At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Enterprise-wide Role Overview:
Leads the effort in the pre-closing and closing process on complex real estate loans, including construction, term, lines of credit, and letters of credit, some of which may be syndicated. Independently reviews loan approval and loan documents prepared by counsel to ensure consistency and adherence to requirements. Works closely with Client Manager, borrower, counsel, construction consultants and title companies. Monitors documentation requirements and exceptions, including interest and past dues. Contributes to the development and training of junior associates. Responsible for managing construction draw process, including reviewing construction draw packages, identifying and helping to resolve construction and title issues, keeping accurate records of loan budget, monitoring non-loan sources of funds for certain product types, and ensuring loan is in balance in accordance with approval. Has three or more years of previous real estate loan administration experience or real estate paralegal experience; proficient computer skills, including Windows, Excel, Word and Outlook; excellent written and verbal communication skills; effective problem solving skills. Bachelors degree and/or accounting experience preferred.
LOB Specific Job Description:
Manages and services high volume portfolio of complex real estate loans in support of Community Development Banking (Affordable Housing) and Commercial Real Estate lines of business. Majority of portfolio comprised of actively funding construction loans with low income housing tax credits, tax exempt bonds, and multiple co-lenders. Rest of portfolio comprised of actively funding loans for tenant improvements, leasing commissions and capital expenditures. Responsible for independently reviewing loan approval and loan documents prepared by legal counsel to ensure understanding of loan structure and servicing requirements. Works closely with loan closers, line of business and credit risk partners, borrower, co-lenders, subordinate lenders, legal counsel, construction consultants and inspectors, and title companies. Responsible for managing complex construction draw process, including reviewing construction draw packages, identifying and helping to resolve construction and title issues, keeping accurate records of loan budget, monitoring non-loan sources of funds for certain product types, and ensuring loan is in balance in accordance with approval. Monitors documentation benchmarks, servicing requirements and exceptions, including principal, interest, fees and past dues. Contributes to the development and training of junior associates.
Primary point of contact for all servicing related activities
Independent management of complex commercial real estate loans and construction draw processes, ensuring risk mitigation, operational excellence, and compliance with approvals, documentation, and regulatory requirements.
Independent review of construction draw packages, identifying and helping to resolve construction and title issues, keeping accurate records (utilizing EXCEL spreadsheets) of detailed construction loan budgets and all sources of funds (including loan funds and non-loan sources of funds), and ensuring loans are in balance.
Monitor documentation requirements and exceptions, including principal, interest, fees and past dues.
Daily client and business partner contact/interaction by phone and email.
Five or more years of previous commercial construction real estate experience, including knowledge of construction loan documents, budget monitoring, AIAs, lien waivers, title, etc.; commercial loan administration experience a plus.
Strong interpersonal skills; strong ability to influence, effectively collaborate and coordinate servicing activities with a variety of business partners and teammates.
Strong organizational and time management skills; excellent written and verbal communication skills.
Strong business acumen and problem solving skills; ability to analyze problems, recommend options, and execute solutions.
Ability to manage multiple and competing priorities and operate in an ambiguous environment or an environment where priorities may change quickly.
Proficient computer skills, including Windows, Excel, Word and Outlook.
Knowledge of Community Development Banking (Affordable Housing), LoanIQ, and ARIES a plus.
Bachelors degree preferred.
Strives to bring new thoughts and ideas to teams in order to drive innovation and unique solutions
Excels in working among diverse viewpoints to determine the best path forward
Experience in connecting with a diverse set of clients to understand future business needs – is a continuous learner
Commitment to challenging the status quo and promoting positive change.
Participate in and drive collaborative efforts to advance tools, technology, and ways of working to better serve an evolving client base
Believes in value of diversity so we can reflect, connect and meet the diverse needs of our clients and employees around the world
Shift:1st shift (United States of America)
Hours Per Week:40
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