The Senior Asset Manager, Commercial Servicing will provide proactive monitoring and surveillance of assigned assets securing Commercial Real Estate (“CRE”) loans, as well as being a source of information and training for Asset Managers.
Requirements
- Act as the primary contact for the borrower, investor, related third parties, and various internal business units in order to resolve all inquiries and servicing functions for the loan.
- Maintain professionalism during all interactions.
- Demonstrated ability to initiate difficult conversations while maintaining best-in-class customer service.
- Demonstrated ability to handle escalated items during difficult conversations.
- Quality Control check of loan boarding against the loan documents to ensure accuracy.
- Coach team members on CRE loan document interpretation.
- Identify & monitor loan covenants for borrower compliance to include letter of credit monitoring, cash management provisions, waterfall allocation, DSCR testing, occupancy triggers, etc.
- Monitor Letters of Credit for expiration.
- Interpret and work effectively with large data sets.
- Expert monitoring of escrow and reserve functions within the CRE environment.
- Work within a CRE loan servicing system and maintain data integrity.
- Read, understand, and proactively monitor rent rolls, financial statements, property inspections, and other documents in order to address potential performance issues before they arise.
- Strong knowledge of CRE loan participations.
- Strong knowledge of CRE insurance coverage requirements.
- Spread and analyze property level financial statements and provide training to Asset Managers for complex assets.
- Create a pro forma based upon historical property performance and provide training to Asset Managers for complex assets.
- Work closely with borrowers and investors to resolve delinquent payment issues as they arise.
- Generate an amortization table and calculate various loan accounting items including, but not limited to, interest, default interest, prepayment premiums, yield maintenance, and escrow constants with no assistance.
- Create, maintain, and monitor investor level watchlist.
- Lead client calls and/or meetings reviewing loan performance issues.
- Review loan draws submitted by the Borrower for accuracy and overall construction / renovation schedules and provide training to Asset Managers for complex draws.
- Administer construction / rehab loan covenants, including periodic review of construction/rehab work schedule, progress reports and inspections, property stabilization performance schedules, budgets, and borrower equity earnout provisions
- Proactive engagement with borrower regarding exit strategy and current market conditions as projects progress towards maturity.
- Escalate items appropriately to Manager.
- Prepare, Collaborate with Investor Reporting, and Review CREF-C Reporting Packages
- Act as the first point of contact for all escalations from the team.
- Complete Borrowers Requests:
- Read and interpret CRE loan documents to determine Borrower Request eligibility.
- Discuss and engage in conversations with borrowers and investors regarding borrower request submissions, requirements, and resolution with no assistance.
- Exceptional understanding of additional document requirements for various borrower requests, including the ability to teach and mentor team members in their understanding.
- Complete presentation-level write-ups and recommendations for various types of borrower requests.
- Review and Approve write-ups completed by Asset Managers prior to presentation.
- Exceptional familiarity with the following requests, documentation requirements, and processes:
- Assumption
- Collateral Substitution
- Insurance Loss Processing
- Insurance Non-Compliance Resolution and Waivers
- Lender Placed Insurance
- Loan Maturity Extension
- Loan Modification
- Partial Release of Collateral
- Property Management Change
- Other Responsibilities and Requirements:
- Adapt quickly to various requests from multiple sources.
- Prioritize multiple, simultaneous incoming requests.
- Generate reports for investors as required.
- Coordinate with internal departments for servicing functions as required.
- Review and update internal policies and procedures as required.
- Assist with audits as requested.
- Lead team trainings.
- Prepare presentation for investors, management, and internal business units.
Benefits
- Medical, dental and vision
- Up to 3% match on 401(k) contributions
- Generous paid time off
- Company-paid life, accident and disability coverage
- Programs for mental, physical and financial wellness
