The Construction Asset Manager position is responsible for interaction within our internal organization, borrowers, and other external customers including FHA and Ginnie Mae. The position requires the demonstrated ability to independently perform: preparation of formal written presentations analyzing a wide spectrum of issues relating to both loan and property-level requests, delivery of the highest level of customer service to both internal and external clients, prepare detailed financial analysis, modeling and commercial mortgage underwriting duties, abstracting of loan and transactional documents, varying levels of supervision of analysts in the department including - quality control related to written presentations, financial analyses, property inspections, and other items, functions; market / sub-market research and presentation; oversight and training; and, review and amendment as appropriate of written presentations authored by others. All duties are conducted in support of and under the supervision of the Portfolio Manager.
ESSENTIAL DUTIES AND RESPONSIBILITIES
- · Responsible for monitoring the performance of loans within the FHA Construction Loan portfolio.
- · Serve as primary point of contact for the FHA Construction Loan portfolio, communicating issues and updates to management, FHA and Ginnie Mae were appropriate.
- · Provide excellent customer service and problem resolution for borrower and internal customers.
- · Review and interpret loan documents and monitor compliance with FHA and Ginnie Mae regulations.
- · Review, prepare and approve as appropriate, borrower requests for lender and/or FHA consent relating to a wide variety of issues involving FHA construction loans including but not limited to monthly requisitions for loan funds, advances of various escrow funds, budget line item reallocation, change orders, permission to occupy, property management changes, easements, change of mortgagor, transfers of interest, other ad hoc requests and real estate related transactions in coordination with the local HUD office.
- · Monitors borrower completion of special conditions items required by FHA prior to converting the construction loan to permanent status, including but not limited to pre-occupancy conference, radon testing, review of cost certification audits, and other items in coordination with the local HUD office.
- · Closely work with respective Portfolio Manager and team members to administer all issues relating to monitoring, preserving, and enhancing the investment profile of FHA construction loans and their underlying collateral.
- · Demonstrates ability to identify project risks, develop risk mitigation and contingency plans, and implement action plans to reduce or eliminate project risks.
- · Responsible for managing and reviewing monthly Watch/Monitor list reports and any other specific FHA Construction Loan Portfolio reporting requirements.
- · Coordination of monthly GNMA securitizations and final endorsement with the Closing Team.
- · Conducts property inspections of construction work in progress in coordination with or in addition to the assigned HUD inspector and/or 3rd party inspector.
- · Training and support of team members in fulfillment of activities performed on behalf of clients and customers.
- · Provide review, amendment, and guidance involving the work product authored by other team members.
- Other duties and special projects as assigned.
Indirect supervisory role of team members to assist in optimizing the services performed on behalf of clients and customers.
To perform this job successfully, an individual must have demonstrated the ability to perform each essential duty satisfactorily. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The requirements listed below are representative of the knowledge, skill, and/or abilities requisite to this position:
- 1. Exceptional professional writing and verbal communication skills are essential.
- 2. Detailed underwriting capabilities and an understanding of commercial and construction real estate asset types.
- 3. Ability to work in a fast-paced environment and simultaneously manage and effectively prioritize numerous complex transactions and issues.
- 4. Detail oriented and dedicated to accuracy.
- 5. Excellent organizational skills.
- 6. Strong problem resolution skills.
- 7. Demonstrated abilities to independently perform assigned duties.
- 8. Abilities to provide guidance and direction to team members.
- 9. Strong computer skills.
EDUCATION and/or EXPERIENCE
Bachelor’s degree from a four-year university; three or more years of experience with underwriting or asset management of commercial real estate; or equivalent combination of education and experience.
- Ability to read, analyze and interpret loan documents and industry reports.
- Ability to prepare clear, concise, complete, and compelling transactional presentations, reports, and business correspondence.
- Ability to effectively present information to external clients and customers as well as internal management.
- Ability to communicate directions and guidance to others.
- Advanced understanding of the principles of real estate and finance.
- Ability to perform financial calculations.
- Ability to define problems, collect data, establish facts, and draw valid conclusions.
- Ability to interpret an extensive variety of instructions in written or diagram form and deal with disparate abstract and concrete variables.
CERTIFICATES, LICENSES, REGISTRATIONS
Proficient in common Microsoft applications including Excel and Word.