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Senior Loan Servicing Specialist
Thrivent Financial
Minneapolis, MN, United States
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Summary
The commercial loan servicer manages the ongoing surveillance of an assigned portfolio of about 300 multi-million dollar loans and associated properties. The servicer works with two or more areas of functionality including property reviews, data analysis, systems development and institutional relationships. Provides significant asset analysis, data collection and review in support of individual loan portfolios. Also provides more broad based input to process definition and improvement.
Provides expert technical knowledge of policies and procedures for commercial loan servicing. Provides strong technical knowledge of asset operations and ongoing market influences. Responsible for fostering relationships with mortgage loan correspondents and other external partners. Identifies and facilitates resolution of issues with external partners, loan production, loan closing, in-house counsel, and commercial loan investment accounting as needed. Handles ongoing asset surveillance for loan portfolio along with complex borrower requests.
• Responsible for ongoing portfolio review and analysis to identify potential risks and adverse situations that may impact Thrivent’s interest. Communicates and escalates such risks, pursues corrective action and drives solutions.
• Manages, coordinates and monitors the timely collection of all due diligence items for the ongoing surveillance of commercial mortgage loan assets including but not limited to analysis of operating statements, rent rolls, property inspections, required insurance coverage, and tax obligations.
• Reviews and understands loans in assigned portfolio from a business, collateral and legal perspective identifying and assessing ongoing risks and works with in-house and external counsel and Associate Portfolio Managers to resolve issues and mitigate risks that emerge over the life of the loan.
• Responds to borrower requests by determining impact on terms and conditions of mortgage loan documents, determining and gathering all relevant documentation, analyzing asset performance over recent years, and preparing recommendations to be reviewed with servicing management, Associate Portfolio Managers, legal counsel, and portfolio management. Independently manages and resolves borrower requests that are provided for within the terms of current loan documentation, Investments & Commercial Mortgages department policy and procedures, while balancing the goal of enhancing the borrower experience with protecting Thrivent’s interests. Negotiates changes to loan terms and conditions with external partners as approved by Associate Portfolio Managers or department management as needed. Borrower requests may include but are not limited to internal transfer of ownership, changes in legal entity, ownership or guarantor changes, collateral releases or swaps, significant changes in leasing agreements, easements or condemnations, etc.
• Monitors assets to ensure conformity with mortgage loan terms and conditions. Ascertains any developing trends. Analyzes leasing documentation, operating statements, and borrower financials. Manages watchlist and escalates significant issues working with Associate Portfolio Managers, in-house counsel, and external partners in problem resolution efforts. Works with legal counsel to provide consent letters, forbearances, SNDA(s) or other legal forms as required by the mortgage loan documents or in response to borrower requests.
• Responsible for review and approval of all commercial property and liability insurance required by the mortgage loan documents; works with external partners to resolve any questions to mitigate risk.
• Manages escrow funds on deposit, reviews escrow disbursement requests to determine if requirements have been met, works with servicing management or Associate Portfolio Managers if waivers are requested; advises investment accounting as needed to disburse funds.
• Monitors loan payment details, ensures borrower bank account information is accurate and draw processing is completed monthly without issues, works with external partners to pursue delinquent payments, works with external partners and Investment Accounting area to resolve draw processing issues.
• Identifies troubled loans and assets. Manages complex watchlist process to document issues and escalate when significant. Works with external partners, legal counsel, Associate Portfolio Managers, and internal management regarding troubled loans including forbearances, loan modifications, loan restructuring, default management, borrower bankruptcy, forced placed insurance and/or tax payments, or other enforcement actions including foreclosures.
• Verifies and provides loan payoff information to all external partners. Calculates yield maintenance due based on specific terms and conditions in mortgage loan documents.
• Monitors, manages and trains external partners using the SharePoint document sharing site for the deposit of all due diligence submitted in connection with the commercial loan servicing processes. Issues and monitors licensed use of document sharing site for assigned external partners.
• Provides updated critical loan data for loan systems; prepares and reviews portfolio reports on monthly and quarterly basis. Audits loan information and resolves issues as needed.
• Participates as a member of a high-level team of seasoned personnel in managing the commercial loan servicing process and assists with the coaching and training of other team members as needed as part of the continuous improvement process; participates in continuous improvement process initiatives which support the process and policies of the commercial lending unit.
• Other responsibilities as from time to time directed by management.
Required Job Qualifications
• College degree required. Emphasis in real estate, legal, and/or finance preferred.
• Minimum 5 years of varied mortgage/real estate experience. Commercial lending, financial analysis of real estate, and/or loan documentation familiarity preferred.
• Experience working with complex legal documents including mortgages, property leases, corporate organizational entity documents.
Other Critical Factors
• Excellent organization skills; ability to prioritize multiple tasks so they deliver the right results in a timely manner.
• Demonstrated ability to work effectively without direct supervision in the face of ambiguity, shifting priorities, and rapid change. Ability to work in stressful situations.
• Excellent analytical and problem-solving skills.
• Accuracy, thoroughness, attention to detail.
• Proven relationship management skills including excellent written and verbal communication skills. Represents the organization in a professional manner when working with internal and external clients.
• Ability to negotiate effectively with external partners, borrowers, and legal counsel.
• Excellent interpersonal and teamwork skills.
• Ability to learn quickly and incorporate new tools and technology to improve processes.