Commercial Workout Officer
- Job Title
- Commercial Workout Officer
- Job ID
- Syracuse, NY 13204
- Other Location
Job Title: Commercial Workout Officer
Location: Syracuse NY or Utica NY
Summary: Commercial Workout Officer restructures problem loans for commercial and residential clients. Negotiates with borrowers to better secure collateral and/or assets of the borrower. Being a Commercial Workout Officer works with loans of moderate size and complexity. Additionally, Commercial Workout Officer typically reports to a head of a unit/department. The Commercial Workout Officer gains exposure to some of the complex tasks within the job function. To be a Commercial Workout Officer typically requires 2 to 4 years of related experience.
- On problem credits, works collaborates with borrowers to review and restructure credit and repayment terms, secure collateral, or otherwise establish recourse to other borrower assets to prevent charge-off.
- Initiates calls to borrower to discuss collection payment. Discuss the problem with the borrower and options available to correct the problem.
- Manages the litigation process in coordination with inside and outside counsel. Works closely with various internal departments.
- Updates status and plans of action for commercial workout accounts. Include status, plan of action, and time frame for follow-up purposes.
- Directs and manages the 90+ retail credits and oversees foreclosure actions.
- Review of current information, collateral, and status to determine likelihood of repayment. Determines alternatives or exit strategy.
- Completes proposal of work-out strategy for bank approval. Provide supporting documentation. Prepares letter of intent listing terms and conditions of workout.
- Four-year college degree, plus 2-4 years related experience and/or training, or equivalent combination of education and experience.
- Strong analytical skills. Ability to read, analyze, and understand financial reports, and legal documents.
- Exceptional customer service skills. Ability to respond to complex or difficult inquiries or complaints from customers, regulatory agencies, or members of the business community.
- Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, and percentages.
- Intermediate proficiency with accounting, Excel, and Word
- Self-motivated and can work independently
- Excellent verbal and written communication skills