Administers the loss mitigation, remedy enforcement and liquidation tasks for an assigned portfolio of geographically diverse, non-performing, commercial/business purpose mortgage loans
Initiate contact with defaulted commercial loan borrowers to identify default reason and resolution plan
Assess borrower financial situation, property operations and property conditions
Review commercial loan documents for borrower requirements and lender remedies
Prepare/verify calculations for legal demands
Negotiate workouts with borrowers within acceptable lender client parameters
Structure terms for loan modifications and forbearance agreements as needed
Review property valuation reports from appraisers, brokers, market sources, etc.
Review collateral property inspections
Prepare written business plans describing reasons for default, enforcement options, alternative strategies, and servicer recommendations
Direct and monitor third-party vendors, including attorneys, inspectors, appraisers, property managers, etc.
Provide instructions for posting and disbursement transactions
Maintain current and accurate status reports on all assigned assets
Support Commercial Primary Servicing representatives in borrower outreach efforts, market analysis and investor inquiries
Comply with all Company requirements for training, compliance, audits and reporting

Minimum 3 years’ experience managing defaulted commercial business purpose loans secured by commercial use, mixed use, SFR/multifamily rental and/or SFR/multifamily transitional properties
Demonstrated understanding of lender default remedies and enforcement strategies, including foreclosure, trustee sales, receivership, UCC sales, bankruptcy strategies, etc.
Demonstrated understanding of loan covenants and covenant compliance
Demonstrated understanding of CRE income property type fundamentals, including income property operations analysis, and borrower financial analysis
Demonstrated understanding of commercial real estate loan documentation
Demonstrated effective communication skills, both verbal and written
Demonstrated effective negotiation skills
Demonstrated ability to work independently with minimal supervision
Demonstrated effective problem solving and decision making skills
Demonstrated ability to comply with detailed reporting requirements
Demonstrated ability to work under pressure, meet deadlines and adjust to changing priorities
Demonstrated skills with Microsoft 365 Suite, Adobe applications, commercial loan servicing applications (such as REALSynergy, Strategy, Enterprise, etc.)
Demonstrated teamwork skills to collaborate with associates in multiple departments
Be available to occasional travel 5%-15%

Asset Manager I, Commercial Special Servicing

Key skills