AVP Loss Mitigation at Renovo Financial in Chicago, IL

Who We Are

Renovo Financial is a dynamic and fast-growing private lender and mortgage servicer based in Chicago, dedicated to partnering with real estate investors who acquire and renovate single and multi-family residential properties. We take pride in delivering exceptional support to our clients, guiding them seamlessly from loan application to pay off with a commitment to unparalleled service. Our focus on reliability and a “win-win” approach has earned us an industry-leading repeat and referral rate, reflecting the strong relationships we build with our clients.

Position Summary

Renovo’s AVP, Loss Mitigation is responsible for portfolio monitoring and managing troubled loan situations. This position requires an assertive and highly collaborative individual who will thrive in a fast-paced environment and communicate effectively with a variety of different stakeholders and audiences (senior leadership, attorneys, borrowers, etc.). The AVP, will manage a team of Portfolio Management Associates who are responsible for collections activities and discussing workout options on the business purpose residential loan portfolio. The AVP will partner with Renovo’s Default team in negotiating payment arrangements, implementing collection strategies and offering loss mitigation options to maximize recovery and disposition of default loans. A high level of listening skills, problem resolution, financial, lending, real estate, and legal acumen (and ease with the language used among professionals in those industries) is required for success.

Responsibilities

Portfolio Management & Compliance Oversight

•Manage and monitor in a compliant manner a portfolio of service transferred loans, including general servicing duties, default workout solutions, and distressed exit strategies

•Responsible oversight of the ongoing portfolio management including the identification of problem loans, and/or special reviews that may be required

•Identify trends and key risk identifiers that may impact global portfolio sectors or regional geographies

Team Leadership & Development

•Responsible as the main direct manager for the team of Portfolio Management Associates who are the dedicated SPOCS for loans in early-stage default, foreclosure, probate, and bankruptcy

•Ability to manage a pipeline of loans as the dedicated SPOC and operate as a “Player Coach” for the team of Portfolio Management Associates

Delinquency Management & Collections

•Oversee collection activities on portfolio delinquencies past grace period dates

•Proactively manage delinquencies through weekly meetings with borrowing clients; obtaining and reviewing borrower financial and cash flow statements; and developing action plans for remedying delinquency

•Capability to have difficult conversations with borrowing clients in a respectful, courteous, and professional manner

Loss Mitigation & Financial Analysis

•Ability to manage the process of loss mitigation reviews, requiring the interpretation and analysis of financial statements, including balance sheets, income & cash flow statements, and update proforma data to produce a professional written analysis to assess the ongoing repayment ability of all borrowing clients

•Hold borrower clients accountable to milestones and timelines for “Loss Mitigation/Workout” loans

Cross-Functional Collaboration & Recovery Execution

•Work collaboratively with company’s General Counsel, Foreclosure Counsel and other default service providers, as necessary, to provide “Loss mitigation/Workout” solutions on default loans and maximize recovery

Be the Culture

•Bring Renovo’s values to life through your actions, choices, and commitment to a shared purpose

What We Look For

•At least 3 years of experience in mortgage servicing residential or business purpose, banking, or commercial real estate credit, encompassing involvement in workouts and/or special situations

•Expert knowledge in commercial mortgage lending/restructuring and financial deal structuring

•Thrives in a highly collaborative atmosphere and relishes the challenge of developing solutions that consider the needs of multiple internal/external parties

•Capable of synthesizing information from many data sources to conduct analysis and articulate a concise recommendation

•Exemplary written, verbal communication and negotiation skills and ability to effectively tailor messaging to disparate audiences

•Ability to manage multiple tasks concurrently and self-prioritize workload to meet deadlines as an individual and leader

• Excellent organizational skills

• Proficiency with Microsoft Excel and Word

At Renovo, we’re building a team that reflects a wide range of backgrounds, perspectives, and skills because we believe diverse voices make us stronger. We’re proud to be an equal opportunity employer and welcome applicants of all identities and experiences.