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Job Title : Vice President of Loan Servicing (NYS Homes and Community Renewal)
Date Posted : April 22, 2020
Type :

Description :

Title: Vice President of Loan Servicing

Department: Office of Finance and Development

Salary/Band: M/C - $135,000

Location: New York, NY

New York State Homes and Community Renewal (HCR) fosters the creation and preservation of high- quality affordable housing while working strategically to revitalize neighborhoods and communities throughout the Empire State. Under the leadership of Governor Andrew M. Cuomo and Commissioner RuthAnne Visnauskas, HCR is a vibrant, innovative agency that integrates and leverages New York State’s housing resources. We have offices in New York City, Albany, Buffalo and Syracuse, and employ a diverse workforce of professionals who are hard-working and committed to serving low- and moderate-income families. Our mission is far reaching, encompassing single and multifamily housing finance, home improvement, rent regulation, housing subsidies, and community development. We partner regularly with a variety of public and private stakeholders.

Achieving this mission requires a wide range of skills and backgrounds in public policy, administration, real estate, architecture, finance, law and many other areas of expertise. We seek to provide a workplace environment that is productive, flexible, accountable, ethical and caring. Our employees are empowered to make a difference where they live and work. We offer competitive pay and a comprehensive benefits package, including paid leave, health, dental, vision, retirement and family- friendly policies.

The Office of Multifamily Finance & Development actively engages with a range of partners including for-profit and not for profit borrowers, municipalities, lenders, investors and other funding entities to leverage Low Income Housing Tax Credits, tax-exempt bonds, and a multitude of State funded programs. Our resources have helped finance tens of thousands affordable apartments and affordable homes since 2011. Finance & Development has primary responsibility for implementing many of the initiatives under      the Governor’s new House NY 2020 plan, an unprecedented $20 billion investment over five years.

HCR’s Loan Servicing Unit is responsible for Agency-funded multifamily housing projects during the construction period through permanent loan conversion, managing approximately 150 projects at any given time, representing over $4 billion of HCR investment. Responsibilities include monthly disbursement of various Agency funds (bonds and/or subsidy) and troubleshooting issues that may arise during the construction period. Once construction or rehabilitation is completed, the unit facilitates the permanent loan closings and bond redemptions. As such, the unit plays a crucial role in facilitating and monitoring the progress of thousands of HCR-financed units under construction.

JOB SUMMARY

The Vice President of Loan Servicing oversees the day-to-day operations of the Loan Servicing team and reports to the Vice President of Multifamily Programs and Operations. Responsibilities include the following:

• Oversee and manage projects during the construction or rehabilitation phase. Monitor the progress of each project to ensure that certain milestones or timelines are met. When issues arise, identify risks and create solutions, involving other Agency units as necessary;

• Supervise and approve the processing of all monthly bond and subsidy requisitions;

• Serve as a liaison between Multifamily Finance, Asset Management and Accounting to ensure all departments are aware of the characteristics of each project;

• Direct and facilitate permanent loan closings and short-term bond redemptions. Manage and coordinate the closing calendars and signoffs with various Agency departments as well as external parties. Communicate with project sponsors regarding the Agency’s requirements and timing. Review due diligence documentation and final sources and uses to determine if projects meet Agency standards and policies. Track short-term bond redemptions for recycling purposes; and

• Monitor letter of credit expirations to ensure they are extended or replaced according to loan documents when required; and

• Extend the existing loan servicing platform to our portfolio of projects financed with 9% Low Income Housing Tax Credits.

QUALIFICATIONS

• Bachelor’s Degree with concentration in Housing or Urban Planning preferred with ten years relevant work experience;

• Master’s Degree in Real Estate, Business, Urban Planning or Housing Finance with at least five years relevant work experience;

• Extensive working experience in loan servicing and/or affordable housing, including underwriting and other quantitative analysis;

• Knowledge of construction financing and disbursement requirements;

• Strong oral and written communication skills as needed to coordinate and work with a variety of parties both internally and externally, including developers, attorneys, tax credit syndicators, and credit enhancers;

• Experience managing a team of professional staff; and

• Strong client management and organizational skills.

This job description is not intended to be all inclusive and the employee will also perform other reasonably related duties as assigned.

WHAT WE OFFER:

• Extensive benefits package including paid leave, excellent health, dental, vision and retirement benefits;

• Promotional opportunities for dedicated professionals.

TO APPLY, please send resume and cover letter to: Jobopportunities@nyshcr.org All internal SHA employees (only) are directed to apply via Nyshcr.sm.internalcandidates@nyshcr.org

New York State is an Equal Opportunity Employer (EOE)


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