Senior Asset Manager, Commercial Special Servicing

Role Overview

• Review performing loan reports to identify commercial loans at risk of defaulting.
• Initiate contact with defaulted commercial loan borrowers to identify default reason and resolution plan.
• Assess borrower financial situation, property operations and property conditions.
• Review business and individual credit reports and asset search results.
• Review commercial loan documents for borrower requirements and lender remedies.
• Review servicing agreements for servicer responsibilities, authorities and deadlines.
• 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/perform collateral property inspections.
• Prepare written business plans describing reasons for default, enforcement options, alternative strategies, and servicer recommendations based on a net present valuation analysis.
• Direct and monitor third-party vendors, including attorneys, inspectors, appraisers, property managers, investigators, receivers, brokers, contractors, title agents, insurance adjusters, etc., as needed.
• Prepare projections for asset dispositions, including recovery amounts, losses, and timelines.
• Provide instructions for all posting and disbursement transactions as needed.
• Maintain current and accurate status reports on all assigned assets.
• Support Commercial Primary Servicing representatives in borrower outreach efforts, market analysis and investor inquiries, as needed.
• Comply with all Company requirements for training, compliance, audits and reporting.
• Anticipate/identify issues that could impact Company/client operations and suggest solutions.
• Administer defaulted loan sales as appropriate.
• Administer complex REO activities, including, but not limited to, directing property managers and brokers, assessing property condition, preparing/reviewing budgets, etc.
• Monitor performance of subservicers/asset management contractors.
• Serve as a subject matter expert (SME) and mentor for junior staff.
• Complete other activities and duties as may be assigned.

Requirements

• Minimum 7 years’ experience managing defaulted commercial business purpose loans secured by commercial use, mixed use, SFR/multifamily rental and/or SFR/multifamily transitional properties.
• Strong understanding of lender default remedies and enforcement strategies, including foreclosure, trustee sales, receivership, UCC sales, bankruptcy strategies, etc.
• Strong understanding of loan covenants and covenant compliance.
• Strong understanding of CRE income property type fundamentals, including income property operations analysis, and borrower financial analysis.
• Strong understanding of commercial real estate loan documentation.
• Superior communication skills, both verbal and written.
• Superior negotiation skills.
• Demonstrated ability to work independently with minimal supervision.
• Superior 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.).
• Strong teamwork skills to collaborate with associates in multiple departments.
• Prior underwriting experience for commercial business purpose loans secured by multifamily, mixed use, commercial use, SFR investor rental, and/or SFR/MFR construction/residential transition properties.
• Prior experience with rental property management for multifamily apartment or SFR portfolios.
• Understanding of commercial loan servicing agreements and principles.
• Be available to occasional travel 5%-25%.

Benefits

• Eligible for bonus based on performance