Commercial Loan Workout & Asset Manager

Onity; West Palm Beach (FL); On-site; USD 75,000 - 90,000; Full time

Benefits offered by this job

Medical, dental and vision coverage

401(k) with company match

Generous paid time off

Life, accident and disability coverage

Wellness programs

Job summary

Onity is seeking an experienced Commercial Special Servicing Asset Manager to oversee loss mitigation, enforcement, and liquidation tasks for a diverse portfolio of non-performing commercial loans. You will contact borrowers, evaluate collateral, analyze market conditions, and negotiate workouts, while directing third-party vendors and preparing business plans for investors.

Responsibilities include reviewing loan documents, valuations, and compliance; provisioning strategies; and generating

Qualifications

• Minimum 5 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.
• Demonstrated ability to work independently with minimal supervision.
• Demonstrated ability to comply with detailed reporting requirements.
• Be available to occasional travel 5%-25%.

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 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.
• Complete other activities and duties as may be assigned.

Skills

Negotiation

Communication

Analytical thinking

Independent work

Problem solving

Attention to detail

Travel readiness

Tools

REALSynergy

Strategy

Enterprise

Microsoft 365

Adobe apps

Job description

Onity is seeking an experienced Commercial Special Servicing Asset Manager to oversee loss mitigation, enforcement, and liquidation tasks for a diverse portfolio of non-performing commercial loans. You will contact borrowers, evaluate collateral, analyze market conditions, and negotiate workouts, while directing third-party vendors and preparing business plans for investors.

Responsibilities include reviewing loan documents, valuations, and compliance; provisioning strategies; and generating