Head of Special Servicing

Job Description: Head of Special Servicing

Firm Background: Saluda Grade is a New York based asset management firm that aims to produce differentiated investment returns by focusing on residential alternative credit and housing-related finance. Founded in 2019, Saluda Grade is a rapidly growing asset-backed specialist with approximately $1.5 billion across managed fund vehicles and securitizations. Our team is comprised of creative and dedicated individuals who are inspired to innovate and drive change in the alternative asset origination and capital market ecosystems.

Role Description: The Head of Special Servicing will work within the Portfolio Management group and have direct interaction with the firm’s Portfolio Managers. Responsibilities will include overseeing Saluda Grade’s mortgage servicers, establishing KPIs, and enhancing processes around NPLs. The Portfolio Management Group is responsible for investment analysis, trading, portfolio oversight and management across the Saluda Grade suite of funds. The group interacts closely with the operations, finance, compliance, legal, technology, and investor relations teams.

Responsibilities:

• Oversee servicing performance of Saluda Grade’s residential mortgage servicers across loan products and all aspects of default servicing; specifically, foreclosure, loss mitigation, bankruptcy, and NPL sale
• Develop Key Performance Indicators and Key Risk Indicators, to track and manage success
• Implement end-to-end residential NPL management process, including but not limited to:

o Loan-level analysis, including pay string analysis, collateral review, document identification, and various other sale related tasks.

o Track and maintain servicing comments and ensure resolution of servicing issues

o Order & review 3rd party reports, including valuation and title reports, and make recommendations to senior management

o Understand and resolve title issues and manage vendors performing the same

o Develop playbook for borrower contact strategies, modifications, RPL, and risk/loss mitigation

o Create a robust and repeatable process to efficiently sell NPLs to 3rd parties including the post bid due diligence process

• Manage foreclosure sale process, and conveyance of properties to REO, where necessary

Qualifications:

• Bachelor’s degree
• 5 years of residential mortgage servicing and/or asset management experience
• Knowledgeable of the foreclosure process, default servicing, loss & risk mitigation strategies and bankruptcy
• Construction loan experience would be preferred
• Working knowledge of title reports, title claims and release of liens

Desired Characteristics:

• Understanding of mortgage documentation including endorsements and assignments, allonges, title report review
• Self-starter that is attentive to detail and meticulously organized
• Ability to manage multiple projects at once and prioritize accordingly
• Effective communicator with management, both written and verbal, regarding progress and results of initiatives/projects
• Able to identify material defects and troubleshoot accordingly
• Thrives in a fast-paced environment and under time constraints

Salary Range: [$125,000– $250,000] plus discretionary bonus.

This position is based in NYC at Saluda Grade’s midtown office.

Please contact recruiting@saludagrade.com with any questions and applications

Job Type: Full-time

Pay: $125,000.00 - $250,000.00 per year

Benefits:

• 401(k)
• Dental insurance
• Health insurance

Work Location: In person

Salary : $125,000 - $250,000