Senior Associate, Asset Management & Servicing
Fully Remote Richmond, VA
Description

About LOCUS Impact Investing:


LOCUS Impact Investing is a national nonprofit consulting organization and mission-driven registered investment advisor firm providing a comprehensive set of tools to the increasing number of foundations and place-focused impact institutions looking for innovative ways to invest in and transform communities. LOCUS believes that philanthropy and mission-driven investors should work alongside communities to grow economies that work for all. We partner with these impact investors to redefine their role as capital providers, activate investments and endowments for community impact, and use their capital as a tool to drive equitable prosperity. LOCUS is a wholly owned subsidiary of the non-profit, VCC Social Enterprises. For more information about LOCUS visit https://locusimpactinvesting.org.



About VCC Social Enterprises

VCC Social Enterprises is a nonprofit holding company regulated by the Federal Reserve. VCC Social Enterprises is the parent organization for Virginia Community Capital, VCC Bank, and LOCUS Impact Investing. Virginia Community Capital (VCC) is a $275 million community development financial institution (CDFI) with a mission to create jobs, energize places, and promote an enhanced quality of life in our communities. With offices in Christiansburg, Norfolk, and Richmond, VCC offers innovative and flexible financing tools and professional advisory services to individuals and organizations in low-to-moderate income and underserved communities. VCC Bank is an FDIC-insured, certified bank and B Corp offering products tailored to socially conscious investors, along with personal and business checking, savings, and certificate of deposit accounts. VCC Bank is a majority-owned subsidiary of VCC Social Enterprises. Member FDIC. Equal Housing Lender. Learn more at www.vacommunitycapital.org.


Position Overview:

LOCUS provides Asset Management & Servicing to place-focused philanthropic institutions and impact investing funds to help them more efficiently and effectively make impact investments. These services include asset maintenance, cash management, payments and disbursements, risk monitoring, and both financial and impact reporting to clients and their funders. LOCUS currently leverages a small team using a loan servicing platform as the basis for this product offering. The platform is in in the early phases of upgrading technologically to better meet the needs and expectations of impact investors in terms of quality, capabilities, flexibility, and price.


The Senior Associate will be responsible for 1) fully managing the servicing of client asset portfolios within system of record; including asset onboarding, transaction processing, billing activity, monitoring, and reporting; 2) problem-solving information discrepancies arising in reconciliation and reporting cycles; 3) interacting with and providing the highest quality of service to assigned external and internal client relationships; 4) working with borrowers, investees, and other stakeholders to resolve issues; 5) supporting and guiding migration to new technology platform; and 6) identifying and implementing process improvements.


This is a unique opportunity to join a mission-aligned organization in the early stage of growth and contribute to the emerging field of local impact investing by place-focused institutions throughout the country.


The role requires someone with strong operational, problem-solving and project management skills, an inquisitive analytical approach, an interest in understanding the legal documentation and operational systems associated with loan, guarantee, equity and hybrid impact investments, and the ability to be nimble and thrive in a fast-paced environment. This individual must also be able to provide a high-level of service to internal and external customers, as well as share the commitment to the mission of the organization. 


Ideal candidate will have a background in loan servicing. Understanding loan and equity accounting, reviewing, and assessing legal documentation, and working through credit and risk evaluations (e.g., underwriting loan amendment requests) is essential. Loan management system experience with a platform like FISERV or Finastra is critical. Position is remote with preference for residents of Virginia, Washington DC, Maryland, North Carolina, Georgia, New Jersey, New York, Nebraska, West Virginia, Florida, Colorado 


Requirements
  • Living and representing the values and mission of the organization – keeping diverse, equitable, and inclusive impact at the center of all leadership and execution.
  • Managing client expectations and ensuring superior client satisfaction for assigned client relationships, including:
  • Quality control of client and other stakeholder deliverables
  • Support of new business development efforts
  • Executing the core Asset Servicing cycles:
  • Onboarding new clients and their assets into LOCUS system.
  • Understanding and abstracting complex asset documentation 
  • Transacting between investors/investees
  • Billing, payments, disbursements, management fees, and portfolio reconciliations.
  • Monitoring asset quality:
  • Collecting and recording investee data and covenant tracking
  • Reviewing asset and conducting credit risk reviews.
  • Reporting financial and impact results for client, investors, investees, accountants, and other stakeholders 
  • Developing and improving products and services:
  • Collaboratively designing and creating new client report 
  • Identify and implement process improvements
  • Problem-solving and troubleshooting with creative and data driven analysis
  • Supporting and guiding migration to new technology platform
  • Leading LOCUS Asset Management SOC audit data request response
  • Working cross-functionally with other departments to identify requirements and manage implementation of new asset servicing related products and systems


Qualifications and Required Skills:


Technical and functional:

  • Undergraduate degree in business area (Accounting, Finance, Business Information Technology) or relevant technical experience
  • Asset management experience including loan and equity accounting, legal documentation review and assessment, and credit and risk evaluation (underwriting and due diligence)
  • Strong analytical and problem-solving skills with the ability to lead & manage complex project work
  • Strong Excel skills required. Experience in report writing (SQL based) a plus
  • Experience with Core Loan Processing system or similar system preferred (e.g., FISERV, Finastra)
  • Demonstrated knowledge of IT concepts and trends. Ability to quickly learn and implement new software tools as required
  • Access to high-speed internet bandwidth required and reasonable proximity to major metropolitan airport


People skills:

  • Proactive, self-starter with excellent project management skills and ability to manage multiple tasks effectively
  • Comfort with 100% remote work primarily conducted in home-office on videoconference
  • Proven track record of delivering high quality customer service to internal and external clients
  • Commitment to engaging in a diverse, equitable, and inclusive work environment, with a particular focus on achieving equitable outcomes
  • Excellent communication and presentation that supports teamwork – conveys insights to peers and managers quickly and concisely
  • Well-developed organizational and decision-making skills, adaptability to changing priorities


Industry-related:

  • 3+ years of relevant work experience related to loan servicing, asset management, reporting and system analysis, operational analysis, or accounting. Preferably in community development, banking, financial services and/or investment management fields
  • Experience, knowledge of, or interest in community development financing and impact investing
  • Experience, knowledge of, or interest in working with place-focused philanthropic institutions and impact investing funds


Salary & Benefits:

  • Annual salary depending on skills and experience
  • Bonus opportunity if bonuses are paid in any given calendar year
  • 17-days of PTO per year
  • 11-Paid holidays per year
  • Medical, dental, vision, short- and long-term disability insurance
  • 401k savings plan with employer match
  • Life Insurance
  • Fully Remote Position



 

Click Link to Apply, or mail or fax resume with cover letter to:

Human Resources

VCC Social Enterprises

7814 Carousel Lane, Suite 100

Richmond, VA 23294

Fax: 804-939-6180



LOCUS is an Equal Opportunity Employer. LOCUS does not discriminate in hiring or employment practices based on race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disability, or status as a veteran.