Incumbent is responsible for performing various closing/delivery-related, servicing-related, or asset management-related functions with respect to the multifamily mortgage loans that M&T Realty Capital Corporation (“M&TRCC”) originates and services for Fannie Mae, Freddie Mac, HUD and GNMA. The actual mix of functional responsibilities varies, depending on whether the incumbent works in the Closing and Delivery area of M&TRCC, the Servicing area of M&TRCC, or the Asset Management area of M&TRCC.
Perform various loan closing and delivery functions, including the following, in accordance with applicable Fannie Mae, Freddie Mac, HUD and/or GNMA requirements:
- Review commitment letters and underwriting files, extracting critical information, necessary for closings;
- Facilitate effective coordination among all parties involved in closings (e.g., M&TRCC, borrower-customer, M&TRCC’s counsel, borrower’s counsel, etc.);
- Perform escrow analyses;
- Prepare closing statements;
- Represent M&TRCC at closings;
- Coordinate post-closing, follow-up activities;
- Assemble and ensure delivery of all required loan documentation to Fannie Mae, Freddie Mac, or other applicable third-party investor;
- For securitized loans, coordinate the delivery of mortgage-backed securities (“MBS”) and all related documentation to the applicable MBS investors.
Perform various servicing functions, including the following, in accordance with all applicable Fannie Mae, Freddie Mac, HUD and/or GNMA requirements:
- Monitor the timeliness and adequacy of borrowers’ loan payments, real estate tax payments and insurance premium payments, communicating, as needed, with borrowers, taxing authorities and insurance agents on late or erroneous payments;
- Monitor the adequacy of borrowers’ insurance coverages for compliance with Fannie Mae, Freddie Mac, HUD and/or GNMA requirements, as applicable;
- Monitor UCC financing statement expirations and ensure that timely UCC renewals occur;
- Process borrower payoff requests, secure necessary investor approvals, and coordinate the preparation and execution of any required mortgage satisfactions and assignments.
Perform various asset management functions, including the following, in accordance with all applicable Fannie Mae, Freddie Mac, HUD and/or GNMA requirements:
- Throughout the life cycle of each assigned loan, serve as the key point of customer contact with the borrower on servicing- and asset management-related matters.
- Schedule and perform property inspections to assess the physical condition of the properties underlying the Fannie Mae, Freddie Mac, and HUD-insured loans that M&TRCC services; prepare inspection reports, summarizing the results of such inspections, and submit them to Fannie Mae, Freddie Mac or HUD, as applicable; and communicate with borrowers regarding any deficiencies or issues noted during such inspections, ensuring that appropriate remedial measures are taken.
- Request and analyze periodic operating statements, rent rolls and other documentation relating to the financial condition of the properties underlying the Fannie Mae, Freddie Mac, HUD/GNMA loans that M&TRCC services; prepare reports, summarizing the results of such reviews, and submit them to Fannie Mae, Freddie Mac or HUD, as applicable; and follow-up with borrowers regarding any questions or issues that emerge from such reviews.
- Analyze and process completion escrow draw requests, replacement reserve draw requests and construction loan draw requests from borrowers; coordinate the funding of such requests with appropriate internal departments and external investors.
Scope of Responsibilities:
M&TRCC generates a significant amount of fee income for M&T Bank through its multifamily mortgage banking activities. Much of this mortgage banking income is derived from the significant volumes of Fannie Mae, Freddie Mac and HUD/GNMA loans that M&TRCC originates/closes every year, and from the recurring servicing fees that are collected from the borrowers on such loans over their respective lives.
RCC – Mortgage Administrator I positions are important, customer-facing positions that are critical to M&TRCC’s success in consistently generating substantial amounts of mortgage banking revenue. RCC – Mortgage Administrators I are primary points of M&TRCC contact with borrower-customers, from the time that the underwriting of a loan has been completed, through the closing phase, and over the full term of the loan (typically, 7-15 years). The success of M&TRCC’s relationships with its customers is heavily influenced by the customers’ perceptions of how well their interactions with M&TRCC’s RCC – Mortgage Administrators I have gone. Those who occupy these positions within M&TRCC figure prominently in providing the top-notch, life-of-loan customer service that keeps borrower-customers coming back to M&TRCC for repeat business.
To be successful, RCC – Mortgage Administrators I must develop an understanding of the many closing, delivery, servicing and asset management requirements of Fannie Mae, Freddie Mac, HUD and GNMA, and must routinely apply that knowledge to ensure that M&TRCC remains in compliance at all times with such requirements. Adherence to the requirements of Fannie Mae, Freddie Mac, HUD and GNMA is essential to maintaining M&TRCC’s good standing with each of those organizations, which is, in turn, critical to the preservation of the revenue streams that flow from M&TRCC’s relationships with those organizations.
Supervisory/ Managerial Responsibilities:
Education and Experience Required:
Bachelor’s degree or the equivalent in work experience in the multifamily/commercial real estate industry.
At least 1-3 years of previous closing, loan administration, servicing, asset management, or underwriting experience relating to multifamily/commercial real estate loan transactions.
Experience with a wide variety of computer software applications, including Microsoft Office, Word, and Excel, as well as commercial loan information systems and internet applications is required.
Must be willing to travel to out-of-state destinations that necessitate overnight stays.
The ability to function effectively as a team member is essential.
Education and Experience Preferred:
Previous experience with Fannie Mae, Freddie Mac, and/or HUD multifamily transactions is desired.