Sr. Manager, Commercial Portfolio Management

The Role

The role is responsible for the administration and oversight of loans insured under various CMHC multi-residential and social housing programs, with an understanding of applicable CREFC guidelines related to CMBS transactions and reporting requirements.

Leveraging their commercial mortgage knowledge and experience, the incumbent contributes to the ongoing growth and management of MCAP’s commercial mortgage portfolio while supporting established quality assurance, risk management, and compliance standards.

CMHC Renewals

• Provide ongoing reporting on the CMHC renewal book to Commercial Mortgages Investment Committee with the goal of maximizing both retention and profitability.
• Review and approve maturing CMHC loans that are within the incumbent’s delegated authority limits.
• As required, support CMG Loan Servicing in completing the execution and registration documents required under the terms of the approved renewal.

Loan Modifications (. assumption, corporate reorganization, release of security)

• Prioritize and allocate loan modification requests to the analyst team and ensure timely processing of requests
• Assist with any ongoing due diligence items required to successfully complete the modification.
• Ensures loan medication requests are completed in accordance with established timelines and internal procedures by allocating work and providing technical guidance as required.
• Approve loan modification requests within delegated authority

Portfolio Management

• Preparation and oversight of the watchlist that is presented monthly to the Commercial Mortgages Investment Committee
• For loans on the watchlist, monitoring and confirming that Borrower’s execute on their commitments to rectify issue(s) that caused the loan to be on the list.(examples Loan Deferrals are recovered, properties damaged by fire are rebuilt, property taxes are brought current

Default Management

• Management of a portfolio of non-performing mortgages compliant with the terms established by MCAP’s investors, CMBS requirements and CMHC guidelines with monthly reporting presented to the Commercial Mortgages Investment Committee.
• Collect relevant material to formulate a well-reasoned action plan which is to be circulated for review and approval. To review periodic progress reports consistent with company policy and MCAP’s contractual obligations to its investors and stakeholders.
• Independently carry out the terms of approved action plans while maintaining regular dialogue with borrowers, investors, lawyers, property managers, appraisers and realtors as may be required.
• Analyze borrower covenants pertaining to default accounts and assess prospects for recovery, work out plan etc. and make recommendation to Director for approval.
• Ability to independently oversee monthly cashflow, operating statements, capex etc. for default properties.
• Negotiate settlements with borrower covenants per the terms of covenant recovery contracts with our investors or as obligated by CMHC.
• Submit monthly arrears report to CMHC
• Property management, negotiate & hire 3rd party servicer to manage and maintain property as a mortgage in possession.
• Negotiate and execute Listing Agreement, Purchase & Sale Agreement.
• Oversees analysts in managing defaulted loans, including legal proceeding, reporting, and execution of workout strategies.
• Provide guidance and oversight to ensure consistency, accuracy, and adherence to internal policies and external requirements.

Management, Investor, Rating Agency and Regulatory Reporting

• Receive and review regular Precision LM system-generated reports including matured and maturing loans, projected maturities, narrative arrears, non-performing arrears status, and event action items.
• Prepare and provide regular management, investor, insurer and regulatory reporting per established parameters or contractual obligations on a monthly, quarterly, semi-annualor annual basis.
• Receive, review and consolidate periodic reporting for CMBS accounts as Master and Special servicer and consolidate for submission to the reporting agent.
• Maintain and update a tracking system within the Precision LM mortgage system for ongoing and recurring portfolio management duties and surveillance activities.
• Track, consolidate and present MCAP’s portfolio management activities to external rating agencies on a regular basis. Respond to rating agency requests on an ad hoc basis as required.

Educational/ Market Knowledge

• Review and critically assess mortgage-related publications including appraisals, capitalization rate surveys, environmental investigative summaries and building condition assessment reports.
• Maintain current knowledge of commercial real estate, CMHC programs, CMBS requirements, and industry practices necessary to perform portfolio management and default-related responsibilities.
• Continuing education, good working knowledge and awareness of commercial real estate, CMHC policies and procedures, CMBS requirements pertaining to the commercial mortgage portfolio including reporting, Pooling and Servicing Agreements, CREFC best practices and the Controlling Class Representative for securitized transactions.
• Actively participate in regularly scheduled department or divisional meetings and planning sessions for information, education, review, drafting and refinement of processes, mitigation of risk, skill development and personal career enhancement.

Lead and Manage Staff

• Support and champion the company’s Vision, Mission and Values as set out in the Strategic Plan both internally and externally within the industry.
• Provide leadership, direction and motivation to staff in order to facilitate the achievement of goals and objectives.
• Monitor and manage workloads and resources to meet deadlines and service levels.
• Identify staff’s strengths to provide suitable career paths.
• Establish goals and provide guidance to encourage development of employees.
• Conduct performance reviews to provide staff with feedback.
• Develop staff in keeping with succession planning and ongoing business requirements.

Key Success Factors

• Superb organizational skills to ensure Borrower requests are handled in a timely manner and ongoing reporting which have specific deadlines are met.
• Negotiating skills when dealing with CMHC maturing loans balancing the needs for retention and profit maximization while partnering with the CMG origination team.
• Communication and coordination with investment management and servicing to ensure renewed loans can be sold and securitized within CMB designated pools.
• Diligent portfolio surveillance to identify potential problem loans early and mitigate exposure to losses.
• Resiliency in the area of mortgage enforcement/default management given the potential protracted time frame for resolution.

What You Bring To The Team

• Minimum 6 years of commercial mortgage experience (primarily comprised of asset management, defaultand credit related functions)
• Excellent leadership and communication skills to deliver a positive people management experience
• Thorough knowledge of conventional commercial loan underwriting for office, retail, industrial and multi-family real estate and other forms of commercial real estate
• Strong working knowledge and understanding of CMHC policies and procedures related to multi-unit residential properties
• Good understanding of securitization process, CREFC guidelines and CMBS reporting requirements
• Experience in default management and resolution of overdue loans and applicable CMHC and CREFC (wherever applicable) guidelines on loan monitoring, collection, reporting restructuring is preferred
• University Degree in Business/Commerce/Economics/Accounting or combination of related experience
• Having an Accounting and/ or CFA designation is considered an asset. Candidates working towards completion of a designation will be considered