The Commercial Loan Construction Disbursing Specialist is part of the Post Closing Team in the Commercial Bank Service Support Department. This position is primarily responsible for monitoring of all construction loans within the Bank's commercial portfolios. This includes verifying all budgets for appropriateness before any disbursing is done and assuring any applicable owners' equity has been injected. This position will encompass maintaining detailed disbursement files for all construction loans in detail and being able to verify funds disbursed and remaining; for loans approved for bank direct disbursing, this will also include the responsibility for lien waiver and invoice tracking.
What You Will Bring
Strong oral and written communication skills
Strong organizational and time management skills
Federal regulations and compliance issues
Multi-task and work independently in a fast-paced environment
Analyze and solve problems for which there are not precedents
Perform duties and make decisions under frequent time pressures
Converse with lenders, title/disbursing agents, customers, and contractors in an appropriate and professional manner
Reviews and approves supporting documentation including but not limited to; Budget, Disbursing Agreement from Laser Pro, Construction Escrow Agreement, construction holdback amount on HUD, and owner's equity.
Reviews signed Credit Approval for terms and conditions of the construction component.
Collaborates with Relationship Manager, Loan Coordinator, and Loan Documentation Support to ensure accuracy of construction related items on closing documents.
Reviews, balances, and approves draw requests for accuracy within the budget and any budget changes to insure the loan proceeds are adequate to complete the project.
Liaisons with Title Company and/or Disbursing Agent with subsequent draw requests, change orders, inspections, and other supporting documentation.
After each draw is funded, the Draw Request, Balancing Worksheet, Supporting Documentation, Inspection Report, and updated Endorsement are imaged to Bank's system of record.
Education & Training
Requires High School Diploma; continuing education preferred.
Requires one or more years' experience in commercial collateral or documentation.
Requires understanding of commercial loan documentation and regulatory requirements to ensure integrity of Bank's legal documents and lien position.
Preferred previous experience with construction loans and budget monitoring.
Requires knowledge of Microsoft Office and other bank proprietary systems.
EOE of Minorities/Females/Vets/Disability
Internal Number: COMME02777
As of June 30, 2019, First Busey Corporation (Nasdaq: BUSE) was a $9.61 billion financial holding company headquartered in Champaign, Illinois.
Busey Bank, a wholly-owned bank subsidiary with total assets of $7.66 billion as of June 30, 2019, is headquartered in Champaign, Illinois and has 44 banking centers serving Illinois, 13 banking centers in the St. Louis, Missouri metropolitan area, five banking centers serving southwest Florida and a banking center in Indianapolis, Indiana. Through the Busey Wealth Management division, the Company provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of June 30, 2019, assets under care were approximately $7.47 billion. Busey Bank owns a retail payment processing subsidiary, FirsTech, Inc., which processes approximately 28 million transactions per year using online bill payment, lockbox processing and walk-in payments at its 4,000 agent locations in 43 states. More information about FirsTech, Inc. can be found at firstechpayments.com.
Busey Bank was named among Forbes' 2019 Best-In-State Banks—one of five in Illinois and 173 from across the country, equivalent to 2.8% of all banks. ...Best-In-State Banks are awarded for exceptional customer experiences as determined by a survey sample of 25,000+ banking customers who rated banks on trust, terms and conditions, branch services, digital services and financial advice.
TheBANK of Edwardsville, a wholly-owned bank subsidiary of the Company with total assets of $1.95 billion as of June 30, 2019, is headquartered in Edwardsville, Illinois and has 19 banking centers. Through TheBANK of Edwardsville Wealth Management division, the Company provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of June 30, 2019, assets under care were approximately $1.50 billion.
For more information about us, visit busey.com and 4thebank.com.