Position: Loan Workout Specialist
Department: Lending Department
Reporting to: Chief Credit Officer
FLSA Classification: Exempt
Summary of Position: Summarize the job function.
Responsible for developing workout plans for commercial loans. Ensures that these accounts are properly monitored for debt repayment or in the alternative, foreclosure/liquidation of assets to minimize or prevent loss or maximize recovery.
Essential Functions: Provide a detailed list of the primary job responsibilities.
1. Create strategies and action plans to obtain repayment of problem loans.
2. Consult with loan officer in handling of delinquent/problem accounts within loan portfolio.
3. Assess status of delinquent accounts and recommends solutions.
4. Recommend appropriate workout plans on loans which translates into acceptable payments or in the alternative; moves the account towards foreclosure/liquidation.
5. Conduct credit analysis and prepare credit memos for proposed TDRs
6. Perform reviews of the problem loans with the ability to properly analyze documentation issues, along with awareness of the financial situation.
7. Monitor the progress of workout accounts and recommends any required changes in action necessary to minimize loss or prevent loss.
8. Negotiate with attorneys and debtors to secure appropriate workout arrangements.
9. Recommend accounting changes for non-accrual and charged-off loans.
10. Consult with lenders on non-managed problem loans.
11. Assist the manager in the monitoring of accounts being handled in the loan workout process.
12. Perform other duties and responsibilities as required or assigned.
Qualifications: Describe the required qualifications for this position.
1. Strong quantitative and qualitative analytical skills.
2. Strong knowledge of loan review, credit risk, and loan documentation.
3. Keen attention to detail.
4. Strong interpersonal skills and ability to build effective working relationships.
5. Ability to effectively and clearly communicate in the English language.
6. Strong working knowledge of relevant computer software including Microsoft Office.
7. Exceptional written and verbal presentation skills.
8. Ability to work well in a fast-paced, deadline driven environment.
9. Ability to work independently with minimal supervision.
Requirements: List below specific background, education and training necessary for this job.
1. Four-year degree in business or equivalent combination of formal training and experience.
2. Three to five years lending experience in the financial services industry.
3. Proficient in Microsoft Office Suite, with advanced knowledge of Excel and Access.
4. Proficient use of internet and intranet.