Director, Special Servicing
SitusAMC
full-time
Posted on:
Location Type: Remote
Location: United States
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Salary
💰 $150,000 - $200,000 per year
Job Level
About the role
- Senior management responsibility for the delivery of services for multiple clients, multiple transactions, multiple product types in an accurate, timely and high-quality fashion
- Responsible for the day-to-day management of client relationships and the handling of their CRE loan portfolios
- Responsible for day-to-day management of an assigned special servicing team or portfolio of troubled assets
- Day to day management of a special servicing portfolio of assets to assess and implement plans to maximize recoveries for clients
- Possible day to day management of a team of special servicing asset managers
- Negotiate and implement resolutions of underperforming and defaulted loans
- Analyze the property level cash flow to estimate mark-to-market income and expense rates and property valuation
- Review and approve third-party reports such as appraisals, environmental reports and property condition assessments
- Develop and evaluate all resolution alternatives that will maximize recoveries on an NPV basis and recommend the optimum resolution strategy for assigned assets in individual asset business plans
- Obtain internal and client approvals and execute the approved loan or REO business plans
- Interview, select and oversee receivers, property managers and brokers
- Interview, select and oversee legal counsel as required
- Work with counsel on complicated workouts including borrower bankruptcies and foreclosures
- Complete the required internal and external reporting in a timely fashion
- Work with junior staff and Analysts to ensure compliance with all requirements of the servicing agreements
- Such other activities as may be assigned by your manager
Requirements
- Bachelor’s degree with a preferred field of study; Accounting, Finance, Real Estate; MBA preferred
- Minimum of 15+ years of industry and/or relevant experience, typically with 2+ years in an SVP level role or external equivalent
- 5+ years of experience managing asset managers is preferred
- 5+ years of experience in CMBS Special Servicing is required
- Experience in Commercial Real Estate, REO resolutions and workout strategies with strong understanding of foreclosures processes, litigation and bankruptcy law preferred
- Strong oral and written communication skills
- Strong negotiating skills and strong understanding of complicated loan structures
- Experience in understanding CMBS servicing agreements
- Experience in understanding real estate valuation methodology, analyzing income and expense rates and property valuation
- Manages and mentor’s employees to ensure their success
- Excellent client relations skills
- Required to identify and understand the client’s scope of work and how Special Servicing can add value to the client’s endeavors
- Fully competent in handling all aspects of fieldwork and must be able to provide feedback to clients on findings and conclusions
- Superior business writing skills
- Requires management of staff in meeting project deadlines
- Works independently on projects and collaborates as a team player
- Overnight traveling involving onsite visits with current and potential clients (10%)
Benefits
- PTO and paid holidays
- Eligible to participate in various benefit plans, including medical, dental, vision, life, disability insurance and 401K
Applicant Tracking System Keywords
Tip: use these terms in your resume and cover letter to boost ATS matches.
Hard Skills & Tools
CMBS Special ServicingCommercial Real EstateREO resolutionsloan structuresreal estate valuation methodologyanalyzing income and expense ratesproperty valuationnegotiationbankruptcy lawlitigation
Soft Skills
oral communicationwritten communicationnegotiating skillsclient relationsmentoringindependent workteam collaborationproject managementfeedback provisionmanagement of staff
Certifications
Bachelor's degreeMBA