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Job Description
Loan Servicing Manager
HELP ME TAKE FAIRWAY AMERICA TO THE NEXT LEVEL!
"As President of Fairway America, I am looking for a talented and experienced loan servicing person to manage and lead our loan servicing team. The successful individual in this critical position will be responsible for the oversight, administration, collection and loss mitigation of our overall loan portfolio. Working side by side with the President/Chief Credit Officer, the decisions you make and effectiveness you demonstrate will be a vital factor in our overall portfolio performance and recovery maximization. As we significantly grow our portfolio during the next few years, this exciting position will have a big impact on the company’s overall success.”
Matt Burk, President/CEO
At Fairway America, we are committed to our core values in order to aspire towards greatness :
- Act with Integrity
- Strive for Excellence
- People First
- Inspiring Goals and Visions
- Results Matter
- Empowering Each Other for Success
These values are alive at our company and we live them every day while pursuing our purpose of "Honorably doing worthwhile deals that create value, wealth, dignity and superior returns for all parties involved". If a deal is not worthwhile for everyone (our borrowers, investors, referral sources, and Fairway America), we'd rather not do it at all.
For the A player looking for something special and who can answer "yes" to all of the following questions, this is the opportunity for you.
- Are you able to work well with others in situations that are less than ideal (such as when people are struggling to make their payments)?
- Can you balance listening and understanding with the need to be firm?
- Do you have an excellent understanding of real estate, lending, collections, and workouts?
- Are you comfortable and confident in a high-profile role within the organization?
- When the game is on the line, do you want the ball in your hands?
- Is it more important for others to respect you than to necessarily be your friend?
- Do you hate office politics as much as we do?
- Are you seeking an atmosphere of open and direct communication, clear and mutually established priorities and expectations, and a culture of accountability?
- Are you professional and results driven, and committed to win?
- Do you exceed people's expectations of you on a regular basis?
- Do you have a passion to succeed?
- Do you want to make a big mark on the success of our company that can clearly be seen by everyone?
If you answered "yes" to these questions, we want to meet you!
Our Company
Fairway America is a successful locally owned and privately funded commercial real estate lending and investment firm. Through a simplified and streamlined process, Fairway America provides financing solutions for people who are unable or unwilling to get financed by more traditional lending sources. Everyday, Fairway America helps borrowers solve difficult problems, meet pressing deadlines, or take advantage of excellent opportunities. While assisting these borrowers, we also enable our investors to earn above average returns they are unable to get elsewhere. As many brokers and lenders have gone out of business or are struggling mightily, our conservative lending approach has enabled us to weather this storm and positioned us to take advantage of unprecedented market opportunities while helping people who are otherwise unable to locate financing.
The Position
Fairway is seeking a Loan Servicing Manager to oversee the department, monitor the overall portfolio, handle defaults and foreclosures, negotiate workout and other collection arrangements, effectively manage and maximize recovery on company owned assets (REOs), perform (and/or assign) regular collateral inspections on existing loans, and generally manage and improve the departments procedures, policies and activities.
Responsibilities
- Monitor and oversee overall loan portfolio including all collection activity.
- Ensure all loan servicing functions, such as payment posting, routine collection calls, insurance and property tax monitoring, etc., are being completed in an accurate and timely manner.
- Continuously review and analyze all relevant information and developments to gain an in-depth understanding of each serious delinquency, foreclosure, or REO, and be able to communicate this information at any time to Senior Management.
- Contact borrowers throughout the workout process to facilitate a resolution strategy, if any, and recommend to Chief Credit Officer (CCO).
- Manage foreclosure process including hiring and direction of outside counsel.
- Assess the needs of each foreclosed (or pending foreclosure) property by inspecting the premises (or assigning to appropriate qualified parties) and making observations and recommendations.
- Develop marketing strategies for REO and recommend for approval.
- Establish and maintain a viable RE broker network capable of effectively disposing of REO. Select brokers and enter into appropriate contracts.
- Review offers and counter offers, approve or recommend acceptance in accordance with company needs, procedures, maximizing recovery, etc.
- Contact and negotiate with existing borrowers with maturing loans and/or those needing renewals, extensions, or modifications.
- Prepare and maintain a well documented chronicle of all events and actions pertaining to serious delinquencies, foreclosures, bankruptcies and disposition of REO.
- Provide useful and timely feedback to CCO about market conditions, problem areas, status of serious delinquent loans and of REO, etc.
- Inspect REO and other property and/or oversee work of internal appraiser/inspector as necessary.
- Supervise repairs including locating contractors, reviewing competing bids, negotiating pricing, hiring contractors, monitoring progress, etc.
- Supervise the management of REO including locating tenants, handling repair requests, evicting and/or buying out tenants, monitoring RE broker progress, etc.
- Develop ongoing improvements to processes, protocols, procedures and systems and ensure their effective implementation.
- Be able to effectively communicate thoughts, ideas, recommendations, suggestions, and strategies with Senior Management.
- Assess problem loans on an ongoing basis to help with future underwriting modifications to minimize risk and loan losses.
- The ideal candidate will be able to make and implement many of the above decisions on their own once competency has been demonstrated to Senior Management.
Qualifications
At Fairway America, your values, abilities, and demonstrable track record of success are more important than direct experience. That being said, an ideal candidate would have the following:
- 5 years + of collection, workout, foreclosure, REO, turnaround, and/or other relevant loan servicing experience.
- Some background in commercial lending, credit, underwriting, loan origination, and/or servicing so as to be able to gain a quick understanding of Fairway policies, procedures, guidelines, etc. and recommend improvements to them.
- General knowledge of RE transactions, policies, procedures, and lending laws.
- Excellent verbal and written communication skills and customer service ethic.
- Good knowledge of commercial real estate valuation and market trends, activities, etc.
- Some management or supervisory experience required.
- Understanding of loan documentation, sales negotiation/contracts, and contractors.
- Ability to work with/manage outside vendors.
- Flexibility in meeting with people in the field as necessary (light to moderate travel required).
- Demonstrable track record of success.
- BA in Business, Finance, Econ, or equivalent in banking, mortgage lending, property rehab/fixers, and/or real estate sales.
- Field inspections, valuations, and/or an ability to assess or understand commercial property condition and value a big plus.
- Strong computer use skills including specifically Word, Excel and Outlook with knowledge of Salesforce.com a plus.
- Experience using loan servicing software of some kind, preferably TMO (The Mortgage Office) which we use.
Benefits
Fairway America is committed to maintaining a motivated, positive work environment full of great people who share, demonstrate, and live our core values. Take pride in working for a company that lives its core values, vision and mission/purpose and continually provides tangible value and benefit to its employees, brokers, borrowers and investors. Our benefits include:
- Excellent base salary
- Individual bonuses based on performance
- Company profit sharing participation (no waiting period)
- Medical & dental coverage
- Matching 401K plan
- Cafeteria plan (section 125 plan)
- Short term disability policy
- Company paid ongoing training and personal development
- Vacation, personal time off and company paid holidays
- Outstanding working environment
- Family friendly atmosphere and culture
- Working with other “A players” with a burning desire to win
Apply
If you feel you are an A player, are up for our challenging, demanding, and rigorous hiring process, and would like to join a dynamic, growing company, please submit your cover letter and resume to start the application process. All candidates must complete the application process to be considered. Phone calls are not accepted.
