What are the responsibilities and job description for the Real Estate, Environmental, Title, Appraisal, & Construction (REETAC) Specialist position at United Bank of Southwest Alabama & Northwest Florida?
Job Function / Summary
The Real Estate, Environmental, Title, Appraisal and Construction Specialist (REETAC) is responsible for third party due diligence and construction monitoring for commercial real estate transactions. The Specialist will work with lenders to obtain, and review required third party diligence items to properly monitor, document, and secure commercial real estate transactions and construction projects; ensuring compliance with established company policies, industry standards, sound risk management practices, and regulatory requirements.
Primary Duties & Responsibilities
Title Review, Appraisal Management, Environmental
The Real Estate, Environmental, Title, Appraisal and Construction Specialist (REETAC) is responsible for third party due diligence and construction monitoring for commercial real estate transactions. The Specialist will work with lenders to obtain, and review required third party diligence items to properly monitor, document, and secure commercial real estate transactions and construction projects; ensuring compliance with established company policies, industry standards, sound risk management practices, and regulatory requirements.
Primary Duties & Responsibilities
Title Review, Appraisal Management, Environmental
- Submit orders for and conduct thorough review of: real estate title searches, title commitments, final title policies, commercial real estate evaluations, appraisals, environmental site assessments (as required); ensuring compliance with company policies and regulatory requirements.
- Coordinate with appropriate entities (title company, consultants, or legal counsel) to resolve issues regarding title searches, issuance of final title policies, property evaluations, or site assessments.
- Perform pre-closing construction budget, construction inspection orders, and post-closing construction draw management.
- Review construction cost/budgets, timelines, and change orders (as required).
- Oversee construction loan draw process and review draw documentation.
- Coordinate construction draw inspections.
- Recommend approval of construction draws to the loan officer, and process funding.
- Any other duties assigned by Management.