Special Asset Manager/REO Asset Manager

Special Asset Manager

Velocity Commercial Capital, LLC is a wholly owned subsidiary of Velocity Financial, Inc, an NYSE-listed public company. Velocity Commercial Capital is a real estate finance company founded in 2004 that primarily originates and manages investor loans secured by 1–4-unit residential rental and small commercial properties. Velocity Commercial Capital is seeking to hire a Special Asset Manager on a full-time basis. This position is located at the corporate offices in Westlake Village, CA.

The Special Asset Manager is responsible for the management of an assigned portfolio of non-performing commercial real estate loans and REO’s. Management of the portfolio involves regular, direct interactions with borrowers, third-party servicers, attorneys, as well as working closely with the Special Servicing team to make sure Velocity’s interests are properly preserved. The Special Asset Manager is responsible for implementing loan collection, mitigation plans, and REO Dispositions. The ideal candidate is comfortable handling delinquent accounts, taking appropriate measures to mitigate the risk of loan loss, preserving the collateral, and proper documentation of any loan restructure.

This is a hybrid position, where we have office facilities in Westlake Village, CA that are available to work in, although the majority of the employees work remotely. However, periodic on-site meetings or trainings will require in-person attendance in our Westlake Village, California office location.

General Responsibilities

• Manage non-performing commercial real estate loans from beginning of foreclosure to REO disposition
• Comprehensive analysis and understanding of collateral and determinations of value
• Presentation and recommendation of resolution strategies to management
• Work directly with legal counsel and monitor legal progress/developments
• Oversee property management and other outside vendors of the REO portfolio
• Some travel required for REO inspections
• Ability to analyze real estate markets and cash flow properties
• Review and assess potential impact of borrower bankruptcy filings; ensure protection of bank’s position as a creditor
• Prepare and maintain a variety of management reports
• Negotiate REO sales

Required Skills and Experience

• Minimum of 3-5 years of experience in loan servicing, foreclosure, bankruptcy, and/or managing REO properties
• Strong property valuation skills
• Thorough knowledge of the following processes: loan servicing, foreclosure, bankruptcy, REO’s, forbearance, and property management
• Complete understanding of Value “as is” and “subject to repairs or stabilization” in determining the best REO disposition option
• Effective negotiation of Purchase Contracts with REO properties
• Completing site inspections and recognizing neighborhood differences, when applicable
• Ability to vet vendors
• Strong time-management skills, including the ability to effectively prioritize work assignments.
• Proven track record at delivering timely and accurate information in a fast-paced environment
• Strong business acumen and ability to interface with executive management and attorneys
• Excellent computer skills, including proficiency in Microsoft Excel and Word

Education Requirements

• Bachelor’s Degree preferred

Benefits become effective on the first day of the month following 30 days of employment and include:

• 401(k) with matching contribution
• Dental insurance
• Employee Stock Purchasing Program
• Health insurance
• Life insurance
• Paid time off
• Paid Holidays
• Pet Insurance
• Vision insurance

Job Type: Full-time

Pay: $70,000.00 - $95,000.00 per year

Benefits:

• 401(k)
• 401(k) 4% Match
• Dental insurance
• Health insurance
• Health savings account
• Life insurance
• Paid time off
• Vision insurance

Physical Setting:

• Office

Schedule:

• Monday to Friday

Education:

• Bachelor's (Preferred)

Experience:

• Loan Servicing, Foreclosure, Bankruptcy, REO Properties: 3 years (Required)
• Property Valuation: 3 years (Required)
• Site Inspection: 3 years (Required)

Work Location: Hybrid remote in Westlake Village, CA 91361

Salary : $70,000 - $95,000