Purpose and Job Summary:
The Asset Manager within the FHA/USDA Risk Management section, performs loan surveillance activities to manage higher risk loans, monitors loan performance to protect the company from default, and conducts loan workout activities on the troubled FHA and USDA servicing portfolio. This position monitors compliance with loan terms and government agency loan program guidelines, evaluates the physical condition of properties, and works with clients to address financial/operational issues to avoid or cure defaults. Additionally, the Asset Manager supports the mortgage servicing department by providing customer service to borrowers, borrower’s representatives, and internal contacts through distribution and transmission of information, while maintaining outstanding documentation of all activities and the utmost professional demeanor. The position coordinates and works with bankers, associates, external counsel, government agency personnel, and any other third parties to carry out post-closing requests. The Asset Manager is the main point of contact for an assigned portfolio of loans with high concentration of loans risk rated substandard.
Essential Duties and Responsibilities:
- Performs loan surveillance activities for seniors housing, multifamily housing, and healthcare projects.
- Carries out in-depth financial statement analysis of cash flows, net operating income, debt service coverage, and capital expenditures.
- Prepares and presents credit watch list rating write ups for executive review and approval.
- Coordinates loan workout activities with borrowers, operators, management agents, government personnel, company managers, and legal counsel.
- Analyzes loan agreements to understand loan covenants and remedies.
- Works with counsel and management to draft business communication to borrowers.
- Performs late payment collection procedures.
- Coordinates periodic site inspections of mortgaged properties and works with borrowers to address deferred maintenance items.
- Evaluates service and care surveys and works with borrowers to correct deficiencies.
- Promptly responds and provides periodic updates to all customer inquiries.
- Regularly researches online resources for agency handbook content and periodic updates.
- Facilitates and diligently documents post-closing transaction initiation, progress, and completion of post-closing transactions such as ownership (HUD TPA and CHOP), operator, and management agent changes, accounts receivable financing, partial releases of collateral, etc.
- Maintains loan servicing files with detailed documentation in an organized manner.
- Reviews and approves escrow disbursement requests.
- Works with borrowers to maintain sufficient balances in replacement reserve escrows, while establishing deposits for future capital needs.
- Prepares payment collection schedules and/or processes payment changes in a timely fashion for various escrow accounts including, but not limited to, mortgage reserve fund and replacement reserves.
- Processes and documents any change in borrower, operator, or management agent contact information.
- Ensures that all job functions are executed in compliance with investor requirements and internal policies and procedures.
Provides guidance, mentorship, and training for department Associates and Analysts with the potential to supervise those positions.
Provides reviews and signature approvals according to company signature authority guidelines. - Works professionally and harmoniously with team and coworkers.
Education, Skills and Experience:
- Bachelor’s degree in business administration, finance, accounting, government/political science or related area.
- Minimum of five years of progressive experience in commercial mortgage servicing or commercial real estate asset management is preferred. An equivalent combination of education and experience which clearly demonstrates knowledge and skillset to perform the job functions may be considered. HUD and USDA specific servicing or asset management experience is preferred.
- Excellent organizational, communication, presentation, and interpersonal skills.
- Ability to plan, organize, and prioritize assignments, and to meet critical and established deadlines; Ability to manage multiple assignments ant transactions simultaneously.
- Demonstrated ability to maintain confidentiality and to use discretion in the performance of daily activities.
- Professional business image and excellent command of the English language, both verbally and in writing (spelling, grammar, and punctuation).
- Ability to learn quickly and demonstrated ability to work independently and as part of a high-performance team.
- Flexibility and ability to work under pressure with tight deadlines and constant interruptions; Ability to adjust priorities in a changing environment.
- Desire to lead, train and mentor Associates and Analysts.
Life at ORIX
We are committed to the health and well-being of our employees and offer a quality, competitive benefits package that provides valuable healthcare and financial protection for our workforce, while emphasizing a healthy work/life balance.
You Time
We want you to have the time needed to recharge and manage life with our competitive vacation policy, floating personal holidays, extensive leave options, our annual observed holidays, and more.
Family Care
Every family has a different journey and ORIX USA Group is proud to offer extensive benefit programs such as: infertility coverage, adoption support, child and elder care, fully paid maternity, and generous parental leave benefits to help you and your families along the way.
Flexible Work Arrangements
ORIX associates enjoy the advantages of our hybrid working model with a 3 day in-office minimum requirement.
ORIX USA is an equal opportunity employer, providing equal employment opportunities (EEO), and is committed to diversifying its workforce. All employees and applicants for employment will receive consideration for employment without regard to race, color, religion, sex, national origin, age, disability, genetics, sexual orientation, gender identity or expression, pregnancy, protected veteran status or other status protected by law. This policy applies to all terms and conditions of employment.
