Special Asset Manager
Selected to fill newly created position focusing on management of $400MM in distressed assets. Manage all departmental functions in Special Servicing Department. Communicate and interact extensively with borrowers, multiple agency representatives, attorneys and legal representatives, appraisers and management firms to negotiate satisfactory resolutions, including loan modifications, refinancing, and rescuing foreclosures. Develop and manage strong relationship with government-chartered Fannie Mae, including monthly reporting and negotiating alternatives for distressed assets. Adeptly manage high-pressure situations to maximize organizational benefit; liaise with accounting and servicing departments to address payment, forbearance and/or tax / property insurance issues. Travel 25% to assess properties and markets. Train / orient new employees.
- Instrumental in developing risk rating methodologies for the company's real estate portfolio, assessing portfolio credit risk and borrower risk.
- Developed, recommended and secured approval for new policies and procedures that improved efficiency and compliance within Asset Management Group and Special Service Department.
- Instrumental in securing financing for $20MM multifamily property on foreclosure track; engineered refinance with no loan loss by engaging borrower in commitment
- Persuaded Fannie Mae not to foreclose on a $7.5MM multifamily property and instead allow for a forbearance period to allow the borrower additional time to increase occupancy and improve cash flow, averting a potential $700,000 loss to the Servicer.
- Saved Servicer $300,000 in repairs to foreclosed property by negotiating down a physical needs assessment with Fannie Mae and engineer.
- Re-engineered internal reporting system and crafted new Excel spreadsheet that slashed 75% from monthly maturing loan report completion time, dramatically improving productivity.