ReadyCap Commercial offers a positive and diverse work culture incorporated with people who are passionate about their careers. We pride ourselves in being viewed as a premier place to work and encourage you to view our Director of Portfolio Surveillance role.
As a Director of Portfolio Surveillance, you will be responsible for managing a team of Portfolio Managers and Analysts in Dallas and New York who surveil, re-underwrite, assess, present and manage risk within a rapidly growing portfolio of commercial real estate mortgages secured by stabilized and transitional properties across the United States. Today, this portfolio is comprised of over $2 billion across 700 mortgages collateralized by a mix of property types at varying stages of life-cycle. This role will report directly to the President and will work closely with Credit, Operations, Capital Markets, and Sales teams that support the origination, surveillance, and securitization of three core mortgage products – Fixed Rate, Bridge and Agency multifamily.
Responsibilities of the Surveillance Manager include:
- Work with external Servicers and internal parties to report on national portfolio quality and make portfolio and asset level risk recommendations to Executive team within the business and at parent company
- Prioritizes workload and collaborates with analysts on Watchlist development, presentation coverage, re-underwriting based on current rent-rolls and operating statements, assignment of internal Risk Scores, identification of Watchlist assets, and strategic action plans
- Takes ownership for the coordination, preparation, quality control of data integrity and analyst commentary, and timely delivery of clear and accurate presentations to Executives
- Self-assigns ownership of larger and higher risk assets within the portfolio
- Develops unique presentation content/analysis related to “hot button” issues
- Drives centralization and processes to spread financials and update surveillance commentary, taking into account the utilization of technologies which the Firm is developing
- Performs re-underwriting that drives decisions on post-close requests such as assumptions, ownership transfers, release of TI/LC reserves, CapEx draws, earn-out disbursements, etc.
- As situation requires, communicates directly with sponsors and property managers to obtain most recent business plans, property performance information, leasing updates, construction progress, etc.
- Monitors servicer partners to ensure critical items (financials, leases, etc.) are being received and timely decisions are being made in accordance with loan document requirements
- Presents rationale to servicer should there be a debatable CREFC Watchlist classification
- Reviews internal data, third-party data/reports, local newspapers/business journals, and other information sources to assess potential changes/trends in portfolio and asset level quality
- Collaborates with Credit and Capital Markets teams on multiple securitizations per year with specific duties to ensure most recent re-underwriting, accurate data, and clear surveillance commentary is presented in Asset Summary Reports
- Acts as internal Chief Servicing Officer for Freddie Mac SBL product; liaison between Freddie Mac and all sub-servicers in regards to asset management, securitization and audit efforts
- Presents portfolio and asset level surveillance updates to ratings agencies and investors
- Approves internal Risk Score grades and strategic action plans
- Timely analysis and reporting of significant event impact to the portfolio (i.e. natural disasters)
- Develops hypotheses and scopes market risk action plans for the analysts in order to evaluate impacts of economic and commercial real estate trends
- Builds relationships with key players across Credit, Operations, Capital Markets, and Sales
- Hiring and training for analyst functions, and develops direction of new Surveillance initiatives
- Occasional travel required to New York and/or Servicer locations to assist in execution of job responsibilities
Primary Success Measurements:
- Ability to operate at a management level and synchronize with vision of managers and firm and then move to implement
- Proactive approach to identify risks and quickly implement strategic action plans to mitigate
- Quality, clarity, accuracy and timeliness of Watchlist commentary
- Consistency and cohesiveness on surveillance processes and presentations
- Judgment and timeliness of decision-making regarding post-close requests
- Effective oversight of servicers to ensure critical information is consistently being collected/assessed
- Quality and efficiency of data/information dissemination for securitization (CMBS) offerings
Education and/or Experience:
- Prefer a Bachelor’s degree and minimum 10 years’ direct experience in commercial real estate finance/mortgage lending
- Specific experience with transitional commercial real estate across top-25 MSAs and core property types (multifamily, office, retail, industrial, self-storage, hospitality, etc.)
- Ability to assess the physical condition/quality of commercial real estate properties and local markets
- Previous surveillance, asset management, credit underwriting, and/or portfolio management experience
- Significant experience with mortgage documentation review, analysis of credit files (appraisals, leases, etc.), and commercial real estate servicing
- Experience with commercial mortgage securitizations (CMBS)
- Excellent written and verbal communication skills
- Superior presentation skills
- People management experience required
Knowledge and/or Skills:
- General office skills, including ability to operate a computer and enter data accurately; ability to maintain files and records; and ability to prioritize and perform multiple tasks. Proficient in Microsoft Office Suite, working with Word and Excel or similar spreadsheet software.
- Operate other standard office equipment; type accurately at a speed necessary to meet the requirements of the position; organize work, set priorities and exercise sound independent judgment within established guidelines; interpret, apply, explain and reach sound decisions.
- Ability to prioritize, perform multiple tasks and be a team player
ReadyCap Commercial is a non-bank, direct portfolio lender offering financing for small balance commercial investment, conventional owner user, SBA 504, multifamily and bridge loan programs nationwide. Available financing ranges from $750,000 to $10 million. With concierge-like personal attention, ReadyCap is set apart by its credit decisions, processing speeds and common-sense, solution-oriented underwriting. We see lending differently!
ReadyCap offers a full range of benefits, including competitive salary, comprehensive health plans to choose from including dental, vision coverage, company-paid life & disability insurance policies, business casual dress and a great culture!
ReadyCap is an equal opportunity employer (EOE)!