Realty Management Division, Residential Mortgage Asset Management- Loss Mitigation, Vice President/Associate (Irving, TX
The Goldman Sachs Group, Inc. is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Bangalore, Hong Kong and other major financial centers around the world.
Divisional & Job Summary
Residential Mortgages Asset Management (RMAM) is a business unit within the Realty Management Division (RMD) primarily supporting the Securities division's Mortgage Loan Trading and Investment Banking's Structured Finance desks. RMAM is responsible for directing and facilitating due diligence (at both the deal and asset levels) for the acquisitions and sales/securitizations of residential loan portfolios, and ensuring completion of transaction closing requirements. Post trade RMAM is responsible for the Asset management and facilitation of the portfolio's strategies.
RMAM is seeking a Loss Mitigation Asset Manager to maintain the strategic view and execution of business objectives for Goldman Sachs' Whole loan residential portfolio. The Asset Manager will oversee third party servicing, working with the Servicer(s) to develop and implement strategies to maximize returns. Ongoing communication with Senior Management and the Trading Desk regarding performance, potential risks and hurdles, and individual asset analysis is expected.
- Review potential loss mitigation alternatives presented by the Servicer(s) and provide investor approvals/denials as determined by a detailed analysis of the loan characteristics
- Review any litigated and contested loans and provide detailed feedback to GS legal and outside counsel as required.
- Collaborate with the Analytics team to create and prioritize operational reports pertinent to measuring performance and identifying potential servicing risks
- Work with Servicer(s) of the portfolio to develop and implement the strategic and tactical plan necessary to monetize the portfolio to meet or exceed IRR objectives
- Meet regularly with the Servicer(s) to review results and make recommendations to improve portfolio performance.
- Evaluate default practices at the Servicer(s) to identify potential delays and make recommendations for improvements
- Work with Servicer(s) to understand the resource needs of each project/campaign (skills, expertise, and timing) and provide guidance and recommendations on the coordination and implementation of such projects.
- Work closely with the Residential Mortgage Loan Trading Desk to examine trade performance to enhance future deal pricing and modeling
- Analyze portfolio performance through financial models and forecasting to determine future collections/operational strategies
- Ensure Servicer(s) deliver all performance related reports on schedule as required in the respective Servicing Agreement(s)
- Identify market trends that may impact performance and make strategy recommendations and adjustments
- May be required to assist with annual on-site audits of the Servicer(s)
- Assist with Servicer(s)/ vendor contract negotiations and GS Vendor Management office oversight requirements
- Ability to manage inquires and escalated issues raised by Servicer(s)
- Support other departmental teams as needed (e.g., Jumbo Conduit, Due Diligence, Repurchase Team, Whole Loan Reporting, and Trade Desk Support)
- Assist in updating departmental policies/procedures; ensure departmental and firm wide guidelines are followed
- Communicate the firm's goals and objectives
- Perform other duties as assigned
Basic Qualifications• Minimum 7 years of extensive residential mortgage loan originations and/or servicing experience, with a familiarity of various mortgage products, and an emphasis in Default Servicing and Loss Mitigation practices (foreclosure, bankruptcy, loss mitigation, and REO) pertaining to residential mortgage assets
- Independent thinker who will be proactive, assertive and professional in dealings with internal/external business partners, other RMD/RMAM teams, and senior managers; be able to work under pressure and deliver exceptional results
- Possess excellent time management/organizational skills with a keen eye toward attention to detail; must have ability to handle a high-stress, fast-paced environment, and aggressive deadlines with minimum supervision; successfully meet established project requirements and deadlines; must have ability to work independently and multi-task
- Strong ability to organize, analyze and interpret legal and compliance related materials
- Self-confident, possess good judgment, and sound decision making and problem solving skills
- Outstanding initiative and excellent communication/presentation skills (both verbal and written)
- Advanced proficiencies in MS Excel
- Capable of recommending modifications to existing policies/procedures to control risk and improve performance/efficiencies
- Must have ability to travel and work extended hours as needed
Goldman Sachs is an equal employment/affirmative action employer Female/Minority/Disability/Vet. © The Goldman Sachs Group, Inc., 2015. All rights reserved.
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