Cohen Financial is an integrated full service provider of capital related products and services to the commercial real estate industry. This position will support the Loan Administration department in multiple locations including Leawood, KS, Chicago, IL and Dallas, TX. Specific responsibilities include, but are not limited to:
Performing Loans and Overall Portfolio Duties:
- Monitor assigned portfolio to ensure compliance with loan servicing agreements
- Monitor assigned portfolio to ensure borrower compliance with loan documents
- Administer borrower requests including, but not limited to, assumption, defeasance, partial release, collateral exchange, modification, waiver, etc. in accordance with LADM established policies and procedures, and applicable loan documents and servicing agreements
- Generate income through transaction fees and the timely collection of late charges and default interest (where appropriate)
- Review collateral property inspections performed by 3 rd party vendors in accordance with LADM established policies and procedures, industry standards and servicing agreements, including follow up with borrower to remedy identified deferred maintenance.
- Conduct collateral property inspections on assigned loans in accordance with Asset Management department annual guidelines
- Collect, review and analyze (as required) property operational reports and borrower/guarantor financial statements in accordance with LADM established policies and procedures, industry guidelines and servicing agreements (including consumer credit reports for recourse borrowers)
- Monitor loans in assigned portfolios that meet established client or industry Watch List criteria.
- Participate in monthly LADM Watch List reviews.
- Monitor and administer loan covenants as identified in assigned portfolio loan documents, including, but not limited to, DSCR reviews, reserve account adjustments, call provisions, release provisions, earn outs, etc.
- Review reserve draw requests, payoff quotes, insurance loss administration and escrow analysis prepared by Loan Administrator assigned to portfolio to ensure compliance with established LADM policies and procedures, applicable loan documents and servicing agreements.
- Review and execute documents as appropriate in accordance with established LADM policies and procedures and approved delegated authority.
- Assist Loan Administrators as needed in executing borrower contact during a Significant Insurance (Market) Event
- Administer servicing client requests as necessary including, but not limited to, collateral reviews, credit administration, borrower interaction, market analysis, portfolio analytics, etc.
- Assist CMU Relationship Managers when appropriate to review Cohen originated loans.
- Maintain comments and data in loan file as appropriate
- Achieve at minimum LADM department annual goals for industry training
- Other duties as assigned
Non-Performing Loan Specific Duties:
- Review monthly delinquency reports for assigned portfolio
- Coordinate collection inquiries with Loan Administrator on assigned portfolios to ascertain nature of default, borrower’s intentions with respect to collateral preservation and loan reinstatement; Asset Manager or Loan Administrator to contact borrower as appropriate and most effective
- Proactively communicate loan status to servicing lender clients and CMU Relationship Managers (Cohen originated loans)
- Develop initial Loan Summary Report (or similar client specific report) within specified servicing client guidelines to identify key characteristics of nonperforming loan
- Identify appropriate 3 rd party service providers for, among other things, collateral inspection, management, preservation and investment sale, legal counsel and receiver nominee.
- Develop and revise as appropriate, initial Loan Workout/Resolution plan as appropriate identifying, among other things, cause of default, borrower’s intentions towards collateral preservation and loan reinstatement, collateral market analysis, preliminary legal remedies analysis, collateral/asset value enhancement, and disposition strategies with recommendation
- Implement Loan Workout/Resolution plan as approved under appropriate delegated or client authority
- Administer REO activities as needed (oversee property management, brokerage/sales, etc.)
- Maintain complete record of approved actions and borrower and lender client communication
- Provide appropriate posting instructions to Loan Administrator for funds received on nonperforming loans
- Achieve at a minimum 25% LADM department annual goals for industry training in workout related curricula
- Other duties as assigned
- College degree or equivalent work experience
- Strong written and verbal communication skills. Candidate must be able to clearly convey loan status and loan workout/resolution plan (nonperforming loans).
- Strong analytical skills (property operations, borrower financials and market performance)
- Prior loan servicing and/or credit underwriting experience
- Disciplined approach to diligent follow up through use of manual or automated tickler system
- Strong PC skills, including a demonstrated proficiency with Microsoft Office applications
Cohen Financial is an Equal Opportunity Employer
- Degree or academic achievement in Real Estate, Law, Finance, Management, Journalism or Communication/Rhetoric
- Commercial or multifamily property leasing, sales and/or management experience
- Consumer debt collection or counseling experience
- Prior experience in asset recovery, investigative reporting, mediation or dispute resolution
- Investment property ownership or management experience
- Prior experience with Enterprise LMS servicing platform
Cohen Financial - 19 months ago