Asset Manager - Multi-family Agency Loans
Our client is a national multifamily lender specializing in permanent and bridge debt primarily financed through Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). They are looking for a temporary Asset Manager for their New York office.
Job Description / Responsibilities:
The Asset Manager performs all functions associated with monitoring the performance of a multifamily loan throughout its life, commencing with the initial funding and continuing until satisfaction of the debt or transfer to a special servicer pursuant to investor guidelines.
The Asset Manager serves as the primary relationship contact for the Borrower/property management agent, providing customer service, first-line risk management and due diligence of the loan portfolio in compliance with investor requirements. The Asset Manager is responsible for the overall asset management administration of an assigned portfolio of Fannie Mae and/or Freddie Mac/CME multifamily loans. Asset management functions will include monitoring, analyzing, and reporting property level operating performance, risk ratings, performing property physical inspections/assessment of on-site management staff/local market conditions, watch list monitoring, processing of lender consents, administration of insurance losses and processing draws on collateral reserve accounts. The Asset Manager must demonstrate a high level skill set that includes financial analysis, real estate and property management operations, market knowledge, knowledge of mortgage and legal documents, and credit risk analysis.
Asset Managers are expected to be aware of all pertinent facts concerning a loan, the borrower and/or key principals, the property’s surrounding market, physical condition, financial performance, including physical and economic occupancy and general and specific economic condition as well as the specific terms, requirements and obligations under the relevant loan documents and, if applicable, transaction level servicing agreements.
The Asset Manager is also expected to:
- Manage the daily workflow of the assigned portfolio
- Adhere to all investor and internal risk mitigation practices
- Adhere to all investor reporting requirements and deadlines
- Know and adhere to all asset management requirements as communicated by the investor (Fannie Mae, Freddie Mac/CME, etc.) via applicable guides, lender memorandums, email and other correspondence
- Know and adhere to all internal credit, risk and internal control policies as are applicable to asset management
- Assist the High Touch team on projects when needed
The Asset Manager is an important part of the GSE Asset Management platform and is expected to demonstrate the skills necessary to ensure that the team meets all goals and deadlines while maintaining the highest levels of work quality, customer service, internal controls and risk mitigation.
- 5+ years of commercial real estate experience, preferably in Fannie Mae, Freddie Mac/CME or CMBS multifamily asset management.
- Sound analytical (including working knowledge of Excel), oral and written communication skills, a high level of personal motivation, strong interpersonal skills, and a broad intellectual capacity.
- Comfort functioning both independently and as part of a team and will be expected to meet stringent work deadlines and work quality standards.
- Ability to multi-task, achieve tight timeframes, and stay organized is critical.
- Undergraduate degree in business, finance, accounting, real estate or a related field.
- This position does require limited traveling.
- Familiarity with highly structured loan transactions, preferably credit facilities that feature substitution and release provisions.
- Competence with Fannie Mae and/or Freddie Mac multifamily asset management technology tools, Strategy and Microsoft Office.
- Exposure to multifamily real estate development, property management and/or underwriting is useful.
- Familiarity with complex loan documents.
- Prior exposure to third-party reports (appraisals, physical needs assessment and environmental reports) is a major plus
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