New

Construction Loan Specialist - Morristown, NJ

Valley National Bank
$26.78 - $44.66 / hr
paid time off
United States, New Jersey, Morristown
Sep 08, 2025
Back Construction Loan Specialist #25-934 Morristown, New Jersey, United States Apply Apply for this job now! Apply Job Overview At Valley Bank, we believe in people's growth potential. We invest in it. We protect it. We focus it. For nearly 100 years, we've been the Bank that clients from every industry turn to for our expertise, strategies, and advice--building the kind of trust that can fuel every goal. We are the leading relationship bank built for growth--with over $60 billion in assets, 3,800 experts, and more than 200 consumer branches and commercial banking offices in communities across the US. At Valley, we're all driven by an ambition that goes deeper than just having a job. That's why when you work for us, we make it our goal to help you focus on what drives you--working to turn your passions and strengths into assets you can use to propel your ambitions and build the professional legacy you want. Because when we say we're a relationship bank built for growth, that's not just reserved for our clients--that includes all our associates as well. The Construction Loan Specialist is responsible for managing the activities associates with the Bank's Construction Loan Portfolio. This role will act as a liaison with loan officers, customers, builders, inspectors, and title company representatives during all phases of construction. Expected Work Hours 40 Job Description Responsibilities include but are not limited to: Review loan approval documents, construction loan agreements, Engineer's Plan & Cost Report and any participation agreements to ensure accurate and proper loan administration. Coordinate and oversee all site inspections for loan draws, ensuring timely completion. This includes scheduling inspections and liaising with engineers to confirm inspection dates. Establish individual setup in the loan monitoring system, Built, for new loans, including formulating complex budgets and ensuring financial accuracy and compliance throughout the project lifecycle. Review inspection reports from engineers to ensure construction projects adhere to approved plans and budgets. Verify project progress, assess work quality, ensure compliance with building codes, track expenses against the budget, review change orders, and monitor site safety conditions. Address any discrepancies or issues promptly to maintain the integrity of the construction loan process. Review draw request documentation with a thorough understanding of AIA construction documents, ensuring the portfolio of construction loans is accurately maintained and monitored to prevent overfunding, with all line items balanced. Oversee project budgets for accuracy, including advances and pay downs, ensuring compliance with legal documentation. Ensure all taxes, insurance and interest payments are consistently up to date. Handle requests for partial paydowns by calculating the paydown amount according to release provisions, processing the payment, and executing the release. Collaborate with lenders, Credit, and Loan Servicing to ensure effective administration of construction loans. Requirements Required Skills: Proficiency in Microsoft Office (Word, Excel, Outlook, PowerPoint) Ability to review and analyze complex budgets, financial documents, and inspection reports Exercise sound judgement, and excellent independent decision-making skills Excellent verbal and written communication Strong organizational and time-management skills to handle multiple projects High level of accuracy in reviewing documents and managing financial transactions Ability to identify and resolve discrepancies or issues promptly to maintain the integrity of the loan process Required Experience: High School Diploma or equivalent and a minimum of 3 years experience in construction lending and all aspects of loans and lending. Preferred Experience: Bachelor's Degree and experience working with builders. Full-time/Part-time Full-time FLSA Non-exempt Location(s). 70 Speedwell Ave, Morristown , New Jersey 07960 , United States Total Rewards Summary We provide a comprehensive and competitive total rewards package including base salary determined by factors such as the role, relevant experience, skill set, and geographical location. Eligible positions may also be eligible to receive commission-based compensation and/or discretionary incentive compensation, which may be awarded as cash or forfeitable equity, recognizing individual performance and contributions. In addition to financial compensation, we offer a robust suite of benefits tailored to meet diverse employee needs based on eligibility criteria. These include comprehensive health care and insurance plans, retirement savings options, tuition and adoption reimbursement programs, paid time off, mental health support, and other valuable benefits programs. Further details regarding total compensation and benefits will be shared during the hiring process. Job Details Pay Range Pay Range The estimated pay range for this job. Disclosing pay information promotes competitive and equitable pay. The actual pay rate will depend on the person's qualifications and experience. $26.78 - $44.66 / hour Pay Transparency In order to support the Fair Compensation Strategy by the US Govt., HR Dept., clients are required to adhere to "Pay Transparency Law"; in the impacted states; that have mandated the employers to list the salary ranges in Job advertisements or postings for job opportunities and Job promotions.