Loan Workout Specialist

Position Summary

Responsible for managing and executing strategies to recover non-performing and distressed assets by focusing on minimizing credit losses, developing effective restructuring strategies, and working directly with borrowers to negotiate payment solutions. Works closely with the credit, lending, and special assets teams to develop and implement workout plans, negotiate settlements, and oversee the disposition of collateral.

Essential Functions

• Manage assigned portfolio of criticized, classified and delinquent loans.
• Develop and recommend loan modification, forbearance, restructuring, or liquidating strategies.
• Negotiate repayment plans, extensions, modifications, and settlements with borrowers.
• Monitor borrower performance and adherence to workout agreements.
• Oversee liquidation strategies for commercial and SBA loans; provide direction to the Bank's sub-servicer in managing residential foreclosures.
• Cookordination and monitoring of asset recovery-related litigation handled by outside counsel; maintain oversight guidelines and support additional litigation matters as directed.
• Review and manage policies and procedures related to the engagement and oversight of outside counsel.
• Evaluate legal invoices for reasonableness and contribute to strategies aimed at reducing legal expenses.
• Ensure timely execution of foreclosure actions and SBA filings in accordance with regulatory and internal timelines.
• Analyze portfolio performance and recovery metrics; prepare and present regular reports to senior management.
• Participate in credit committee meetings, present workout strategies and finalize minutes of meetings.
• Manage the review, tracking, and response to subpoenas and other legal requests.
• Support other departments with levies, garnishments, and customer complaints as directed by Loan Servicing Manager or Executive Management.
• Ensure Bank systems are accurately updated with current information related to collections and asset recovery activities.
• Manage the review, tracking, and response to subpoenas and other legal requests.
• Support other departments with levies, garnishments, and customer complaints as directed by Loan Servicing Manager or Executive Management.
• Avoid Bank systems are accurately updated with current information related to collections and asset recovery activities.
• Assist in the sale and transfer of loans to third-party investors under the direction of Executive Management.
• Other duties as assigned.

Job Requirements And Qualifications

• Thorough understanding of Bank's structure
• High-level analytic skills
• Able to navigate bank systems and third-party systems to gather data and documentation for collection, foreclosure and litigation activity.

Education And Experience

• Bachelor's degree in business, finance or a related field.
• Minimum of 5-7 years of experience in collections, asset recovery or related field, preferably within the banking or financial services industry.
• Strong knowledge of federal and state collections laws and regulations.
• Experience with legal proceedings related to debt collection is highly preferred.

Knowledge, Skills, And Abilities

• High-level oral and written communication skills
• Good computer skills in a Microsoft Windows environment including proficiency in Word and Excel
• Ability to calculate figures and amounts and use elementary mathematical concepts
• Ability to effectively present information and respond to inquiries
• Ability to speak and write clearly in order to effectively convey information so that others understand and as appropriate for the needs of the audience
• Ability to apply common sense understanding to carry out written and oral instructions
• Ability to work independently with supervision
• Ability to effectively handle multiple tasks and meet deadlines
• MS Word Suite

Salary

$83234.00 - $107610.00 per year