Multifamily Asset Mgmt - Director, Credit Risk Oversight
The Enterprise Risk Management Division (ERM) functions as a second line of defense, providing independent oversight of the company’s risk management activities (including the aggregate view of risks). As a second line, we design and implement a comprehensive risk governance framework commensurate with the complexity and risk profile of the company. We establish enterprise-wide risk policies, standards, and recommend the enterprise risk appetite for Board approval. Within ERM, the Commercial Real Estate Credit Risk team is responsible for providing sound risk management over the Multifamily division of the company. The Enterprise Risk Officer, Vice President for Enterprise Commercial Real Estate Credit Risk is currently seeking a Director for a position which will be responsible for building out and managing a team to implement ERM oversight strategy covering certain areas within Multifamily’ s Asset Management & Operations group. Areas of focus are financial and credit for seller servicers, counterparty risk, loan portfolio management and surveillance, master servicing and special servicing. Provide clear and concise risk assessments to senior management, the Board, and FHFA. Demonstrate full understanding of the Multifamily business model and end-to-end knowledge of its operating processes. Direct and conduct research and monitor markets to formulate forward looking views of risk positions. Develop and maintain relationships with various internal and external partners / clients. Ideal candidate will have demonstrated experience in managing a team of professionals and deep experience in the multifamily market including seller servicers, asset management, special servicing, real estate finance, legal contracts, loan documents, real estate valuation, financial analysis, regional markets, securitizations, financial models and rating agencies’ models.
* Own and execute the end-to-end oversight process for various first line credit risk functions, including: seller servicers, counterparty risk, loan portfolio management and surveillance, master servicing and special servicing
* Maintain an informed assessment of the multifamily market through surveillance of both internal and external research and market data
* Perform analysis on various elements of the multifamily portfolio, in support of credit risk management of the portfolio. Identify trends and draw reasonable conclusions from examination of data and other sources of information
* Perform ongoing risk analysis for our multifamily portfolio and counterparties, ensuring timely risk detection and appropriate monitoring, and provides feedback to senior management for decision process improvements
* Provide timely, accurate and reliable reports to FHFA, Freddie Mac’s Board of Directors, Management Committees and various department reports
* Utilize internal reporting tools and systems to produce and analyze data, performance results, analysis and related reports
* Maintain clear documentation, validation, and evidence of controls over produced reports as well as developing, maintaining, or updating related procedures
* Conduct proactive ad-hoc research /analysis ultimately resulting in a presentation with recommendations
* Provide meaningful effective challenge to the first line of defense
* Develop or improve standards for assessing credit risk
* Represent the unit as an expert or resource to cross-functional project or coordinating teams
* Assess new initiatives, identifying areas of specific risks and provide recommendations
* Support non-routine project-based work including regulatory and internal audit activities
* Maintain Knowledge of industry standard practices relating to CMBS issuance and structure
* 12+ years directly related experience in commercial real estate portfolio management and/or underwriting
* 4+ years management experience. * Experience working in the multifamily mortgage industry or financial institutions a plus
* Ability to understand credit issues and aggregate information.
* Requires the ability to change the thinking of, or gain acceptance from, others in sensitive situations, without damage to relationship.
* Ability to work independently within an established review process, ability to prioritize tasks, capable of handling multiple tasks at once to meet timelines.
* Clear, concise business writing skills.
* Effective and well-organized verbal and written presentation skills.
* BA/BS Degree in Real Estate with a concentration in Finance or equivalent experience.
* Proficiency in Microsoft Word, Excel and PowerPoint.
Key to success in this role
* A sense of humor * Intellectual agility and interpersonal flexibility
* Strong consultation and communication skills * Change leadership
* Ability to work with and collaborate across the team and where silos exist
* Ability to develop mutually beneficial relationships inside and outside of the HRDI division
* Deep curiosity to learn about new trends and how to do things better
* Comfortable in the space between no longer and not yet
* Ability to use data to help inform strategy and direction
Top 3 Personal Competencies to possess
* Leadership – set and execute upon a clear vision, strategy and/or goals
* Drive for Execution – Focus on real results rather than the appearance of results
* Seek and Embrace Change – Continuously improve work processes rather than accepting the status quo.
Advanced studies/degree preferred
Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you’ll do important work for the housing finance system and make a difference in the lives of others. Freddie Mac is an equal opportunity and top diversity employer. EOE, M/F/D/V.