Company: IFF (CDFI)
Location: Chicago, IL
Job Function: Lending/Loan Operations
IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive. Key to our success has been a deep sense of purpose, a broad perspective, and a relentless focus on achieving positive results. Across the Midwest we help clients from every sector, including human service agencies, health centers, schools, affordable housing developers, and healthy food grocery operators. Staff contribute extensive business experience and an unrivaled connection to the mission of IFF to the clients we serve.
IFF is looking for candidates with a commitment to the work we do who can demonstrate their creativity, diligence, enthusiasm, growth-mindset, thoughtfulness, and passion to make meaningful change in the areas of economic and racial justice.
Equity, Diversity, and Inclusion
Partnering to create thriving communities is at the heart of everything we do. We leverage knowledge, capital, and resources to advance equitable and transformational outcomes in under-resourced communities, guided by our commitment to be an inclusive, anti-racist and anti-oppressive institution that honors communities as asset-rich and as experts in their own stories.
Basic Job Function
The Portfolio Manager is responsible for the proactive management of IFF loans post-close to monitor borrower compliance, identifying areas of risk, evaluating borrowers’ long-term viability/performance and proactively mitigating potential defaults and loan loss.
Job Duties and Responsibilities:
- Manage a portfolio of 100-150 borrowers and loans, including:
- In coordination with originating lender, serve as borrower’s primary post-close contact for monitoring, servicing, modifications and new loan requests.
- Post-close review of loan terms and conditions to verify all necessary information is in the loan systems in order to properly monitor ongoing compliance and key reporting and performance dates.
- Periodic collection, review and analysis of financial and other reporting information for risk monitoring and updated risk recertification.
- Periodic site visits to assess borrower’s financial health, check collateral condition where warranted and identify relationship issues and/or opportunities.
- Work with originating lender and other staff as appropriate to address compliance issues, delinquency and any required modifications to loan terms and conditions.
- Make recommendations on loan risk rating downgrades and perform analysis on collateral value and potential loan loss.
- Maintain accurate and complete loan files and support as needed requests for portfolio or borrower information.
- Implement as required IFF delinquent and troubled loan procedures and policies:
- Monitor borrower delinquencies to resolve payment problems and other borrower related issues; implement default processes including managing notice and other legal requirements; downgrade consistently delinquent loans.
- Proactively manage borrower delinquencies through meetings with borrowers; requiring, obtaining, and reviewing borrower financial and cash flow statements; and developing action plans for remedying delinquencies.
- Support, as assigned, on nonperforming loans and OREO:
- Develop loan workout or restructuring recommendations on chronically delinquent or nonperforming loans.
- Monitor workouts by collecting and reviewing financial statements and other required information and ensure continuing borrower compliance with workout agreements.
- Oversee foreclosure process including notice and other legal requirements; manage outside legal counsel.
- Analyze recovery options on OREO; identify strategies, budgets and resources to manage and liquidate owned assets.
- Work with Finance Department and Senior Director of Facilities and Asset Management on collateral protection and disposition issues.
- Update Problem Asset Committee on asset status and document and make recommendations for specific reserves and write downs.
- Maintain borrower/asset information and monitoring documentation including loan files, problem asset summaries and other loan databases.
- Work with Capital Solutions staff to support compliance with portfolio and collateral monitoring procedures and assess and test portfolio quality:
- Support maintenance of a robust tracking system for loan and collateral reporting/compliance requirements.
- Identify trends and risk issues that may impact portfolio sectors or geographies. Support portfolio reviews or stress testing.
- Recommend modifications to policies, procedures or risk rating methods to improve risk identification and mitigation.
- Achieve lending and program goals for portfolio performance, risk identification and relationship deepening.
- Recommend solutions to identified issues and problems relating to loan program implementation.
- Work effectively with troubled borrowers to achieve constructive workout solutions.
- Accurate and thorough assessment of risk issues, optimal solutions and costs to achieve including costs to carry nonperforming assets.
- Cultivates a culture of openness in information sharing. Encourages open communication, cooperation, and the sharing of knowledge.
- Model personal accountability that promotes ownership and engagement.
- Builds and maintains effective working relationships with colleagues, peers and team members.
- Values and supports differences in others, contributing to an inclusive work environment. Demonstrates the ability and willingness to communicate effectively with people of diverse backgrounds and experiences to create a collaborative, collegial, and caring community.
- High level of satisfaction with both internal colleagues and external contacts.
Education: Bachelor’s degree preferred, in business, accounting, finance, or community development. In lieu of degree, 5+ years of relevant experience.
Previous Experience: Minimum of five years’ experience in commercial real estate or nonprofit lending required. Some experience with commercial real estate workouts, delinquent loans and OREO. Demonstrated competency in commercial portfolio compliance disciplines and terminology, high-level credit and financial analysis, underwriting policies and procedures, and loan restructuring.
Special Knowledge & Skills:
- Familiarity with construction and lending practices and terminology.
- Good Interpersonal skills.
- High level written and oral presentation skills.
- Strong Microsoft skills, with a focus on Excel and databases.
- Ability to think creatively about problems and resolve them timely.
Additional Requirements: Occasional evening and weekend work; able to inspect active construction project sites, regional travel.
Compensation and Benefits
Salary and benefits are discussed in interview.
How to Apply
Application Instructions: Please visit our Careers section of our website to apply online. Both a resume and cover letter are required.