh