Onity Group Inc. · 19 hours ago
Senior Asset Manager, Commercial Special Servicing
United States
Full-time
Remote
Mid, Senior Level
$90K/yr - $120K/yr
7+ years expOnity Group Inc. is seeking a Senior Asset Manager for their Commercial Special Servicing team. The role involves administering loss mitigation and liquidation tasks for a portfolio of non-performing commercial loans, including direct borrower contact and vendor management.
Financial Services
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
Qualification
Required
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
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
Be available to occasional travel 5%-25%
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
Benefits
This position is also eligible for bonus based on performance and subject to the terms of the Company’s applicable plans.
Company
Onity Group Inc.
We are Onity. We get it done. Onity Group Inc. (NYST: ONIT) is a leading financial services company.
5001-10000 employees
Funding
Current Stage
Late StageCompany data provided by crunchbase