Executive Job Description | VP LOAN WORKOUT MANAGER
Position Summary:
The primary responsibility is to direct the management and risk mitigation of delinquent, seriously delinquent, and foreclosed assets. This individual is directly responsible for all collections, loss mitigation, formal workouts, charge-offs, and loan recoveries. The Workout Manager will also be responsible for the management and disposition of foreclosed properties in a timely, cost effective manner, minimizing financial losses to the Bank.
Essential Duties and Responsibilities:
Communicating regularly and effectively with mortgagors that are seriously delinquent in order to identify and counsel borrowers on best workout options available.
" Obtaining all necessary documentation, including updated financial information, from mortgagors, etc. and coordinating workouts with applicable internal departments.
" Negotiating workouts with all involved parties (borrowers, guarantors, investors, brokers, etc.) from initial workout request to final closed of workout.
" Handling a more complicated level of workout cases such as loan modifications, short sales, Deed-in-Lieu, etc.
" Providing proper and timely response to mortgagors while communicating regularly and effectively with other departments.
" Completing documentation of workout efforts (including communications, reason for default, workout/payment plans, updated phone numbers and mailing addresses) and ensuring information is part of the permanent loan file.
" Assist Collection Officer with problem accounts, complaint calls, correspondence, and train and delegate workout responsibilities as appropriate.
" Oversee the evaluation of non-performing loans (foreclosures) for OREO asset collections. Preserve and maintain REO property, direct property preservation activities, including security, maintenance, insurance, and cleanup.
" Design and implement appropriate collection strategies to limit losses.
" Detect early warning signs, loan inherent deficiencies, and communicate problem assets, loan weaknesses to Credit Risk Management for appropriate reserve allocation and loan risk rating levels.
Key Relationships
" Chief Lending Officer
" Credit Risk Officer
" Credit Officer
" Loan Servicing/Administration Officer
" Loan Servicing Vendors
" Loan Officers
Background and Experience:
" Basic knowledge of loan collection techniques, policies, procedures, and principles of credit lending.
" Must be able to correlate varied data, draw conclusions, communicate effectively, and make recommendations as needed.
" Strong negotiation, influencing, and management skills.
" Working understanding of collection loans and regulations.
" Minimum five years of related experience.
" A bachelor's degree.
" Excellent verbal, written communication and organizational skills.
" Knowledge of Microsoft Excel, Word, and Access.
" Ability to resolve moderate problems with minimal guidance.
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