Loan Workout Officer
Fairfield, New Jersey, United States of America
Full Time
1 week ago
Key skills
CommunicationDecision Making
About this role
Responsibilities include but are not limited to:
- Lead the end to end management of a portfolio of criticized, classified, and non performing commercial loans.
- Develop and execute strategic and legal action plans for each relationship, for cost effective maximum recovery for the bank.
- Maintain strict oversight of financial performance, covenant compliance, collateral integrity, and borrower‐operating trends.
- Identify emerging risks early and take immediate corrective action to minimize loss exposure.
- Conduct financial, cash flow, collateral, and global exposure analyses to determine the most effective workout strategy.
- Recommend forbearance structures, repayment strategies, liquidations, or exits based on quantitative and qualitative assessments.
- Prepare clear, defensible credit memoranda and recommendations for senior credit authorities.
- Lead negotiations with borrowers, guarantors, and third parties with a firm, disciplined approach that prioritizes the Bank's recovery and risk position.
- Establish performance expectations, enforce compliance timelines, and escalate when borrowers fail to meet requirements.
- Build professional but authoritative borrower relationships that drive transparency and accountability.
- Partner closely with internal and external legal counsel on litigation, bankruptcy, foreclosure, receivership, and other enforcement actions.
- Ensure full adherence to regulatory guidance, including OCC requirements for problem loan oversight, classification accuracy, and documentation integrity.
- Maintain complete and audit ready files, action plans, and system records.
- Provide clear direction and subject matter expertise to internal partners, including credit risk, operations, valuation teams, and senior management.
- Communicate credit deterioration, strategic options, and projected losses with precision and urgency.
Required Skills:
- Strong command of commercial credit, financial statement analysis, and collateral valuation.
- Proven experience resolving complex distressed credits and negotiating restructures.
- High level of judgment, assertiveness, and decision making ability.
- Excellent written and verbal communication skills, especially in high stakes borrower and attorney interactions.
- Ability to manage a high volume of criticized relationships while maintaining accuracy, timeliness, and regulatory compliance.
- Ability to use basic computer programs such as Word, Excel, Teams, Zoom and Outlook.
- The ability to review and understand documents such as notes, guaranties, security agreements and mortgages, and the meaning and significance of provisions and terms contained therein.
- Understanding of legal proceedings and terms.
- Excellent organizational skills and the ability to handle multiple projects and deadlines.
Required Experience:
- High School Diploma or GED equivalent and a minimum of 7 years of related experience.
Preferred Experience:
- Bachelor's Degree and a minimum of 5 years' related experience, JD degree or training or experience with legal proceedings such as foreclosures, collections actions and bankruptcies.