Assistant General Counsel

Flagstar Bank; New York (NY); On-site; USD 117,000 - 194,000; Full time

Job summary

Flagstar Bank is seeking an Assistant General Counsel to join their Legal Department. This senior role entails providing legal support primarily to the Special Assets Group, dealing with restructuring commercial real estate loans. The successful candidate will liaise with various business units, manage legal issues, and mentor junior staff, ensuring robust legal support and compliance within the bank's operations.

Qualifications

• 8-10 years in commercial lending, restructuring, or bankruptcy.
• Experience at a reputable law firm or in-house at a financial institution.
• Familiarity with banking regulations and legal requirements.

Responsibilities

• Review and draft legal documentation for CRE and commercial loans.
• Provide legal support to senior members of lending business lines.
• Engage and manage outside counsel to mitigate legal risks.

Skills

Leadership

Analytical Skills

Communication

Financial Acumen

Education

Juris Doctorate

Job description

Position Title

Assistant General Counsel

Location

New York, NY 10018

Job Summary

The CRE/Commercial Restructuring Counsel Senior is a member of the Legal Department and will be primarily responsible for providing legal support to the Special Assets Group of Flagstar Bank, N.A.(the “Bank”), regarding restructuring and workout of commercial real estate loans. The attorney may also work with commercial and industrial (C&I) loan originations, modifications and workouts. Partner closely with internal business units and work with other members of the Legal Department. As the senior restructuring attorney, will be the primary resource for the business units regarding review and management of legal matters relating to restructuring and workout of commercial real estate (“CRE”) and commercial lending transactions. This attorney will also function as a liaison between business unit management, legal management and outside counsel regarding documentation and legal issues.

117,184.74 -155,269.79 -193,354.83Pay Range: Local Minimum Wage - $0.00 - $0.00

Job Responsibilities:

• Independently review and draft transactional and other documentation relevant to CRE and commercial lending, including term sheets, loan agreements, inter-creditor and subordination agreements, purchase and sale agreements, engagement letters, marketing materials and offering documents, default notices, demand letters, reservation of rights letters, forbearance agreements, pre-negotiation agreements and non-disclosure agreements.

• Provide ad hoc legal support to senior members of commercial lending business lines, including Commercial Real Estate Banking and Commercial and Private Banking.

• Review and develop policies and procedures relating to the business lines above.

• Participate in firmwide projects requiring input from the Legal Department.

• Engage and actively manage outside counsel with a view to reducing legal spend and mitigating potential conflicts while providing “best in class” legal support for the business.

• Assess and establish a sustainable framework for longer-term support of the workout business area, including creating processes, documents and structure for efficient and effective delivery of legal services

• Mentor and coach junior attorneys and paralegals who support the business lines above.

• Periodically train the business and others in the Legal Department with respect to workout and restructuring matters.

• Serves as a liaison between business unit management on all workout matters, including with respect to foreclosures, bankruptcy filings, secondary market sales, collateral review and overall management of related strategy, restructuring documentation and legal issues.

• Provides timely and effective legal counseling regarding negotiations and documentation, including communicating with and managing outside counsel engaged to represent the Bank.

• Brings direct experience working in-house at a financial institution and/or at a large law firm providing finance and restructuring legal support to financial institutions in the CRE and/or commercial lending space.

• Is multi-faceted with a solid understanding of the terms, documentation and restructuring of CRE and commercial loans, including experience with pre-litigation counseling relating to such transactions.

• Is familiar with current market practices and trends, applicable banking regulations, securities laws and events in the large banking sector that impact workout and recovery of distressed CRE and commercial finance loans.

• Use independent judgment and discretion to make decisions and become a thought leader in the Legal Department.

• Critically analyze and resolve legal problems pertaining to CRE and commercial lending business units and the Bank’s challenges and strategic initiatives.

ADDITIONAL ACCOUNTABILITIES

• Perform special projects, and additional duties and responsibilities as required.

• Consistently adhere to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings. Accountable to maintain compliance with applicable federal, state and local laws and regulations.

Required Qualifications:

• Juris Doctorate from an accredited law school.

• Minimum experience required: Eight to ten years at a reputable law firm in the commercial lending, CRE, restructuring and bankruptcy space or relevant experience in-house at a bank or other financial institution.

Job Competencies:

• Comprehensive knowledge and familiarity with legal and regulatory requirements for financial institutions, including relevant federal and state banking laws

• Strong financial and business acumen and knowledge of financial markets

• Excellent people skills and ability to communicate effectively with senior management and other stakeholders throughout the Bank

• Strong leadership abilities and management skills

• Analytical, detail-oriented and demonstrates excellent written communication skills

• Responds to requests quickly, commercially and thoughtfully

• Demonstrates intellectual curiosity and a willingness to ask thought-provoking questions and provide a different point of view

• Demonstrates exemplary leadership, respect for colleagues above and below, and collaborative approach to solving problems; puts clients, firm and team first

• Disciplined adherence to teamwork and principles of diversity, equity and inclusion

• Focuses on being a trusted advisor to the business and delivering high-quality work product; streamlines processes and actively seeks ways to reduce legal spend

• Physical demands (ADA): No unusual physical exertion is involved.

• Flagstar is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identify, or national origin.