Administrator Iii - Accounting Operations - Community Development Bank

Job Description:

ABOUT US:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

 One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

JOB DESCRIPTION:

This job is responsible for managing and servicing a dedicated portfolio of complex real estate commercial construction loans. Key responsibilities include independently reviewing loan approval and loan documents and working closely with client managers, borrowers, counsels, construction consultants, and title companies to ensure consistency and adherence to requirements for loans. Job expectations include monitoring documentation requirements and exceptions, including interest and past dues, and contributing to developing and training employees.

Line of Business Job Description

This role is responsible for the core day-to-day operations functions for Community Development Bank (portfolio size is 1200 partnerships, $14B). This includes funding and booking new deals, cash receipts, updating financial models, preparing journal entries, monitoring cash accounts, reconciliation support, leading and directing daily responsibilities for team. This position will also from time to time be engaged in the testing of the in-house accounting system CARMA (Commercial Asset Risk Management Application). Business partners include the FLU, Global Banking Controllers team, Business Finance officers, Global Business Services, internal/external Audit.

This is a role that requires accounting experience.

RESPONSIBILITIES:

• Reviews construction draw packages, identifies and helps resolve construction and title issues, keeps accurate records of detailed construction loan budgets and all sources of funds, including loan funds and non-loan sources of funds, and ensures loans are in balance
• Serves as a point of contact for assigned clients on all loan related servicing matters for highly complex deals and delivers the highest level of service to lenders, investors, borrowers, vendors, and Lines of Business while ensuring compliance with servicing agreements, government regulations, and the bank's policies with minimal supervision
• Coordinates fundings with Fulfillment and Assignment Desks as needed and ensures communications are timely and accurate
• Performs payoff quotes and related calculations including prepayment calculations
• Assists Loan Administrators with their primary responsibilities and helps managers in directing workflow and performing quality assurance activities
• Monitors, researches, and instructs payment processing for borrower payments, disbursements, and fees and collects appropriate fees due from the lender or servicer
• Maintains past due principal, interest, and fees as well as reconciliation exceptions within acceptable levels

• Prepares and posts journal entries on E Ledger and Oracle.
• Completes fundings, cash receipts and bookings daily and ensures communications are timely and accurate
• Maintains reconciliation exceptions/aging within acceptable levels
• Responds to internal and external auditors on SOX key controls
• Update financial models using the in-house Accounting System, CARMA.

Required Qualifications:
Previous accounting/operations experience
Ability to prioritize and proactively manage responsibilities
Ability to perform independent research
Proficient computer skills, including Windows, Word and Outlook

Proficient in Microsoft Excel

Highly organized, detail oriented, proactive, and ability to multitask

Ability to work well in team environment

Comfortable interacting with FLU and Finance teams

SKILLS:

• Accounting
• Financial Analysis
• Relationship Building
• Recording/Organizing Information
• Adaptability
• Prioritization
• Problem Solving
• Data Collection and Entry
• Oral Communications
• Written Communications
• Legal Structures and Legal Forms
• Regulatory Compliance
• Data Management
• Result Orientation

Shift:

1st shift (United States of America)

Hours Per Week: 

40