Construction Loan Administrator
A Construction Loan Administrator is responsible for facilitating and closing construction transactions. This person also facilitates disbursements throughout the life of a construction loan. The job requires hands-on management of the loan, including site inspections, budget analysis, and third-party reports. The individual is also expected to participate in nonroutine activities, such as technology system upgrades and software improvements. Depending on the position, a Construction Mortgage Administrator may also be responsible for overseeing the closing of a loan.
The construction loan administration workflow is a complex process. It entails detailed budget tracking, pre-loan approvals for budget draws, and disbursements. nCino's Construction Loan Administration automates manual data entry and streamlines the entire process. The software also integrates inspections into the workflow. It also allows FIs to track budget draws and disbursements throughout the lifecycle of a loan.
nCino's Construction Loan Administration eliminates the need for multiple spreadsheets and manual data entry. The solution eliminates the need for separate applications and enables borrowers to manage budgets without leaving their platform. nCino's construction loan administration feature includes a robust draws and disbursements module that integrates inspections into the workflow. nCino's comprehensive construction lender database makes it easy for borrowers to view and manage construction loans and budgets.
Another advantage of a construction loan administration solution is that it includes commercial real estate analysis. This eliminates the need for manual paper collection. The result is a complete construction loan management system. It allows borrowers to send payments to contractors through electronic funds or physical checks without hassle. A single system can handle all of the payments for a construction project. Once the project is complete, the Commercial Mortgage Officer is responsible for completing all the necessary pre-closing documents.
A Construction Mortgage Administration solution can also help borrowers manage budgets. The software can allow borrowers to track budgets without leaving the platform. The software will also integrate inspections and escrows. It will allow a borrower to track a construction loan's budget throughout its lifecycle. In addition to being efficient, nCino will also help borrowers manage their finances. A robust platform will enable FIs to better serve their clients.
A construction mortgage administration solution will include a robust construction lender database. Users can choose between a built-in construction lender database and a customised application. The latter offers a comprehensive database of construction lenders. As a result, a contractor can access the information they need for approvals. In addition, the software can also manage payments for a construction project. This will help the borrower manage their projects in a more effective way.
A construction mortgage administrator can manage the entire loan process. With this software, borrowers can send payments via ACH or by physically sending checks. The software also integrates inspections with a company's workflow. These tasks are done by an experienced professional. In addition, nCino's construction mortgage administration solution enables FIs to reduce the amount of manual data entry. A dedicated account manager will also manage a portfolio of mortgages and track the progress of their loan.
A construction mortgage manager will ensure that all documents are properly documented, and that all documentation is accurate. The commercial mortgage officer will also ensure that the construction loan agreement and the engineer's cost report are in order. They will also coordinate monthly advances with the title company and the borrower. They will prepare boarding sheets, calculate escrows, and reserve payments, and initiate wire transfers. Once all these documents are prepared and reviewed, the Commercial Mortgage Officer will be able to send payment to the contractor. The commercial mortgage administrator will make sure to submit all necessary paperwork.
The Commercial Mortgage Loan Officer will prepare pre-closing documentation. They will also review the construction loan agreement, engineer's plan, and cost report. The Commercial Mortgage Officer will also coordinate with the title company and borrower for monthly advances. In addition, the CMLO will coordinate the disbursements with the title company. They will complete the boarding sheets and track budget draws throughout the lifecycle. The software is easy to use and integrates into the workflow.