Residential Workout Specialist
Community & Regional Banks
The selected person will perform loan workout and administrative services for delinquent residential loans owed to the Bank. The Residential Workout Specialist will use various forms of contact, persuasiveness and negotiating skills to the extent allowed by federal and state laws and bank policy. In addition, this individual will seek to mitigate risk, minimize credit losses and maximize returns to the Bank under the direction of the First Vice President, Senior Loan Review Officer.
- Process residential loan modification requests including reviewing documents and determining whether the borrower meets the requirements for a loan modification. The process will include detailed analysis of the loan history, collateral and financial analysis. Make recommendation for each request to the loan modification committee and maintain loan modification spreadsheet to track number of requests, etc.
- Identify, prepare and deliver default letters for delinquent residential loans accounts (i.e. 35B analysis, 90-day right to cure, and 30-day default letters). Also, identify loans to be accelerated (demand letters) by Bank counsel. Track default and demand letter information, as required.
- Determine the appropriate action plan and resolution which may include loan modifications, forbearance agreements, sale of the collateral, foreclosure of the collateral or other action plans as required. All action plans must be approved by the First Vice President, Senior Loan Review Officer.
- Engage Bank counsel as required for loan workout and Bankruptcy proceedings as needed.
- Communication with Bank counsel until resolution of the loan workout or Bankruptcy case is achieved.
- Prepare draft of various department reports for review by the First Vice President, Senior Loan Review Officer and update these reports for assigned portfolio.
- Maintain workout folders for assigned portfolio and perform projects as assigned by First Vice President, Senior Loan Review Officer.
- Assist Loan Collection Servicer with collection calls and consumer set offs as needed.
- Knowledge of Debt Collection Practices Act.