Construction Loan Assistant

Midland States Bank
Washington, DC
Apr 10, 2017
Apr 24, 2017
Accountant, IT
Full Time
This is a position at Love Funding, a subsidiary of Midland States Bank. Love Funding is an experienced FHA lender serving clients across the country from its headquarters in Washington DC and offices nationwide. The company offers refinance, acquisition, construction and substantial rehabilitation financing programs for market-rate, affordable and senior housing; healthcare facilities and hospitals. For more information, visit CONSTRUCTION DRAW PROCESSING:Following initial closing, enter all contacts in Salesforce and verify property & loan information (including HUD office)Enter escrows, builder's risk insurance, any known tax information & letters of credit (with expiration dates) in SalesforceReview HUD forms for new construction loans prepared by Construction Draw AnalystPrepare & email title down date requests to title agent; review title searches to confirm clear titlePrepare & email funding letters on approved construction drawsEmail and/or mail approved draws to: Borrower and Contractor (communicate targeted funding date) Midland States Bank (MSB) for Ginnie Mae reporting purposes HUD on monthly basisUpdate actual funding date in project tracking spreadsheets (HUD-92451 Financial Record of Mortgage Loan Transaction)Update Salesforce when draws fund and when draws are sent to HUDReview draws for insurance and real estate tax disbursements and process per instructionsScan & save insurance and tax bills to shared driveMaintain insurance, tax and MIP due dates in Salesforce & loan set-up sheetsFINAL ENDORSEMENT:Email requests to MSB Servicer to post interest and close escrows, as directed by Asset ManagerCreate transfer letters, process related checks and wires for final closingUpon final endorsement closing, carry out required steps to transfer servicing to MSB For multifamily loans, create and submit HUD-92080 to change "Servicer of Record" to MSBBOOKKEEPING:Prepare and process construction-related transfer letters/wires, including various types of escrow releasesDeposit checks and type checks, as neededGenerate monthly mortgage/interest billing during constructionUpdate Mortgage Billing Tracking report and Interest Spreadsheet when interest and mortgage payments are receivedReview monthly accounting reports and submit to HUD, as requested by Asset ManagerTrack receipt, review & submission of monthly accounting reports in SalesforceMISC. DUTIES:Save final closing documents to shared driveFiling, copying, document storage & retrievalMisc. administrative duties and special requests, as assignedMINIMUM REQUIREMENTS:Associate degree or 3+ years of experience in administrative, banking or bookkeeping/accounting positionsProficient in Microsoft Word and ExcelPrior experience working for a title company is a plusMidland States Bancorp, Inc. is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, gender identity, sexual orientation, protected veteran status, or any other applicable federal or state-protected classification.LP123

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