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

VjdrV0VXL1liYllzRnR3QTMyWi9pWnZoT2c9PQ==
  • 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

Net2Source Inc.

Siemens OPcenter / CamStar Technical consultant (Manufacturing domin) Job at Net2Source Inc.

Role: Siemens OPcenter / CamStar Technical consultant Location: Dallas, TX (Remote will also fine) Term: Fulltime -Direct Hire A dynamic professional with proven expertise in Siemens Opcenter Medical Devices / Camstar application in Manufacturing Execution domain...

Mindify Wellness And Care

Master of Social Work Job at Mindify Wellness And Care

 ...The Master of Social Work (MSW) is responsible for providing social work services to clients The MSW may work with individuals, families...  ...and interpersonal skills. ~ Ability to work independently and as part of a team. ~ Commitment to social justice and equity.... 

Staples Construction Company

Project Superintendent Job at Staples Construction Company

 ...Construction Project Superintendent Primary Function : Provide overall on-site management of Job Order Contracting (JOC) construction projects. The ideal candidate will have public works experience. The role will schedule, coordinate and supervise employee and subcontractor... 

Impact Staffing Solutions

Administrative Assistant Job at Impact Staffing Solutions

Non-profit in Fairfield County, CT is seeking a contract-to-hire Administrative Assistant to join their team. This position is Monday - Friday in the office with an hourly rate in the $30-$35 DOE and fabulous benefits once hired permanently. Responsibilities include...

Greenlife Healthcare Staffing

Physician Assistant / Per Diem Job at Greenlife Healthcare Staffing

 ...Physician Assistant /Per Diem- Newark, NJ (# R10010) Must have a minimum of 3 years experience in occupational medicine/orthopedic and emergency room care. Greenlife Healthcare Staffing is seeking a qualified Physician Assistant to provide medical services for...