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Senior Workout Asset Manager is responsible for managing the special servicing of a portfolio of Agency (Fannie Mae, Freddie Mac, and HUD) loans which are in default or considered to be in imminent default. The position requires proactive asset management and timely resolution of the assigned portfolio of distressed CRE mortgage loans. The primary function of the Special Servicer is to manage non-performing loans in accordance with Pooling and Service Agreements (“PSA”) and the applicable investor Seller/ Servicer Guides. Risk Management’s objective is to maximize the recoveries on loans.
Essential Job Functions (Duties/Responsibilities)
This position will have the following duties and responsibilities, including but not limited to:
- Monitor quality and performance of a non-performing loan portfolio, having the ability to structure and execute resolution strategies in conjunction with the Investors goals
- Perform comprehensive analysis of property cash flow, markets, collateral, and valuation while determining possible alternatives for default resolution
- Work closely with Agency counterparts to carry out desired resolution strategy
- Review legal filings for accuracy and completeness
- Prepare payoff/ reinstatement calculations
- Prepare quarterly Loan Loss Reserve calculations
- Understanding of legal contracts, bankruptcy law, foreclosure process, and loan servicing agreements
- Lead, engage and interact with third parties including attorneys, receivers, management companies, brokers, appraisers, and environmental and engineers
- Mentor junior analysts
- Understanding of commercial mortgage backed securities (“CMBS”)
- Conduct Physical Property inspections, as required, in order to evaluate property condition
- Provide written updates to senior management, Master Servicers and investors
- Present ideas and recommendations in a clear and concise manner
- Request and review documentation supporting servicing advances
- Will work on other projects and tasks as necessary
- Will assist the VP, Risk Management on ad-hoc projects and requests from Senior Management
- Will work independently to identify problems and provide solutions to management
Qualifications
Education: Bachelor’s degree in Business, Finance, Real-Estate or a related discipline or equivalent work experience preferred.
Experience: 5+ years asset management experience with an emphasis on Special Servicing, bankruptcy and loan workouts.
Knowledge/Skills/Abilities:
- Intermediate Microsoft Office Skills
- Strong analytical, research and reporting skills
- Strong negotiation and communication (both verbal and written) skills
- Extremely high attention to detail and accuracy
- Comfortable interpreting legal documents such as loan agreements
- Strong organizational, time management, and prioritization skills
- Ability to work independently and on teams in a fast-paced environment with strict deadlines
Travel: 20-25%
Source: Arbor Realty Career Page
