Asset Management Reserve Associate (Commercial Real Estate)

About Us:

The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.

Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $15 billion to finance the creation and preservation of more than 230,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.

As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.

Role Summary:

The Reserve Associate is responsible for the administration, oversight, and analysis of repair and replacement reserves, immediate repairs, and capital improvement requirements for an assigned multifamily commercial mortgage portfolio. The role exercises independent judgment in evaluating reserve disbursement requests, assessing compliance with loan documents and investor requirements, identifying portfolio risks, and recommending appropriate resolutions. The Reserve Associate partners closely with Asset Management, Surveillance, Credit, Legal, borrowers, and third-party consultants to ensure reserve requirements are effectively managed and portfolio risk is mitigated. In addition to managing day-to-day reserve activities, the position contributes to process improvement initiatives, operational enhancements, reporting, and control functions that support the Asset Performance & Oversight team.

What You’ll Do:

• Independently manage an assigned portfolio of loans with reserve requirements, ensuring compliance with loan documents, Agency guidelines, servicing agreements, and internal policies.

• Review and evaluate reserve draw requests, exercising judgment to determine eligibility, identify exceptions, and recommend approval, denial, or escalation.

• Analyze reserve activity, property condition information, and repair progress to identify emerging risks and proactively recommend corrective actions.

• Monitor compliance with immediate repair requirements, deferred maintenance obligations, life-safety items, insurance-related repairs, and capital improvement plans.

• Coordinate and oversee Property Needs Assessments (PNAs), engineering reports, inspections, and other third-party reviews to support reserve administration and risk management.

• Interpret loan documents, reserve agreements, inspection reports, and investor requirements to ensure accurate application of servicing standards.

• Serve as a primary point of contact for borrowers, property managers, consultants, attorneys, and vendors regarding reserve-related matters and compliance requirements.

• Partner with Asset Managers and other servicing teams to evaluate property performance concerns and recommend appropriate reserve-related solutions.

• Prepare portfolio analyses, exception reports, trend reporting, and management summaries to support decision-making and risk oversight.

• Support investor, Agency, and audit requests through research, analysis, and documentation review.

• Identify opportunities to improve operational efficiency, controls, reporting, and reserve administration practices; participate in the implementation of process improvements and workflow enhancements.

• Assist in training team members and promoting consistent application of reserve policies and procedures across the Asset Performance function.

• Support in ad-hoc or team projects as assigned.

Skills and Experience:

• Bachelor’s degree in Finance, Real Estate, Business, Construction Management, or a related field preferred.

• 3+ years of experience in commercial real estate servicing, asset management, reserve administration, construction review, property operations, or related field ideal.

• Experience reviewing and interpreting loan documents, reserve requirements, and investor guidelines.

• Familiarity with Fannie Mae, Freddie Mac, FHA, or other commercial real estate servicing programs preferred.

• Strong analytical, problem-solving, and decision-making skills.

• Ability to assess risk, identify issues, and recommend appropriate resolutions.

• Strong organizational skills with the ability to manage a portfolio of responsibilities independently.

• Excellent written and verbal communication skills with the ability to interact effectively with borrowers, consultants, attorneys, investors, and internal stakeholders.

• Advanced proficiency in Microsoft Excel and experience working with servicing, workflow, and reporting systems.

• Ability to manage competing priorities in a fast-paced environment while maintaining a high degree of accuracy and professionalism.

• Occasional travel as business needs require.

What We Offer:

• Competitive compensation

• 401(k) retirement plans with employer match

• Medical, dental, and vision benefits for employees and their dependents

• Commuter benefits

• PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability

• Tuition assistance program

• Two “work from anywhere” weeks per year

• Summer Fridays

• Collaborative working spaces

• Service days to support our communities

• Employee development and engagement events

• More about our offerings and culture here

This is a remote role available in Missouri, Kansas, and Texas. Periodic travel to our Manhattan or Chappaqua, NY office may be required. The salary range is $75,000 – $90,000, dependent on experience and market factors.

Applicants must be authorized to work in the United States. The Community Preservation Corporation does not provide employment sponsorship of any kind. Candidates are responsible for ensuring they meet all minimum qualifications for the position at the time of application.

The Community Preservation Corporation is an Equal Opportunity Employer, and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.