JOB BRIEF (PURPOSE)
- Under the direction of the Manager - Portfolio Services - Agency, the person in this position is responsible for servicing a commercial real estate portfolio in the most timely, efficient and responsible manner in order to protect the interest of investors and minimize risk to KeyBank. This is accomplished within the parameters of the servicing agreements, loan documents, policies and procedures, and applicable laws.
- Additional responsibilities include assisting with training of new hires, reviewing reports for Manager, initial review of disbursement and transaction requests and working on special projects and assisting less experienced Asset Managers with more complex transaction requests and questions.
ESSENTIAL JOB FUNCTIONS
- Understanding of the regulations, guidelines and policies that govern the Agencies.
- Review loan documents, policies and procedures and Agency Guide.
- Use industry guidelines, processes and policies to collect and analyze quarterly and annual operating statements, balance sheets, cash flow statements, tax returns and occupancy reports.
- Travel as required: Meet with borrowers, guarantors, property managers, etc. to conduct physical inspection/assessments on all loans within the assigned portfolio, and report findings accordingly.
- Monitor assigned portfolio in order to ensure compliance with specific requirements pursuant to contractual servicing agreements. Institute and administer directives involving changes in servicing standards (i.e. establishing and implementing new technologies for reporting property inspections and financial analysis).
- Perform intensive loan servicing for those loans designated by investor or servicer as not meeting their standards for performance; Intensive servicing typically involves in depth inspections/assessments, comparable financial analysis, market analysis, cash flow auditing, sponsor analysis and administering rehabilitation/repair agreements.
- Comprehensive loan reviews are completed by specific scheduled dates and presented to Credit Committee
- Develop Action Plans for any loans that are not meeting established standards for overall property performance and report these plans on specific, scheduled dates to the investor.
- Work with Borrowers, assumptors, legal counsel, internal production, underwriting and closing personnel, investors and other outside parties to negotiate, document and close proposed transactions.
- Generate income through transaction fees and the timely collection of late charges and default interest in order to ensure the profitability of the Servicing Division and KeyCorp.
- Monitor and administer the posting of all loan payments in accordance with the loan documents.
- Monitor delinquencies.
- Monitor loan maturities through correspondence with Borrowers and assigned PPS.
- Review and process reserve disbursements in accordance with the reserve agreements.
- Monitor and oversee the payment of all taxes and insurance as required by the loan documents.
- Calculate yield maintenance and process payoffs in accordance with the loan documents and servicing agreements and administer the document release process.
- Input and maintain loan and collateral data in the loan servicing system.
- Will “lead by example” in everyday work settings and assist in the implementation and promotion of change.
- Assist with new hire training, review reports for management, help colleagues with questions or complex transaction requests, and pre-review of requests requiring management approval.
MARGINAL OR PERIPHERAL FUNCTIONS
- Administer all borrower inquiries and requests while upholding Key’s servicing standard
- Assist with special projects
- Train new employees
- Four-year college degree or experience commensurate with position grade
- Ability to travel overnight at least once a month for Agency property inspections is required.
- Will also be required to complete Multi-Family property inspection training.
- 3+ years experience in asset management/servicing of complex commercial real estate loans
- Loan document review and interpretation experience
- Excellent verbal and written communication skills, as well as a high degree of analytical ability
- Experience working with lenders, borrowers, property managers, and legal counsel
- Efficient in the use of word processing, spreadsheet, and email software, such as Microsoft Word, Excel, and Outlook
- Experience with cash management accounts, escrow/reserve account disbursements, insurance/tax issues, property releases, and loan payoffs
- Experience working with multiple commercial real estate investors (Fannie Mae, Freddie Mac, CMBS)
- Experience with McCracken/Strategy and RECWeb loan servicing systems
- 10 key calculator
- Fax Machine
- Digital Camera
KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.
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