The Senior Asset Manager is responsible for independently managing risk, recommending loan renewals and extensions prior to loan maturity date, overseeing all loan disbursements and loan workouts, reviewing risk rankings with the Senior Portfolio Manager, and obtaining timely borrower payments and monitoring requirements. Maintain and update databases containing all information relating to loans in the portfolio. Responsible for the most problematic loans.
DUTIES AND RESPONSIBILITIES
1. Independently conduct workout analyses including reevaluation of collateral, cash flow, development milestones, developer, contractor, and consultants as necessary. Monitor properties in workout to ensure project completion/loan payoff and maximize repayment to MLF. Understand implications of varying legal options and work closely with attorney to implement strategy. 2. Evaluate requests for modifications to outstanding loans and prepare modification memos for approval by President or Loan Review Committee. 3. Prepare modification of loan documents. 4. Monitor risk by analyzing financial and monitoring/progress reports when received from borrowers or third parties for compliance with loan documents or indications of problems. 5. Contact borrowers who have not responded in a timely fashion to written requests for updated information. 6. Participate in quarterly review of risk ratings of properties in portfolio and adequacy of reserves. 7. Prepare loan draws, including Construction Loans and new Project Loans drawn under Revolving Lines of Credit. 8. Prepare loan amortization schedules; calculate pro-ration of interest and principal among various lenders, as necessary. 9. Review Loan Summary and ensure that Monitoring Checklist sheet is prepared for each new loan based on review of Commitment Letter and Loan Agreement. 10. Analyze Status Reports provided by Loan Officers at Handoff Meetings for adequacy and clarity. 11. Update Loan Officers, supervisor, and Portfolio Manager at weekly meeting of any new borrower information acquired from reviews of financials and monitoring reports. 12. Input new loan information into Nortridge Loan System (NLS) based on completed Loan Summary received from Loan Officer. 13. Responsible for monitoring documentation in loan files and NLS to ensure accuracy and completeness. 14. Enter monitoring information into to NLS, adding “tasks” for unconventional monitoring items. 15. Assist with other servicing requirements as needed, including obtaining insurance certificates, proof of property tax payments, annual financial audits and, other reporting requirements. 16. Design forms, procedures, and processes to enhance and/or automate the Asset Management function of the Mercy Loan Fund. 17. Perform periodic site inspections and prepare reports on physical condition of properties.
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Job Requirements :
Experience:
Minimum of five years experience as an affordable housing lender or related experience in real estate or community lending. Experience with a variety of legal documentation for real estate transactions. Strong analytical ability. In-depth understanding of financial reports.
Education:
Bachelor’s degree in accounting finance, economics, business, public administration, or related field strongly preferred, with an emphasis in accounting and/or real estate. Master’s degree preferred.
The successful candidate will have the following abilities:
• Proficiency in Microsoft Office (Word, Excel, Outlook) and database software.
• Communicate effectively and accurately, both orally and in writing.
• Work cooperatively and constructively with a wide variety of people.
• Ability to build relationships with borrowers to encourage them to work in partnership with MLF.
• Create amortization schedules and cash flow spreadsheets.
• Meet deadlines.
• Work accurately, independently, under pressure, and with interruptions.
• Handle many details and prioritize effectively.
• Problem-solve and resolve conflicts through negotiation.
• Understanding of real estate lending and legal documents.
• Comprehend and interpret financial reports, evaluate financial trends.
• Exercise good judgment in making decisions impacting borrower and investor needs; ability to maintain confidentiality.