Loan Workout Officer

Job Details

Description

Summary: The Loan Workout Officer is responsible for interacting with all loan officers throughout the bank to ensure proper identification and management of risk in the portfolio. The role is also responsible for reporting to the Chief Credit Officer and Executive Management all pertinent problem loan information, including current loan status, workout strategies and other relevant details.

Salary commensurate with experience, ranging from $140,000 to $160,000 annually. The exact compensation may vary based on relevant experience, skills, education, training, licensure and certifications, and location.

All applicants must attach a recent resume. This is not a remote role.

Responsibilities

Responsible for the oversight of problem loans. Coordinate with lending officers as problems become evident and, identify workout/exit strategies.Prepare quarterly classified sheets on workout accounts and ensure appropriateness of risk rating and follow up for updated financial disclosure.Work directly with borrowers to restructure problem loans in an attempt to maximize recovery and minimize risk and expenses.Coordinate with Bank-approved attorneys in legal actions that are taken against delinquent borrowers.Provide information regarding the collectability of workout assets to the Director of Credit Administration for the quarterly preparation of individual loan analyses.Identify and discuss potential non-performing loan sales upon concurrence to sell, solicit bids, and negotiate with prospective buyers including preparing confidentiality agreements for execution, acceptance of letters of interest and negotiating mortgage loan purchase and sale. Maintain contact with prospective note buyers and brokers.Make appropriate updates to the Workout Report and make recommendations to Executive Management at the Workout Meeting regarding risk rating, reserve, and charge-off recommendations, along with strategy for collection of problem loans.Manage REO/foreclosed properties, operating budgets, and expenses.Oversee analysis of collateral properties and OREO properties and their corresponding markets to determine and recommend appropriate disposition strategies, book values and charge-offs in conformance with Bank policies and procedures.Keep abreast of new developments and changes in the law, as it relates to collections, bankruptcy, SBA SOP’s, loan workout and all related regulatory and compliance guideline changes.All other duties and responsibilities as assigned.

Qualifications

Bachelor’s Degree with minimum 3 years’ Lending/Loan Workout experience.Understanding of all federal regulations related to lending and collections.Formal credit training or commensurate experience.Working knowledge of Contract Law and Creditors Rights in Bankruptcy cases required.Excellent organization skills.Basic PC, Network, Outlook, and Microsoft Office.Working knowledge of applicable aspects of Bank compliance.Ability to effectively communicate with customers, attorneys, management, and Executive Management.Must have the ability to diffuse contentious situations and negotiate terms of a Workout Agreement suitable to the customer and the bank.