Director of Multifamily Loan Servicing

Title:  Director of Multifamily Loan Servicing 

Organization: MassHousing

Location: One Beacon Street, Boston, MA 02108

Posting Closes:  Close of Business on January 13, 2025 

Website: https://www.masshousing.com

MassHousing recently affirmed its longstanding commitment to diversity and inclusion in its 5-year Strategic Goals, see https://www.masshousing.com/-/media/Files/Corporate/MH-5yr-Strategic-Business-Goals.ashx.

THE ORGANIZATION

MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people.  A bold mission for an innovative agency.  Since its inception in 1966, MassHousing has provided more than $27.5 billion for more than 125,000 apartments and more than 105,000 home mortgage loans.  Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.  

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts.  We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion. 

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck.  MassHousing’ s total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

• Tuition reimbursement up to $10,000 per calendar year
• A 35-hour work week and a hybrid work schedule
• Back up Child/Elder Care
• Retirement Savings including a pension and a deferred compensation plan (with a match)
• Comprehensive health, dental and vision plans
• 12 paid Holidays per year and generous sick, vacation, and personal time
• Short-Term and Long-Term Disability 
• Central Boston office location, convenient to public transportation and amenities on site

If you’re ready to join our dynamic team of mission driven professionals, this might be the job for you! Interested candidates should send a letter of interest and a resume to MassHousing by logging in to https://prd01-hcm01.prd.mykronos.com/ta/6003873.careers?CareersSearch

Position Summary

The Director of Multifamily Loan Servicing assumes a critical role in the Agency’s mission to address the housing challenges facing the Commonwealth. Reporting directly to the Senior Director of Finance, this key member of the management team actively manages the multifamily loan servicing portfolio. The role extends beyond the structuring and administration of funds across the multifamily-portfolio and also assists with the strategic direction and planning for new loan programs and financing constructs.

In this hands-on position, the Director of Multifamily Loan Servicing is responsible for leading the operations of the 11-person department and all activities related to the daily, monthly and annual servicing and reporting on the Agency’s $7 billion multifamily loan portfolio. The Director is responsible for developing systems, procedures and controls to assist in the implementation and servicing of MassHousing’s multifamily loan and grant portfolio programs as well as assisting in the administration of the Agency’s subsidy programs. The Director is also a leader in training personnel within the department and across MassHousing’s rental and financial areas.  The Director is a key point of contact within the Agency for the Multifamily Division especially the Asset Management and Underwriting departments, Legal, Treasury and Accounting, and Executive leadership.  Other key duties include developing and analyzing financial reports. 

In addition, the Director of Multifamily Loan Servicing will make recommendations on both new loan and refinancing proposals in order to assure underwriting staff that the intricacies of the proposals can be tracked, billed, and monitored accurately and consistently for the duration of the loan.  The Director will work with the Information Technology Division to coordinate the flow and reporting of information to the Agency’s staff and customers.  The Director is also responsible for assisting the Comptroller, Senior Director of Finance, and Executives in the reporting and presentation of information related to loan and grant portfolios. The Director will make business decisions regarding the logistics of loan and grant fundings, refinancings and payoffs. In addition, the Director will perform other duties as required. 

Specific Duties and Responsibilities
 

• Hire, train and manage Multifamily Loan Servicing Department personnel

• Assist in the development and implementation of Agency loan, grant and subsidy programs and related system technologies

• Interact with Agency staff at all levels and provide clear and concise data and analysis

• Provide knowledgeable, reasoned and professional advice and sound decision-making

• Interact with external customers - Borrowers, Owners, Auditors, Closing Attorneys, etc.

• Develop and distribute reports that measure the performance of different areas of the Agency’s portfolios

Knowledge, Skills and Abilities Required

• Experience working in a real estate development, management and/or finance environment 
• Experience interacting with legal counsel and staff, interpreting legal documents, and advising on language improvements
• The ability to create solutions to move financial transactions forward to a closing and develop ongoing processing systems
• An ability to view transactions and programs from a top-down level and the desire to tackle new projects and improve the processes related to existing ones
• Experience and skills in program and system development and implementation
• Experience with general ledger accounting and loan systems. Benedict and/or FICS loan software experience is a plus. Microsoft Excel experience is required
• The ability to communicate clearly and effectively both orally and in writing. The ability to negotiate with both internal and external business partners timely, accurately and thoroughly

• The ability to mentor, supervise and lead a team of financial professionals

• Strong negotiating and problem-solving skills required

Minimum Education and Training
 

• Bachelor’s degree (master's degree preferred) in Accounting or Finance, Public Administration, or a related field, or equivalent work experience
• Ten to fifteen years’ experience in real estate finance, management/development or banking at a senior manager/controller level
• General ledger and system implementation knowledge
• Experience with federal housing subsidy programs preferred

Salary Range: $153,333.34 to $199,332.81 

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service.  Inherent in these values is our commitment to diversity, equity, and inclusion for all.

This position has been designated as Mobile under MassHousing’s Alternative Work Schedule (AWS)-hybrid work model.  However, during the first 90 days, the employee may be expected in the office more frequently for training and onboarding.

MassHousing is an Equal Opportunity Employer