Director of Special Assets

Job Description:
Dominion Financial Services (DFS) is a mortgage originator for single family real estate. DFS originates two main loan products – a short-term bridge loan for fix & flip investors, and a long-term rental loan for landlords growing their rental portfolios. DFS is thriving in the current competitive environment and shows aggressive quarterly growth. Our current origination volume is $70MM per month. DFS is looking for a detail-oriented Director of Special Assets to join our growing team.

Our Company’s Core Values:

• Integrity
• Accountable & Dependable
• Team Centric
• System & Process Oriented
• Service Ethic
• Organized Efficiency - Risk Management & Compliance

Responsibilities:

• Effectively handle all aspects of the lender’s past due and non-performing loan accounts.
• Negotiate terms and conditions of workout agreements with borrowers, while maximizing recovery for the lender.
• Monitor the progress of workout plans, including reviewing financial performance, assessing compliance with agreed-upon terms, and addressing any emerging issues promptly.
• Provide guidance in developing appropriate, balanced, and actionable plans and processes to mitigate risk for the lender.
• Ensure timely reporting to senior management on exposure and potential losses, reserve amounts, and risk-rating changes.
• Lead Special Assets team in the compilation of pertinent data, placement of contractors/auditors, and management of expenses in workout situations.
• Analyze data to report on the financial deficiencies of non-performing loans and maintain/retain data and records on non-performing loans in Pass, Special Mention, and non-Performing status.
• Coordinate information flow between Special Assets department and other lender personnel and/or departments as needed to manage problem accounts, primarily Portfolio Management and Loan Operations.
• Oversee the repurchase of collateral and liquidation of assets on non-performing loans. Report results and problems to management to minimize loss.
• Manage internal and external resources required in the sale of repossessed assets, and REO.
• Coordinate interaction with attorneys, business principals, property preservation companies, contractors, and outside agents to limit exposure, fulfill requests for information, and communicate with all parties involved with non-performing loans.
• Ensure adherence to policies, procedures, and other appropriate compliance measures in handling Special Assets accounts.

Requirements:

• 5+ years of directly related professional level experience in commercial lending environment.
• 3+ years in a management role, providing leadership, coaching, guidance and training, and contributing to staff development is preferred.
• Expertise in creating and presenting ideas to executive management.
• Thorough knowledge of commercial lending for business purposes with emphasis on RTL and DSCR Loans
• Thorough knowledge of accounting, financial statement analysis, cash flow, and credit workout/collections
• Knowledge of financial and legal processes of all aspects of commercial lending
• Thorough computer knowledge of Microsoft Office, including Word, Excel.
• Bachelor’s Degree in related field required.

Preferred Qualifications:

• Sense of urgency and understanding of timeliness on value to company.
• Works well with all team members and seeks holistic opportunities for continuous improvement.
• Works well in a fast-paced environment and can manage multiple projects/processes simultaneously and can act judiciously in ambiguous situations.
• Ability to make sound business decisions.
• Excellent oral/written communication, interpersonal, persuasive communication and presentation skills.
• Ability to interface with all levels of management.
• Experience working with Salesforce.
• Excellent organizational skills.

Benefits:

• Health insurance
• Dental insurance
• Vision insurance
• 401(k)
• 401(k) matching
• Paid time off

While At Dominion You Will Enjoy

• Company outings & social events
• Virtual events