The Director, Commercial Special Servicing oversees and directs the activities of the Special Servicing unit managing a portfolio of defaulted commercial real estate and business purpose SFR loans to resolution through either reinstatement and return to Primary Servicing, or liquidation. The role duties include oversight for a team of 5-10 associates, including 2-4 direct reports. The Director will lead the revision of policies and procedures to encompass PHH’s growth and expansion into new commercial loan servicing markets. The Director is accountable for team performance and compliance with all PHH servicing requirements. The role will report to the VP, Head of Commercial Special Servicing and assist in strategic planning for staff development and budget preparation. The Director will also participate in client engagement and vendor management duties, and represent the interests of the Special Servicing unit in intradepartmental initiatives, projects and activities. Job Functions and Responsibilities: To perform this job successfully, an individual must be able to consistently perform each essential duty satisfactorily: - Design, implement, and continuously improve processes, policies, and procedures to include loss mitigation strategies, asset dispositions, vendor management and credit decisioning for lender consent requests. - Hire, train and develop staff responsible for managing defaulted commercial real estate secured loans. - Provide effective direction for implementation of successful asset resolution plans. - Supervise a team of associates providing administrative support to external special servicers. - Establish appropriate key performance indicators to measure individual and team performance. - Develop and maintain appropriate reports to monitor defaulted loans throughout the special servicing period. - Develop and maintain appropriate reports for projected losses, recoveries and resolutions on portfolios within PHH responsibility as special servicer. - Manage relationships with third-party defaulted asset services providers, including attorney, appraisers, brokers, property management, environmental consultants, contracted asset managers, etc. - Materially participate in all portfolio asset management credit committee activities. - Prepare and present special servicing unit related information for rating agencies, auditors, senior management and investors. - Comply with all Company requirements for training, compliance, audits and reporting. - Anticipate/identify issues that could impact PHH/client operations and develop solutions. - Monitor performance of subservicers and asset management contractors. - Complete other activities and duties as may be assigned. Key Result Areas: - Ensure department service level expectations are met for all roles and functions. - Ensure default services providor vendor service levels expectations are met. - Ensure all associates meet PHH requirements for training and compliance. - Meet PHH requirements for audit, rating agency and client satisfaction benchmarks. - Provide appropriate instructions to other departments within agreed upon servicing level standards. - Maximize recovery for lender clients. - Conduct department and company training in accordance with training initiatives. Qualifications: - Minimum 10 years’ experience managing defaulted commercial business purpose loans secured by commercial use, mixed use, SFR/multifamily rental and/or SFR/multifamily transitional properties. - Minimum 5 years’ experience directly managing commercial loan special servicing asset managers. - Superior understanding of negotiation tactics, workout structure and credit decisioning. - Superior understanding of lender default remedies and enforcement strategies, including judicial foreclosures, trustee sales, receivership, UCC sales, bankruptcy strategies, etc. - Superior communication skills, both verbal and written, including presentation. - Superior problem solving and decision making skills. - Strong understanding of commercial loan covenants and covenant compliance. - Strong understanding of CRE income property type fundamentals, including income property operations analysis, and borrower financial analysis. - Strong understanding of commercial real estate loan documentation. - Strong understanding of commercial loan servicing agreements and principles. - Strong understanding of loan securitization principles including CMBS and CRE-CLO. - Proven ability to work independently with minimal supervision. - Proven ability to manage remote employees. - Proven ability to effectively engage with senior management at all levels. - Demonstrated skills to develop reporting requirements specific to monitoring default services related performance. - Demonstrated ability to work under pressure, manage multiple projects while meeting project deadlines, and adjust to changing priorities. - Demonstrated proficiency with Microsoft 365 Suite, Adobe applications, commercial loan servicing applications (such as MSP/ICE, REALSynergy, McCraken Strategy, Enterprise, FICS, FIS, etc.). - Strong teamwork skills to collaborate with associates in multiple departments and locations. - Be available to travel 10%-25%. Training / Licensing Requirements: - Must pass the Company’s Background Screening process prior to beginning employment. Additionally, as a condition of employment, you may be required to pass client-specific background check requirements or Federal/State licensing requirements, if applicable. The salary range for this position is expected to be $145,000 to $165,000 per year, depending on geographic location, experience, and other qualifications of the successful candidate. This position is also eligible for annual bonus based on performance and subject to the terms of the Company’s applicable plans. Onity Group Inc. is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage, a subsidiary of Onity Group Inc., has been providing mortgage lending and servicing solutions since 1984 and is dedicated to maintaining responsible and ethical practices while delivering an exceptional customer experience. PHH offers industry-leading mortgage solutions for the entire mortgage lifecycle, including correspondent lending, MSR/Co-Issue, subservicing, commercial servicing, reverse mortgages and portfolio retention. We are one of the largest subservicers of residential mortgages in the United States and one of only two servicers in reverse mortgage lending. At Onity Group Inc., we consistently deliver on our commitments to customers, clients, investors and colleagues through caring service, integrity and creative solutions. This Service Excellence philosophy is embraced by meeting service standards we call CARE, which stands for Caring, Accurate, Responsive and Empowered. We expect all employees to interact and engage our colleagues and our customers with respect, courtesy and professionalism, and to achieve results consistent with our CARE standards. Onity Group Inc. is intensely focused on hiring, developing and retaining the best talent in the industry! Our commitment to Diversity, Equity & Inclusion ensures that we sustain our reputation as an outstanding place to work, a great business partner and a valued community member. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status. If you have a disability or special need that requires accommodation, please let us know. Onity Group Inc. offers a comprehensive benefits package including medical, dental and vision; up to 3% match on 401(k) contributions; generous paid time off; company-paid life, accident and disability coverage; programs for mental, physical and financial wellness; and more. Visit jobs.onitygroup.com for details.