Construction Loan Assistant

Midland States Bank
Washington, DC
Apr 18, 2017
Apr 21, 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 Salesforce Review HUD forms for new construction loans prepared by Construction Draw Analyst 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 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 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 Maintain 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 Manager Create transfer letters, process related checks and wires for final closing Upon 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 releases Deposit checks and type checks, as needed Generate monthly mortgage/interest billing during construction Update Mortgage Billing Tracking report and Interest Spreadsheet when interest and mortgage payments are received Review monthly accounting reports and submit to HUD, as requested by Asset Manager Track receipt, review & submission of monthly accounting reports in SalesforceMISC. DUTIES: Save final closing documents to shared drive Filing, copying, document storage & retrieval Misc. administrative duties and special requests, as assignedMINIMUM REQUIREMENTS: Associate degree or 3+ years of experience in administrative, banking or bookkeeping/accounting positions Proficient in Microsoft Word and Excel Prior 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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