Senior Asset Manager, Commercial Special Servicing

Onity•West Palm Beach, FL

12d•$90,000 - $120,000

About The Position

The Commercial Special Servicing Senior Asset Manager administers the loss mitigation, remedy enforcement and liquidation tasks for an assigned portfolio of geographically diverse, non-performing, commercial/business purpose mortgage loans secured by investor owned commercial use, mixed use, SFR/multifamily rental and/or SFR/multifamily transitional properties. The role duties include direct commercial borrower contact, assessing enforcement activities permitted under the loan documents, evaluating collateral property operations and conditions, assessing market conditions, negotiating commercial borrower workouts, directing enforcement and property vendors, including legal counsel, property managers, brokers, inspectors, etc., preparing formal business plans and status reports to investors. The position may also support Primary Commercial Servicing representatives with property and/or market analysis, borrower interaction, and investor inquiries, as appropriate.

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.
Be available to occasional travel 5%-25%.

Nice To Haves

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.

Responsibilities

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.