Director, Commercial Special Servicing

Onity

36d•$145,000 - $165,000

About The Position

The Director, Commercial Special Servicing oversees and directs the activities of the Special Servicing unit managing a portfolio of defaulted commercial real estate and business purpose SFR loans to resolution through either reinstatement and return to Primary Servicing, or liquidation. The role duties include oversight for a team of 5-10 associates, including 2-4 direct reports. The Director will lead the revision of policies and procedures to encompass PHH’s growth and expansion into new commercial loan servicing markets. The Director is accountable for team performance and compliance with all PHH servicing requirements. The role will report to the VP, Head of Commercial Special Servicing and assist in strategic planning for staff development and budget preparation. The Director will also participate in client engagement and vendor management duties, and represent the interests of the Special Servicing unit in intradepartmental initiatives, projects and activities.

Requirements

Minimum 10 years’ experience managing defaulted commercial business purpose loans secured by commercial use, mixed use, SFR/multifamily rental and/or SFR/multifamily transitional properties.
Minimum 5 years’ experience directly managing commercial loan special servicing asset managers.
Superior understanding of negotiation tactics, workout structure and credit decisioning.
Superior understanding of lender default remedies and enforcement strategies, including judicial foreclosures, trustee sales, receivership, UCC sales, bankruptcy strategies, etc.
Superior communication skills, both verbal and written, including presentation.
Superior problem solving and decision making skills.
Strong understanding of commercial 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.
Strong understanding of commercial loan servicing agreements and principles.
Strong understanding of loan securitization principles including CMBS and CRE-CLO.
Proven ability to work independently with minimal supervision.
Proven ability to manage remote employees.
Proven ability to effectively engage with senior management at all levels.
Demonstrated skills to develop reporting requirements specific to monitoring default services related performance.
Demonstrated ability to work under pressure, manage multiple projects while meeting project deadlines, and adjust to changing priorities.
Demonstrated proficiency with Microsoft 365 Suite, Adobe applications, commercial loan servicing applications (such as MSP/ICE, REALSynergy, McCraken Strategy, Enterprise, FICS, FIS, etc.).
Strong teamwork skills to collaborate with associates in multiple departments and locations.
Be available to travel 10%-25%.

Responsibilities

Design, implement, and continuously improve processes, policies, and procedures to include loss mitigation strategies, asset dispositions, vendor management and credit decisioning for lender consent requests.
Hire, train and develop staff responsible for managing defaulted commercial real estate secured loans .
Provide effective direction for implementation of successful asset resolution plans.
Supervise a team of associates providing administrative support to external special servicers.
Establish appropriate key performance indicators to measure individual and team performance.
Develop and maintain appropriate reports to monitor defaulted loans throughout the special servicing period.
Develop and maintain appropriate reports for projected losses, recoveries and resolutions on portfolios within PHH responsibility as special servicer.
Manage relationships with third-party defaulted asset services providers, including attorney, appraisers, brokers, property management, environmental consultants, contracted asset managers, etc.
Materially participate in all portfolio asset management credit committee activities.
Prepare and present special servicing unit related information for rating agencies, auditors, senior management and investors.
Comply with all Company requirements for training, compliance, audits and reporting.
Anticipate/identify issues that could impact PHH/client operations and develop solutions.
Monitor performance of subservicers and asset management contractors.
Complete other activities and duties as may be assigned.