Loan Workout Manager directs and manages a team of professionals in restructuring commercial loans. Works with lending personnel and borrowers to better secure collateral and/or assets of the borrower. Being a Loan Workout Manager is responsible for collecting potential loans that are viable. Develops programs and manages strategies to reach performance goals. Additionally, Loan Workout Manager provides guidance and oversight on high complexity or challenging loans. Requires a bachelor's degree. Typically reports to a head of a unit/department. The Loan Workout Manager typically manages through subordinate managers and professionals in larger groups of moderate complexity. Provides input to strategic decisions that affect the functional area of responsibility. May give input into developing the budget. Capable of resolving escalated issues arising from operations and requiring coordination with other departments. To be a Loan Workout Manager typically requires 3+ years of managerial experience. (Copyright 2024 Salary.com)
Our goal is to hire and retain talented people with engaging personalities and exceptional work ethics. We believe in recognizing and rewarding employees who consistently perform at a high level.
We offer competitive salaries based upon experience and a comprehensive benefits package upon satisfying eligibility conditions, including health and dental insurance, life insurance, short term and long term disability, and the Bank’s 401k Plan.
Position Summary:
Responsible for managing, monitoring, and resolving the bank's deteriorating and non-performing commercial and consumer loans. Other responsibilities will include participating in negotiations and related proceedings involving complex and difficult cases including SBA related loans; reviewing operational issues, verifying collateral, and pursuing collection opportunities; and having direct contact with borrowers and third-party vendors. This position calls for a strategic individual who thrives in a fast-paced environment who excels at problem resolution and managing various priorities simultaneously.
Duties & Responsibilities:
1. Manage a portfolio of problem loans and assist Loan Workout Manager with recommendations in the workout and foreclosure process, including Troubled Debt Restructurings, Forbearance Agreements and Deeds-In-Lieu of Foreclosure.
2. Assist with management of the OREO portfolio.
3. Coordinate with outside attorneys on more complex accounts, utilizing more in-depth knowledge of legal guidelines.
4. Reviews workout plans and recommendations with department management. Provides background information on accounts and supports recommendations with clear explanations of data, reasoning, and analysis.
5. Attends auctions of seized property to make minimum bids on assets to protect Company's financial position.
6. Attends and participates in portfolio reviews and committee meetings and makes recommendations on approval documents.
7. Completing other tasks as assigned.
Qualifications:
1. College Degree (B.S./B.A.) or equivalent job experience.
2. 7-10 years Commercial Banking/Loan Workout experience.
3. Knowledge of banking products, banking procedures and guidelines.
4. Problem Solving and problem resolution skills.
5. Strong oral and written communication skills.
6. Ability to work independently.
7. Excellent interpersonal skills.
8. Professional demeanor and appearance.
9. Self-motivated.
10. Proficient in Microsoft Office.
First Bank is an EEO/AA Employer, M/F-Disabled-Veteran and LGBTQ can apply to our company for employment opportunities.
Job Type: Full-time
Pay: From $103,000.00 per year
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Work Location: In person
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