Senior Asset Manager, Commercial Servicing

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. This is an individual contributor role that reports to a manager and will work hand-in-hand with various internal business units. The Senior Asset Manager will serve as the point of contact for the borrower and the assigned investor(s), provide oversight of an assigned portfolio, facilitate borrower requests, monitor and enforce loan covenants, resolve insurance non-compliance, complete financial analyses, delinquency resolution, be an escalation point for questions and inquiries from external clients and internal staff, and other responsibilities as need arises. This position requires the ability to provide best-in-industry customer service, interpret loan documents, compliance, quality control, provide mentorship to team members, and resolve a wide spectrum of borrower-related inquiries related to commercial loan servicing. This is a customer-facing position, and all interactions must be handled with a high degree of professionalism, courteous customer service, and promptness. Individuals in this role are required to adhere to investor servicing guidelines, internal policies and procedures.

Job Responsibilities and Requirements :

Customer Service:

• 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.

Portfolio and Asset Oversight and Servicing:

• 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.
• Other duties as assigned.
• Qualifications
• Demonstrates positive attitude, adds to a positive team morale, and is eager to take on and learn new things
• Four-year degree from an accredited University preferred or equivalent work experience
• Minimum of 8 years of CRE loan servicing experience required, 1 – 2 years in a leadership position preferred.
• Familiarity with the full CRE loan life cycle from onboarding through Mortgage Satisfaction.
• High attention to detail
• Strong proficiency in Word, Excel, Outlook, CoPilot, and other information processing programs
• Bilingual (English and Spanish) is considered a plus
• Self-motivated and work independently
• Ability to perform complex calculations using calculators and systems is required
• Ability to reason and exercise sound judgment
• Ability to handle sensitive and confidential information appropriately
• Outstanding communications skills (including verbal, written and listening skills), with an emphasis on strong customer service, professional relationship building skills, conflict resolution, and having difficult conversations
• Previous experience with REALSynergy servicing system is considered a plus

Qualifications:

Demonstrates positive attitude, adds to a positive team morale, and is eager to take on and learn new things

• Four year degree from an accredited University preferred or equivalent work experience
• Minimum of 8 years of CRE loan servicing experience required, 1 – 2 years in a leadership position preferred.
• Familiarity with the full CRE loan life cycle from onboarding through Mortgage Satisfaction.
• High attention to detail
• Strong proficiency in Word, Excel, Outlook, CoPilot, and other information processing programs
• Bilingual (English and Spanish) is considered a plus
• Self-motivated and works independently
• Ability to perform complex calculations using calculators and systems is required
• Ability to reason and exercise sound judgment
• Ability to handle sensitive and confidential information appropriately
• Outstanding communications skills (including verbal, written and listening skills), with an emphasis on strong customer service, professional relationship building skills, conflict resolution, and having difficult conversations
• Previous experience with REALSynergy servicing system is considered a plus

Training / Licensing Requirements:

• Must pass the Company’s Background Screening process prior to beginning employment. Additionally, as a condition of employment, you may be required to pass client-specific background check requirements or Federal/State licensing requirements, if applicable.

The salary range for this position is expected to be $85,000 to $110,000 per year, depending on geographic location, experience, and other qualifications of the successful candidate. This position is also eligible for annual bonus based on performance and subject to the terms of the Company’s applicable plans.

Onity Group Inc. is a leading non-bank financial services company providing mortgage servicing and originations solutions through its subsidiary, Onity Mortgage, formerly known as PHH Mortgage. Onity Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to customers, clients and investors.

At Onity, we strive to earn our customers’ loyalty every day. We do this by consistently delivering exceptional service and building trust through reliability, integrity, and following through on our commitments. We operate through the lens of the customer, understand the importance of homeownership, and take pride in helping homeowners. Collectively this fosters long-term relationships, ensuring our customers feel valued and supported. We expect all employees to interact with and engage our colleagues and our customers with respect, courtesy and professionalism, and to achieve results consistent with our service delivery standards.

Onity is intensely focused on hiring, developing and retaining the best talent in the industry! Our commitment to inclusion and equal opportunity ensures that we sustain our reputation as an outstanding place to work, a great business partner and a valued community member. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status. If you have a disability or special need that requires accommodation, please let us know.

Onity Group Inc. offers a comprehensive benefits package including 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; and more. Visit jobs.onitygroup.com for details.