Commercial Collections & Workout Officer

Salary Grade: 20

SUMMARY:

Reports to Managing Director Commercial Collections and Workout. Helps identify and manage problem loans and devises appropriate loan workout strategies to either restore credit quality in a timely manner or to pursue an exit strategy that minimizes losses.

ESSENTIAL JOB FUNCTIONS & RESPONSIBILITIES:

• Reporting to Managing Director Commercial Collections and Workout helps identify and manage problem commercial loans.
• Assists commercial lenders with collection efforts and workout strategies for problem loans.
• Serves as Relationship Manager/Account Officer for select loans re-assigned to the Workout Department, including legal action and foreclosure, as needed.
• Monitors and collects payments on problem loans, if necessary.
• Develops loan workout strategies that restore credit quality in a timely manner or pursues an exit strategy that minimizes losses.
• Performs any duties required of a Commercial Loan Officer that are necessary as part of the workout strategy for an account. These duties include, but are not limited to: obtaining and analyzing financial information from the borrower; visiting client operations to check on the condition of business space, equipment and overall operations; assigning loan ratings; extending, reviewing, renewing and modifying credit; developing and maintaining a credit file on each borrower complete with memos, financial data, correspondence, and other pertinent documents.
• Engages the services of attorneys, when applicable, for any aspect of a workout strategy or recovery and liquidation of collateral that requires legal advice and/or representation.
• Helps determine the amount of any commercial loan to be charged off and recommends the charge-off to Collection Committee for its approval.
• Monitors charged off loans and continues collections efforts on those loans, if appropriate, either internally or through the hiring of outside collections agencies.
• Arranges commercial foreclosure actions, including: 1) hiring an attorney, 2) sending out legally required notices, 3) hiring an auctioneer, 4) advertising the auction date.
• Represents the Bank at commercial foreclosure auctions with the authority to sign any applicable legal documents on behalf of the Bank and to bid in accordance with the Collections Committee's guidelines.
• Helps manage commercial OREO and other foreclosed assets, including determining the value of the assets and documenting the efforts to dispose of the assets. Helps dispose of such assets in a manner that is consistent with legal and regulatory requirements and maximizes monetary recovery.
• Keeps current concerning regulatory and legal requirements pertaining to commercial lending, workout, collections, and the recovery and liquidation of collateral.
• Provides proper documentation for all aspects of collections and workout efforts including, but not limited to loan modifications, determining the value of assets, and proper accounting of OREOs, foreclosures and charge-offs.

QUALIFICATIONS:

EDUCATION & CERTIFICATIONS: (Minimum education required to perform the duties of this position)

• Bachelor's degree in business, accounting, and/or finance or its equivalent.

KNOWLEDGE, SKILLS & ABILITIES:

• Specialized training in lending, credit, or related subjects.
• Three years of progressively responsible consumer, residential and commercial lending experience.
• Demonstrated success in credit analysis; ability to analyze financial statements and present recommendations.
• Strong verbal and written communication skills and the ability to perform job requirements with thoroughness, confidentiality, and the utmost professionalism.

COMPETENCIES:

• Must have cyber security awareness to protect the digital environment, the Bank, and customers.