Loan Workout Specialist
Unity Bank, Clinton, NJ, United States
Position Summary
Responsible for managing and executing strategies to recover non-performing and distressed assets by focusing on minimizing credit losses, developing effective restructuring strategies, and working directly with borrowers to negotiate payment solutions. Works closely with the credit, lending, and special assets teams to develop and implement workout plans, negotiate settlements, and oversee the disposition of collateral.
Lead efforts related to foreclosure, repossession, liquidation, and other recovery actions, coordinating with external counsel and vendors as needed. The role primarily requires strong analytical, negotiation, and project management skills, along with a deep understanding of commercial lending, credit risk, and asset recovery processes.
Essential Functions
Manage assigned portfolio of criticized, classified and delinquent loans.
Develop and recommend loan modification, forbearance, restructuring, or liquidating strategies.
Negotiate repayment plans, extensions, modifications, and settlements with borrowers.
Monitor borrower performance and adherence to workout agreements.
Oversee liquidation strategies for commercial and SBA loans; provide direction to the Bank's sub-servicer in managing residential foreclosures.
Coordinate and monitor asset recovery-related litigation handled by outside counsel; maintain oversight guidelines and support additional litigation matters as directed.
Review and manage policies and procedures related to the engagement and oversight of outside counsel.
Evaluate legal invoices for reasonableness and contribute to strategies aimed at reducing legal expenses.
Ensure timely execution of foreclosure actions and SBA filings in accordance with regulatory and internal timelines.
Analyze portfolio performance and recovery metrics; prepare and present regular reports to senior management.
Participate in credit committee meetings, present workout strategies and finalize minutes of meetings.
Manage the review, tracking, and response to subpoenas and other legal requests.
Support other departments with levies, garnishments, and customer complaints as directed by Loan Servicing Manager or Executive Management.
Ensure Bank systems are accurately updated with current information related to collections and asset recovery activities.
Maintain ownership of commercial loan document templates; revise and update standard forms upon request from lending units.
Review drafted loan documents and supporting materials prior to closing, as directed.
Assist in the sale and transfer of loans to third-party investors under the direction of Executive Management.
Other duties as assigned.
Job Requirements and Qualifications
Thorough understanding of Bank's structure
High-level analytic skills
Able to navigate bank systems and third-party systems to gather data and documentation for collection, foreclosure and litigation activity.
Education and Experience
Bachelor's degree in business, finance or a related field.
Minimum of 5-7 years of experience in collections, asset recovery or related field, preferably within the banking or financial services industry.
Strong knowledge of federal and state collections laws and regulations
Experience with legal proceedings related to debt collection is highly preferred.
Knowledge, Skills, and Abilities
High-level oral and written communication skills
Good computer skills in a Microsoft Windows environment including proficiency in Word and Excel
Ability to calculate figures and amounts and use elementary mathematical concepts
Ability to effectively present information and respond to inquiries
Ability to speak and write clearly in order to effectively convey information so that others understand and as appropriate for the needs of the audience
Ability to apply common sense understanding to carry out written and oral instructions.
Ability to work independently with supervision
Ability to effectively handle multiple tasks and meet deadlines
MS Word Suite
Equal Employment Opportunity Statement All qualified applicants will receive consideration for employment without regard to race, color, age, religion, gender, sexual orientation, gender identity, national origin, protected veteran status or disability.
Legal Statement This job description is not an employment agreement or contract, implied or otherwise. Unity Bank maintains "at will" employment.
Accommodation Statement Unity Bank commits to making reasonable accommodation to the known physical or mental limitations of qualified individuals with disabilities and qualified disabled veterans provided the individual is able to perform the essential functions of the job, unless such accommodation would impose an undue hardship upon Unity Bank. A qualified employee or job applicant with a disability may request a reasonable accommodation by contacting Unity Bank's human resources department.
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Lead efforts related to foreclosure, repossession, liquidation, and other recovery actions, coordinating with external counsel and vendors as needed. The role primarily requires strong analytical, negotiation, and project management skills, along with a deep understanding of commercial lending, credit risk, and asset recovery processes.
Essential Functions
Manage assigned portfolio of criticized, classified and delinquent loans.
Develop and recommend loan modification, forbearance, restructuring, or liquidating strategies.
Negotiate repayment plans, extensions, modifications, and settlements with borrowers.
Monitor borrower performance and adherence to workout agreements.
Oversee liquidation strategies for commercial and SBA loans; provide direction to the Bank's sub-servicer in managing residential foreclosures.
Coordinate and monitor asset recovery-related litigation handled by outside counsel; maintain oversight guidelines and support additional litigation matters as directed.
Review and manage policies and procedures related to the engagement and oversight of outside counsel.
Evaluate legal invoices for reasonableness and contribute to strategies aimed at reducing legal expenses.
Ensure timely execution of foreclosure actions and SBA filings in accordance with regulatory and internal timelines.
Analyze portfolio performance and recovery metrics; prepare and present regular reports to senior management.
Participate in credit committee meetings, present workout strategies and finalize minutes of meetings.
Manage the review, tracking, and response to subpoenas and other legal requests.
Support other departments with levies, garnishments, and customer complaints as directed by Loan Servicing Manager or Executive Management.
Ensure Bank systems are accurately updated with current information related to collections and asset recovery activities.
Maintain ownership of commercial loan document templates; revise and update standard forms upon request from lending units.
Review drafted loan documents and supporting materials prior to closing, as directed.
Assist in the sale and transfer of loans to third-party investors under the direction of Executive Management.
Other duties as assigned.
Job Requirements and Qualifications
Thorough understanding of Bank's structure
High-level analytic skills
Able to navigate bank systems and third-party systems to gather data and documentation for collection, foreclosure and litigation activity.
Education and Experience
Bachelor's degree in business, finance or a related field.
Minimum of 5-7 years of experience in collections, asset recovery or related field, preferably within the banking or financial services industry.
Strong knowledge of federal and state collections laws and regulations
Experience with legal proceedings related to debt collection is highly preferred.
Knowledge, Skills, and Abilities
High-level oral and written communication skills
Good computer skills in a Microsoft Windows environment including proficiency in Word and Excel
Ability to calculate figures and amounts and use elementary mathematical concepts
Ability to effectively present information and respond to inquiries
Ability to speak and write clearly in order to effectively convey information so that others understand and as appropriate for the needs of the audience
Ability to apply common sense understanding to carry out written and oral instructions.
Ability to work independently with supervision
Ability to effectively handle multiple tasks and meet deadlines
MS Word Suite
Equal Employment Opportunity Statement All qualified applicants will receive consideration for employment without regard to race, color, age, religion, gender, sexual orientation, gender identity, national origin, protected veteran status or disability.
Legal Statement This job description is not an employment agreement or contract, implied or otherwise. Unity Bank maintains "at will" employment.
Accommodation Statement Unity Bank commits to making reasonable accommodation to the known physical or mental limitations of qualified individuals with disabilities and qualified disabled veterans provided the individual is able to perform the essential functions of the job, unless such accommodation would impose an undue hardship upon Unity Bank. A qualified employee or job applicant with a disability may request a reasonable accommodation by contacting Unity Bank's human resources department.
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