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Sr. Construction Disbursement Specialist

Rosemead, CA, USA Req #686
Friday, October 25, 2019

About Cathay Bank 
More than half a century ago, we opened our doors at Cathay Bank to serve the growing Chinese American community in Los Angeles. We helped our customers put down new roots with cars and homes, and we supported their businesses, which continue to sustain generations. We remain committed to enriching the journeys of our customers and the diverse communities we serve.

Over time, we’ve expanded along with our customers. Today, we’re a subsidiary of Cathay General Bancorp (NASDAQ: CATY), a publicly held bank holding company. We operate in nine states across the United States, including California, New York, Illinois, Washington, Texas, Maryland,Massachusetts, Nevada, and New Jersey, and we have outposts in Hong Kong, Beijing, Shanghai and Taipei. Forbes named us the #10 Best Bank in America in 2019.

Along with our extensive experience and innovative thinking, we bring an open mind to every interaction and a willingness to work with customers and communities in ways that best suit their needs. Our lines of business include personal banking, home mortgages, business banking, corporate lending, cash management, SBA loan programs, community lending, international banking, foreign exchange, and wealth management.

What’s Next

Are you passionate about a potential career in the financial services industry? Cathay Bank is excited about what’s to come for our company and customers. Our employees are the reason our customers can get where they want to go and aspire to what’s next.

If you bring your best self to work, see opportunities instead of obstacles, and always want to advance in your career, then Cathay Bank may be a great fit for you. We’re excited to offer our employees opportunities to grow and develop in their career journey. We also provide the resources, support and freedom so that employees can best deliver an extraordinary customer experience.

Join Cathay Bank—and be energized by what’s possible for your career!

GENERAL SUMMARY

 

Under supervision of the Construction Loan Administrator Supervisor & Officer this position is responsible for construction loans from initial set up to full repayment; enters budget and new loan data entry into CLCS; reviews and monitors construction loan data entry for completeness and accuracy. Exercises good judgment within defined procedures and practices to determine appropriate action.

 

DIRECT REPORTS

 

The incumbent has no direct reports.

 

ESSENTIAL FUNCTIONS

 

  1. Reviews the approval terms of the Credit Committee Report (CCR) and essential documentation ensuring the accuracy of the budget.
  2. Enters new construction loans in the CLCS system. Sets up loan budget; reviews data input for accuracy and ensures the new loan set up line item budgets are in accordance with approval.
  3. Sets up construction loan disbursement files.
  4. Ensures the timely process of all construction loan disbursements which requires reviewing, analyzing and disbursing construction loan draws per guidelines and obtaining approval from the relationship manager in accordance with approval guidelines. Obtains title insurance date down/change orders for each draw request when required.  Enters draw request on CLCS;
  5. Orders third party inspection reports, balances borrower’s construction loan budget against bank records and meets borrower’s time frame to ensure the highest level of customer service.

  6. Ensures receipt and approval of inspection and title date down reports for all voucher disbursement requests. Schedules all disbursement transactions and inputs requests into the CLCS system. Prepares and presents disbursement documentation from the system; monitors and balances disbursement report.
  7. Monitors interest reserve adequacy on all accounts; assures accurate billing if and when interest reserves are exhausted.
  8. Monitor use of borrower’s soft cost funds and disbursing funds on borrower’s behalf.
  9. Calculates the disbursement draw funding to the specific line item in the budget.  Identifies insufficient funds in the budget line item as well as the overall budget and obtain approval for budget change request.
  10. Obtains Sales Agreements; Prepares demands for unit sales and enters pay-downs of units sold on the CLCS system and releases lien on sold units.
  11. Issues accurate pay off demands and ensures all fees, principal and interest are properly calculated and collected.
  12. Maintains current property and general liability insurance for all files.
  13. Ensures that all disbursement documentation is scanned and saved in the imaging system.
  14. Interfaces with relationship managers, title companies, appraisal department, construction services, accounting and etc. to manage the servicing of loan portfolio.
  15. Provides excellent customer service to clients. Responds to general inquiries on loan status.
  16. Demonstrates compliance with all bank regulations for assigned job function and applies to designated job responsibilities.  Follows all Bank policies and procedures, compliance regulations, and completes all required annual job-specific training. May be asked to coach, mentor, or train others and teach coursework as subject matter expert.  

QUALIFICATIONS

 

  • Education:    High School diploma or equivalent.  Bachelor’s Degree preferred. 
  • Experience:  5 or more years of experience in commercial real estate construction loan administration; Demonstrated ability to administer a portfolio of complex commercial real estate construction loans including participation loans; Strong technical expertise in construction loan administration functions; Considerable knowledge of commercial real estate construction financing including multi-phased construction and multiple collateral properties; Experience in commercial lending terminology, commercial loan practices and requirements, loan servicing, loan documentation and legal and documentation compliance; Considerable knowledge of construction finance, accounting and data systems. 

  • Skills/Ability: Ability to work in a fast pace environment while maintaining a high level of accuracy; Ability to work on multiple projects with the flexibility for changing priorities; Excellent analytical, problem-solving and organizational skills; Excellent communication skills; Strong work habits, attention to detail and teamwork. Strong computer skills including Microsoft Office (MS Word, Excel, Outlook), construction budget and disbursement programs or other compatible programs.  Use of CLCS construction system a plus; Bilingual (English, Mandarin or Cantonese) is a plus.

     

Cathay Bank is an equal opportunity employer. It is the Bank’s policy to provide equal employment opportunities to all qualified applicants. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or protected veteran status.

Cathay Bank endeavors to make www.CathayBank.com  accessible to any and all users.  If you would like to contact us regarding the accessibility of our website or need assistance completing the application process, please contact, Lori Burquez, VP, Sr. Employee Relations Manager, at (626) 279-3666 or lori.burquez@cathaybank.comThis contact information is for accommodation requests only and cannot be used to inquire about the status of applications.

 

Click here to view the EEO is the Law poster in English. Poster- English

Click here to view the EEO is the Law supplement in English.Supplement- English

 

Clic aquí para ver la EEO es la Ley póster en español. Poster- Spanish

Clic aquí para ver la EEO es la Ley suplemento en español.Supplement- Spanish

 

击这里查看EEO是法律海报的中文Poster- Chinese

击这里查看EEO是法律和补充條例的中文"Supplement- Chinese

  • Rosemead, CA, USA