Job: Loan Investment Administrator Job

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Jobing Description

Loan Investment Administrator-632132

Description
The CDF Loan/Investment Administrator will be responsible for the day-to-day administrative activities for CDF origination and portfolio management as follows:

Managing portfolio comprising of multi-fund and proprietary investments, commercial real estate construction loans and permanent loans from closing to pay off. The concentration is focused on but not limited to, affordable housing although CDF may engage in other CRA eligible transactions, such as lines of credit, charter schools and new markets tax credits transactions.

Pre-Closing:
Preparation of loan closing checklist, technical review of loan documentation including but not limited to:
- Note, loan agreement, tri-party agreements and title
- Interfacing with developers, general contractors, title company, investors, attorneys, architects, construction consultants, insurance agents and, if applicable, agent banks
- Coordinate issuance of Letter of Credit to support bonds
- Working collaboratively with various resources to ensure closing requirements are met, including but not limited to, flood determination and insurance, builders risk and all other insurance, initial funding parameters
- Opening demand deposit accounts to facilitate loan closing and disbursements
- Opening bank controlled accounts for subsidy funds and perform monthly reconciliations
- Preparing project spreadsheets based on approved budgets, including understanding numerous potential sources of funds and their documentation, funding process and methodology and impact on the budget. In NY, working with the underwriter and attorney to prepare the budget in compliance with lien law, including initial draw
- Review and approve all invoices for initial draw ensuring all conditions are met precedent to closing and funding
- Monitoring the loan, equity and, if applicable, subsidy fundings/disbursements at closing
- Ensuring all third party invoices on appraisals, environmentals, plans & cost reviews, etc. are paid and commitment fee collected and applied
- Verification that loans are close in compliance with bank policy and banking regulations included but not limited to OFAC/HMDA/PATRIOT Act/CRA Reporting etc.
- Verification that transactions close in compliance with credit approval requirements
collect executed loan documents for internal recording and safekeeping

Post-Closing:
- Preparing input sheets to establish the loan on the Bank's system of record
- Releasing Good Faith Deposits
- Tracking receipt of closing binders and reviewing for accuracy and safekeeping, including not only bank loan documentation but also subsidy documentation
- Establishing ticklers and following up as required, including all insurance, subsidy and equity payments, L/Cs held as collateral; completion/placed in service dates and any other post-closing requirements or exceptions
- Monitoring letter of credit fees, FHLB fees and following up on delinquencies
- Maintaining and updating physical files and posting copies to virtual file repository in compliance with bank standards
- Supporting accounting with FIN 46 due diligence for equity transactions
- Ensure all payments of principal and interest are being billed, collected and applied and coordinating partial releases (including mortgage splitters)
- Upon notice from portfolio management, require borrower to provide NOI to cover monthly interest in lieu of interest reserve

Construction Monitoring:
Performing monthly due diligence on Borrower requisitions for payment by performing the following tasks:
- Verifying that borrower's requisitions are adequate and reviewing supporting documentation/invoices for soft cost draws for bond transactions
- Reconciling draw with trustee
- Verifying that the project budget is in balance, including verification of all sources and identification of uses that may be trending above budget
- Obtaining all necessary documentation for change orders and coordinating approval of such change orders with external engineer, internal engineer and, if applicable, syndicator engineer
- Monitoring interest reserve budget and verifying any interest earnings on bond proceeds (typically included as a source of funds)
- Verifying that subsidy dollars are funded timely and according to documented methodology. Interface with government agencies providing subsidies in advance of draws to avoid delays in funding
- If servicing on behalf of a government agency, disbursing subsidy dollars as outlined in loan documentation
- Requesting monthly title drawdowns and reviewing lien waivers from general contractors and subcontractors
- Funding borrowers and updating the system of record and budget spreadsheet
- Mitigating risk by raising issues regarding: budget adequacy, timing of subsidy funding, adequacy of interest reserve (or interest earnings), documentation deficiencies, change orders, title/lien issues, engineering issues etc to Manager or Portfolio Management.

Investment Monitoring:
With regards to investments, working collaboratively with internal and external attorneys and syndicators to ensure closing requirements are met including but not limited to:
- Reviewing Capital Contribution Agreements, Side Letters, Partnership Agreements, Operating Agreements and Insurance if applicable
- Performing necessary Capital Call due diligence and preparing wire forms for disbursements in compliance with SARBOX
- Establishing new investments on the system of record
- Posting Capital Calls, adjustments and quarterly passive losses to system of record in collaboration with Accounting
- Submitting daily entries to accounting for posting to the general ledger
- Working with accounting to reconcile investment balances, transactions, and commitments
- Supporting Portfolio Management as needed on benefits schedules, investment ratings, etc.

Assist Portfolio Management team including:
- Researching and insuring action taken on overdrafts
- Managing the collection of updated financial and other business information from borrowers
- Monitoring performance requirements including construction loan covenants
- Managing customer relations to include resolution of problems, discrepancies, etc
- Managing past dues

Assisting on loan conversions from construction to permanent financing by performing the following tasks:
- Preparing checklist for conversion
- Collecting all documentation necessary for loan conversion such as, construction completion documents, updated mortgage and title documents, updated surveys etc.
- Opening applicable reserve and/or escrow accounts
- Collecting and applying permanent loan fees
- Reporting all HMDA reportable loans
- Updating loan on the banks system of record.
- Reaffirmation of appropriate insurance

Assisting on loan extensions by performing the following tasks:
- Provide Portfolio Manager with updated budget spreadsheet, including any potential changes requiring lien law affidavit updates
- Assist Portfolio Manager with the interest reserve analysis
- Review amended documents
- Collect loan extension fees and book to the loan system
- Update the loan system to reflect the new maturity date.

Qualifications
Basic Qualifications:
- Bachelor's Degree
- Five years experience in commercial, commercial real estate and/or community development loan and investment administration

Preferred Qualifications
- Seven years experience in commercial, commercial real estate and/or community development loan and investment administration
- Ability to review and analyze complex loan and investment closing documents
- Ability to simultaneously track and manage numerous project