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Agency Asset Manager, Fannie Mae

Minneapolis, Minnesota, United States

At Northmarq, you can be part of something special. Northmarq is a unique capital markets resource for commercial real estate investors, providing our clients access to experts in debt, equity, investment sales, loan servicing, and fund management. We offer you a career path with best-in-class training, and we foster inclusive teams committed to collaboration, mentoring, and growth. At Northmarq, we will help you unlock your potential – whether you are an industry veteran or you’re just getting started. Your new career is waiting. Start something special today. Northmarq was voted by Real Estate Forum as one of The Best Places to Work in Commercial Real Estate! 

Northmarq is hiring an Asset Manager in its Bloomington, MN office. The Asset Manager is responsible for handling a portfolio of properties and loans in the Northmarq portfolio.  General department responsibilities include financial analysis, physical asset inspections, risk management and watch loan oversight, collateral monitoring, and many types of customer requests received by the borrower or management team responsible for the property.

*This position offers a flexible work environment and is available for an immediate start.

ESSENTIAL ACCOUNTABILITIES

  • General management of a portfolio consisting of up to 100 - 115 loans including responding to all borrower requests. Loans are to be administered in accordance with accepted practices of prudent lending institutions and conform to Fannie Mae, guidelines, statutes and regulations and Northmarq policies all as amended from time to time
  • Review new borrower welcome letter, loan amortization schedule and first billing statement received from servicing vendor for accuracy. Correct any inconsistencies and forward via email to borrower including instructions on how to obtain future billing statements online, and assist in completion of ACH payment request.
  • Conduct audit of the new loan set up on Enterprise! and compare to loan documents for accuracy and completeness. Provide findings to Servicing to make corrections where appropriate.
  • Analysis of quarterly operating statements for each asset in portfolio to determine cash flows, net operating income, debt service coverage, and financial trending.
  • Physical on-site property inspections including interviewing on-site management along with walking units, common areas, and the exterior of the property to determine quality and condition. Completing review and submission of outsourced property inspections. (travel 1-3 times per year)
  • Submit property specific analyzed financial and property inspection forms, and any other required follow up items to, Fannie Mae in a timely manner.
  • Monitor and administer all collateral accounts to include Replacement Reserves, Repairs, Achievement Escrows, or other types. Ensure associated deadlines per the Agreements are met including any letter or credit expiration.
  • Monitor properties that have insurance casualty losses to include notification to Fannie Mae and obtaining all necessary documentation to place funds in escrow and process draw requests as required.
  • Work with Fannie Mae, Northmarq’s legal counsel, and borrowers in creating or extending deal specific agreements; these agreements include but are not limited to Amendments to and Replacements of Completion/Repair, Earn-out Agreements and extensions.
  • Work with Northmarq Servicing contacts regarding issues such as loan payment, new account set-up, taxes, and insurance regarding properties in portfolio.
  • Monitor loans with higher risk profile through Risk Ratings and Watch Loan processes including internal Risk Rating and Watch Loan processes, submission of Action Plans to Fannie Mae, and monitoring Fannie Mae requests from DUS360 and/or MAMP related to assigned deals
  • Process requests related to transfers, assumptions, management changes, partial releases of security, and condemnation actions.
  • Monitor and ensure all loan conditions are properly tracked and being complied with through new loan set up activities and appropriate follow up ticklers and correspondence.
  • Process requests for Pay-offs, Loan Payment History, and Audit Confirmations
  • Prepare and send notice of default to delinquent borrowers. Report delinquency appropriately in DEWS.
  • Stay abreast of market, industry, FHA, GNMA and Fannie Mae conditions and changes. Recommend revisions to internal policies and processes to incorporate changes to increase efficiency and maintain market competitiveness of Northmarq
  • Ensure all departmental processes and procedures are consistent with Northmarq standards and Fannie Mae DUS Guide requirements as well as FHA and GNMA Requirements as applicable

QUALIFICATIONS

Education and Work Experience:

  • Education: Bachelor’s degree, preferably in finance, real estate or accounting.
  • Work Experience: 4-7 years of experience in finance or accounting. Background in commercial lending or asset management preferred 

Technical Competencies:

  • Ability to review and assess risks inherent in multifamily real estate transactions.
  • Customer service and communication skills necessary to discuss and details the risks and mitigants related to various real estate transactions and requests with Borrowers, Fannie Mae and/or FHA, Producers and Northmarq executive management and counsel.
  • Specific knowledge of Fannie Mae and FHA loan programs to ensure compliance with all guidelines and requirements.

Professional Competencies:

  • Demonstrated ability to work independently with minimal supervision
  • Demonstrated ability to handle multiple projects and assignments; able to prioritize and meet deadlines
  • Effective oral and written communication skills
  • Problem-solving skills to reflect level of responsibilities
  • Ability to maintain sensitive and confidential information.

Northmarq offers a highly competitive benefits package including: medical, dental, vision, paid time off, 401K match and an annual discretionary contribution based on business performance, paid parental leave and adoption assistance, education assistance, volunteer paid time off, charitable contribution match and so much more!

Minnesota Residents: Northmarq carefully considers multiple factors to determine compensation, including a candidate’s education, training, and experience. The salary range for the Asset Manager position is $95,000.00 to $115,000.00 annually. This range is a good faith estimate and the actual compensation that is offered to a successful candidate will depend on the candidate’s skills, qualifications, and experience.

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