ABOUT THE JOB
Under the direction of the department manager, the person in this position is responsible for acting in the most timely, efficient and responsible manner to protect the interest of the lender/investors pursuant to servicing their loans. This is accomplished within the parameters of agreements, applicable law and the loan documents.
ESSENTIAL JOB FUNCTIONS
- Monitor and comply with specific lender/investor requirements pursuant to contractual servicing obligations.
- Institute and administer directives involving changes in servicing requirements (i.e. establishing and implementing new technologies for reporting property assessments and financial analysis).
- Review/analyze loan requests involving fundings, curtailmanets, secondary financing, assumptions, parcel releases, maturity extension and modifications/workouts and offer recommendations to senior management/lender/investors/regulators on all local transactions. Implement the course of action ultimately decided on by the lender/investor.
- Maintain file documentation on all loan issues to prove substantiation for servicing actions.
- Perform intensive loan monitoring for those loans designated by lender/investor or servicer as not meeting their standards. Intensive loan servicing on those loans recently returning to a performing status after bankruptcy, default or workout. Intensive servicing typically involves third party inspections, comparable analysis, and financial reviews in addition to administering rehabilitation/repair agreements and cash flow auditing.
- Generate income through fees allowed under the loan documents and customary fees to ensure the profitability of the department and KeyCorp.
- Assist in the development of system reporting to monitor internal controls for departmental requirements.
- Establish cash management accounts and process funds in accordance with cash management agreements.
- Assist in the review/analysis of insurance certificates related to the commercial property to ensure compliance with the loan documents and the protection of the lender/investor’s investment.
- Monitor and administer outstanding escrow/reserve agreements to ensure compliance with the loan documents.
- Review loan documents to gain an understanding of all aspects of the loan.
- Input and/or audit all data that is required to the servicing system as it relates to the loans.
- Monitor and oversee the payment of all taxes and insurance.
- Monitor and administer the posting of all irregular payments.
- Monitor and take action necessary to collect of all payments required under the loan documents.
- Calculate and administer yield maintenance and all other prepayment terms with regard to loan prepayments to ensure compliance with the loan documents and lender/investor requirements
- Complete Asset Quality Reports as required by the loans risk rating to be reviewed and approved by upper management.
MARGINAL OR PERIPHERAL FUNCTIONS
- Administer all borrower and lender/investor inquiries and requests concerning their loan(s).
- Assist with servicing acquisitions related tasks.
- Train new employees
- This position requires broad-based experience
- Knowledge of commercial mortgage servicing and underwriting
- Loan document review and interpretation
- Excellent verbal and written communication skills, as well as a high degree of analytical ability
- Four-year college degree and three (3) years experience in Commercial Real Estate
- Efficient in the use of word processing, spreadsheet, and email software, such as Microsoft Word, Excel and Outlook
- Real estate law, appraisal, accounting/auditing, commercial loan underwriting and/or loan servicing
- Experience with McCracken/Strategy loan servicing system
- Standard Office Equipment (phone, fax, copier, calculator)
- On-the-job as required
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. KeyBank is Member FDIC.
ABOUT THE BUSINESS:
Key Community Bank serves individuals and small to midsized businesses from Maine to Alaska through our 15-state network of over 1,200 branches, 1,500 ATMs, telephone banking and robust online and mobile platforms. KeyBank’s Consumer/Business Banking segment provides consumers and small business owners with straightforward banking solutions and personal finance expertise that helps them make confident financial decisions today and plan for tomorrow. Key Private Bank offers wealth planning that follows a consistent, disciplined approach guided by objective advice based on each unique situation. KeyBank Commercial Bank offers midsize business financial services that drive growth and profitability and help business owners identify new opportunities with products and services including deposit, cash management, investment services, commercial lending, equipment leasing, and asset-based lending.
KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.