The HAND Escrow Coordinator works in NACA’s Home and Neighborhood Development (HAND) Department and is responsible the processing and management of rehab escrows transactions. The Rehab Escrow are funds held by the lender to be disbursed for completed work for a specified scope of work after the loan is closed. The Escrow Coordinator has direct oversight over all open escrow accounts. S/he works with the Member, contractor, draw inspectors and lender to authorize payment disbursements, management of rehab escrow balances, project ledgers and close outs. S/he communicates with the Member and their approved contractor(s), aid and education about HAND’s post close payment process policies. An Escrow Coordinator must contact multiple Members each day resulting in at least forty (40+) reviews a day, which includes confirmation of funds, preparation of rehab ledgers, draw inspection reviews, payment authorizations, lender payment conditions, reconciliation of funds resulting from project change orders and eventual escrow close out requests. The Escrow Coordinator works directly with the lender’s construction lending teams maintaining regular reporting of all open accounts, setting up new vendors, providing approved supporting documentation of all project work and addressing aged account reviews.
This position requires general accounting and bookkeeping experience in facilitation of the Rehabilitation Escrow agreement and disbursement policies including, but not limited, to specific responsibilities described below.
- Work Escrow Confirmation and account set up – Confirm that the amount available for disbursement matches final budget and Closing Disclosure. Prepare the project ledger and provide it to the Member. Confirmation done within 48 of loan closing.
- Draw Inspections – Review draw inspection(s) to determine payment authorization based on the percentage of work complete with deduction for holdbacks and verified material purchases. Decision within 24 hours of receiving draw inspection including requesting additional documentation and information from Member and contractor.
- Payment Authorizations – Review draw inspection and inspector comments related to completeness and quality of work. Communicate with Member concerning inspection and applicable comments. Determine the agreed upon amount to release to contractor for partial or full and final payment. Communicates with Member within 48 hours of receipt of inspection.
- Payment Turn Times – requesting payment to contractor from lender within 48 hours of receiving Member’s approval, contractor’s lien waiver and applicable supporting documents.
- Lender Payment – within 48 hours of proof of disbursement by Lender, scan proof into file and update project ledger. Send Member project ledger noting balance of escrow account.
- Vender Set-Up – Confirm that license, insurance and W9 are current and submitted to Lender for future payment disbursements.
- Lien Waivers – Receive and confirm accurate lien waiver in amount of payment release for partial or final payments.
- Payment Verification – verify and document all approved change order deductions and credits to support accurate accounting of monies applied to each contract agreement supporting total amount of funds due contractor at completion of work.
- Accounting Ledger – Maintain accurate and detailed ledger of the Rehab Escrow balance for all approved contractors, including contingency amounts, until the scope of work is completed, and the escrow account is closed.
- Disputes – Work with HAND management and Legal department regarding project disputes and litigation holds.
- Project Close Out – Same day as final payment but no more than two weeks if Member seeking use of remaining contingency funds.
- Conduct bi-weekly review of open accounts and provide lender with status of project, working with RS to contact Member when a project becomes inactive, such as no inspection or payment within last 30 days.
- Documentation – Provide completed detailed narratives within NACAlynx system.
- Appointments – confirm and complete all scheduled appointments on HAND calendar resulting in HAND Action Plan and narrative.
- Education – Members are informed of and prepared for the rehab process from inspection to post close project and payment management. Also provide such information to vendors, NACA staff, real estate agents, and others about HAND policies and procedures.
- Follow-up – Follow-up with Members, Vendors, Lender, NACA staff and others.
- Project Reports – Obtain regular project updates until project complete.
- Project Complete – Complete rehab projects within contract agreement dates but not to exceed six
- months from the closing date; 12 months with management exception due to extenuating circumstances.
- Aged Reports – Provide reports including Aged Account Report on status on all aged files over 6 months old, status report and others as requested.
Normes de bureau :
- Les téléphones ont répondu rapidement et avec professionnalisme. Renvoyez tous les messages vocaux le même jour mais au plus tard dans les 24 heures ouvrables.
- Mener et compléter les tâches d'examen dans les rapports HAND tickler (pipeline) au besoin.
- Maintain daily appointments in prompt and professional manner, as scheduled on HAND’s appointment calendar, documenting communications and task requirements within the member’s file narrative, per appointment policies.
- Inform and prepare members for the HAND rehab process from the point a property is identified until the loan is closed, and through project management as applicable.
Exigences de temps
The Escrow Coordinator must be able to meet the demands of the job that consists of 40 to 50 hours a week. NACA reserves the right to modify the work hours by changing hours, changing shifts, and/or requiring weekend work. Such modifications may occur on short notice including during an existing shift. The Typical day is 8:30 a.m. to 6:00 p.m.; based on performance, volume, and workload. Weekends as required to complete overdue tasks ensuring closing timetables are met.
The compensation is between $40,000 and $60,000 based on an hourly pay of $18 to $25 an hour. The candidate’s performance evaluation and future compensation is largely based on meeting the job responsibilities, competencies and skills stated herein.
NACA seeks leaders with a positive and open attitude, a strong work ethic and relentless commitment to success with attention to detail and ability to meet aggressive deadlines and ambitious goals. S/he is expected to have a high level of core competencies and skills included in one’s personal characteristics and professional experiences in the following areas: communication, organizational skills, professional skills, professionalism, customer service, time management, positive leadership, computer skills and being mission-driven. The Compétences et compétences de base sont décrits en détail sur www.naca.com.
- B.A. or B.S. in Accounting, Finance, or Residential Construction Related Fields – Preferred
- Hold License(s) or Certification(s) in one or more residential repair trade services –Preferred
- Diplôme d'études secondaires ou équivalence - Obligatoire
- Mortgage and/or real estate courses- preferred
- Five years or more in business accounting or bookkeeping, including banking or processing experience relating to account and/or pipeline management.
- Field experience as relates to Residential Construction Management, Repair, Maintenance and Inspection Services (i.e., Builder, General Contractor, Residential Property Inspector, Architect, Structural Engineer, Safety and Code specialists, etc.) – preferred.
- Regional knowledge of local and state building codes permits and licensing requirements.
Processus de demande
NACA est un employeur garantissant l'égalité des chances. Les personnes minoritaires et bilingues, en particulier celles qui parlent et écrivent en espagnol, ainsi que les candidats de la seconde chance sont fortement encouragés à postuler. Pour le suivi et pour les demandes de renseignements concernant ce poste et d'autres, contactez le service des ressources humaines de la NACA à firstname.lastname@example.org ou appelez le 617-250-6222 ext.1221.
Cette description de poste est uniquement à des fins descriptives, la NACA se réservant le droit d'apporter des modifications unilatérales à cette description de poste, y compris la rémunération de tout le personnel ou sur une base individuelle. La NACA peut également modifier la rémunération pendant les campagnes, les activités et les événements à sa discrétion. Ceci ne constitue pas un contrat de travail. Rien dans les présentes ne limitera NACA, à sa seule discrétion, de licencier un employé pour quelque raison que ce soit ou sans raison avec un emploi sur une base « à volonté ».