Loan Workout Officer Job at Valley Bank, Fairfield, Essex County, NJ

R0JRcGR4eEVlMWdiTGlFQzNHUldaV2p0RWc9PQ==
  • Valley Bank
  • Fairfield, Essex County, NJ

Job Description

Job Overview

The Workout Officer seeks repayment of commercial loans and commercial mortgages that are in default or that have an impaired likelihood of recovery.

Responsibilities include but are not limited to:

  • Restructure problem loans by implementing an amortization plan based on the borrower's realistic ability to repay.
  • Seek alternate means of loan repayment through the liquidation of collateral, when necessary, in an effort to protect the bank's interest.
  • Reduce the overall degree of risk associated with Special Asset credits.
  • Guide outside counsel in collection strategy in order to maximize recovery.
  • Analyze financial statements, loan documents, and collateral to ascertain best collection route.
  • Make recommendations to senior management as to risk ratings, accrual of interest and charge-offs.
  • Review, analyze and correct any structural or documentation deficiencies and monitor the Bank's collateral position or liquidation of the collateral.
  • Frequent interaction with senior management regarding the status of problem loans.

Required Skills:

  • Working knowledge of and ability to use basic computer programs such as Word, Excel and Outlook.
  • Good mathematical skills
  • Excellent communication skills both written and verbal.
  • Ability to review and understand documents such as notes, guaranties, security agreements and mortgages, and the meaning of provisions and terms contained therein.
  • Ability to review and understand financial documents such as personal financial statements, credit reports and tax returns.
  • Basic understanding of legal proceedings and terms.
  • Excellent organizational skills and the ability to handle multiple projects and deadlines.
  • Effective interpersonal skills with management, colleagues, administrative staff, obligors and their advisors, in-house and outside counsel and members of other departments.

Required Experience:

  • Bachelor's degree and a minimum of five years related experience, or High School diploma and a minumum of 7 years of experience.
  • Valid driver's license.

Preferred Experience:

  • JD degree or training or experience with legal proceedings such as foreclosures, collections actions and bankruptcies preferred.

Job Tags

Bank staff,

Similar Jobs

Planet Fitness -

Join Our Planet Fitness Team Seniors Encouraged To Apply Job at Planet Fitness -

Planet Fitness Careers Team MemberAre you somebody that would love to work in a fun, positive, and energetic work environment? Do you like personal development? Do you want to better yourself? Is growing yourself each day important to you? Then this is the job for you... 

The Call Firm, LLC

Live Chat Agent Job at The Call Firm, LLC

We are looking for a motivated, friendly, and solution-oriented Remote Live Chat Agent to join our customer service team. As a Live Chat Agent, you will be responsible for responding to customer inquiries, resolving issues, and providing excellent service via live chat... 

Quintairos, Prieto, Wood, & Boyer, P.A.

Insurance Defense Attorney Job at Quintairos, Prieto, Wood, & Boyer, P.A.

 ...what you can expect as part of our team:Competitive Salary: Reflective of your experience, skills, and contributions.Medical, dental, and vision insurance to support your health and well-being.401(k) retirement savings plan with a competitive employer match.Generous... 

StateJobsNY

Office Assistant 1 Keyboarding (NY HELPS) Job at StateJobsNY

 ...Office Assistant examination: There are no minimum education or experience requirements. For the duration of the NY HELPS Program,...  ...qualifications of the title for which they apply. At this time, agencies may recruit and hire employees by making temporary appointments... 

Kwest Group

CDL A Truck Driver Job at Kwest Group

 ...Position: Dump Truck Driver Report to: Lead Truck Driver Job Description Overview Truck Drivers will be accountable for the safe operation of their assigned truck to transport and deposit construction supplies to their allocated construction site/project....