The Senior Asset Manager's role in PNC's Tax Credit Solutions (TCS) group is to provide total quality and continuous improvement in tax credit program compliance and asset management for the tax credit business in general, and the New Markets Tax Credit (NMTC) and Historic Tax Credit (HTC) programs in particular.
The Asset Manager is expected to provide excellent customer service while effectively managing the risks of the tax credit portfolio.
Specific duties include but are not limited to preparing timely periodic reviews of the investments; monitoring construction status, lease-up activities, placed in service dates, and compliance with HTC program requirements; reviewing and approving equity installments; and monitoring and collecting cash returns. Additionally, the Senior Asset Manager will monitor cash management disbursements and compliance with NMTC program requirements; work with customers and CDE partners to ensure receipt of the subsequent review and analysis of required information; and coordinate with our service partners (Finance, Corporate Accounting, Tax, etc.) to ensure timely and accurate financial reporting for the NMTC portfolio.
- Oversees portfolios and/or customer request of high complexity and performs transaction analysis.
- Reviews and processes customer requests related to the servicing of assets, monitors watch list assets, and may transfer assets to special servicing area. Prepares and presents cases and approval memoranda for approval as designated and makes suitable recommendations to leadership. Reserve administration.
- May perform or coordinate inspections and complete reports.
- Reviews financial statements related to the asset, market and economic data to determine the economic impact and/or compliance impact for the operation of the assets. Interprets loan documents and servicing agreements. May perform risk ratings, create investor reports and escalate issues accordingly, and manage credit risk and compliance documentation. Identifies process improvement opportunities and may create and update policies and procedures as necessary.
- Engages in frequent verbal and written communication with internal and external parties which may include, high touch customers and their representatives, outside counsel, agencies, special servicers, and investors.
PNC Employees take pride in our reputation and to continue building upon that we expect our employees to be:
- Customer Focused - Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions.
- Managing Risk - Assessing and effectively managing all of the risks associated with their business objectives and activities to ensure they adhere to and support PNC's Enterprise Risk Management Framework.