Director, Commercial Special Servicing

The Director, Commercial Special Servicing oversees and directs the activities of the Special Servicing unit managing a portfolio of defaulted commercial real estate and business purpose SFR loans to resolution through either reinstatement and return to Primary Servicing, or liquidation.  The role duties include oversight for a team of 5-10 associates, including 2-4 direct reports.  The Director will lead the revision of policies and procedures to encompass PHH’s growth and expansion into new commercial loan servicing markets.  The Director is accountable for team performance and compliance with all PHH servicing requirements.  The role will report to the VP, Head of Commercial Special Servicing and assist in strategic planning for staff development and budget preparation.  The Director will also participate in client engagement and vendor management duties, and represent the interests of the Special Servicing unit in intradepartmental initiatives, projects and activities. 

Job Functions and Responsibilities:

To perform this job successfully, an individual must be able to consistently perform each essential duty satisfactorily:

• Design, implement, and continuously improve processes, policies, and procedures to include loss mitigation strategies, asset dispositions, vendor management and credit decisioning for lender consent requests.
• Hire, train and develop staff responsible for managing defaulted commercial real estate secured loans.

• Provide effective direction for implementation of successful asset resolution plans.

• Supervise a team of associates providing administrative support to external special servicers. 

• Establish appropriate key performance indicators to measure individual and team performance.

• Develop and maintain appropriate reports to monitor defaulted loans throughout the special servicing period.

• Develop and maintain appropriate reports for projected losses, recoveries and resolutions on portfolios within PHH responsibility as special servicer.

• Manage relationships with third-party defaulted asset services providers, including attorney, appraisers, brokers, property management, environmental consultants, contracted asset managers, etc.
• Materially participate in all portfolio asset management credit committee activities. 
• Prepare and present special servicing unit related information for rating agencies, auditors, senior management and investors.
• Comply with all Company requirements for training, compliance, audits and reporting.
• Anticipate/identify issues that could impact PHH/client operations and develop solutions.
• Monitor performance of subservicers and asset management contractors.

• Complete other activities and duties as may be assigned.

Key Result Areas: 

• Ensure department service level expectations are met for all roles and functions.
• Ensure default services providor vendor service levels expectations are met.
• Ensure all associates meet PHH requirements for training and compliance.
• Meet PHH requirements for audit, rating agency and client satisfaction benchmarks. 
• Provide appropriate instructions to other departments within agreed upon servicing level standards. 
• Maximize recovery for lender clients.
• Conduct department and company training in accordance with training initiatives. 

Qualifications:

• Minimum 10 years’ experience managing defaulted commercial business purpose loans secured by commercial use, mixed use, SFR/multifamily rental and/or SFR/multifamily transitional properties. 
• Minimum 5 years’ experience directly managing commercial loan special servicing asset managers.
• Superior understanding of negotiation tactics, workout structure and credit decisioning. 
• Superior understanding of lender default remedies and enforcement strategies, including judicial foreclosures, trustee sales, receivership, UCC sales, bankruptcy strategies, etc. 
• Superior communication skills, both verbal and written, inc