What are the responsibilities and job description for the Senior Credit Workout Officer IV position at Northwest Bank?
Job Description
The Senior Credit Workout Officer IV is responsible for a variety of duties including (i) meeting with borrowers, and (ii) evaluating management teams and business plans to determine whether or not to retain or exit credit, while negotiating with professionals to establish a workout or exit plan.
Essential Functions
Northwest is an equal opportunity employer. We are committed to creating an inclusive environment for all employees.
The Senior Credit Workout Officer IV is responsible for a variety of duties including (i) meeting with borrowers, and (ii) evaluating management teams and business plans to determine whether or not to retain or exit credit, while negotiating with professionals to establish a workout or exit plan.
Essential Functions
- Ensure integrity of loan documentation
- Review loan documents for perfection of collateral
- Analyze financial statements
- Identify and resolve problems / issues
- Record all agreements and conversations
- Prepare correspondence and documentation for workout plan
- Discuss credit grades and workout procedures
- Issue demand letters
- Monitor collection activity and bankruptcies
- Obtain judgments
- Establish workout or exit plans
- Report agreed payment terms and plans
- Locate and inspect collateral
- Coordinate foreclosures
- Partner with loan officers
- Prepare for litigation
- Coordinate liquidation and sale of assets with appropriate staff and counsel
- Order appraisals
- Initiate chargeoffs and write downs
- Negotiate with professionals to establish a workout or exit plan
- Interact with other financial institutions and examiners
- Recommend the best loss mitigation strategy
- Work with minimal direct supervision and use independent judgment and decision making
- Prepare reviews and quarterly reports on workout loans
- Recommend improvements to workout policies and procedures
- Build relationships with internal customers
- Maximize available technology tools
- Minimize departmental costs
- Ensure compliance with Northwest’s policies and procedures, and Federal/State regulations
- Navigate Microsoft Office Software, computer applications, and software specific to the department in order to maximize technology tools and gain efficiency
- Work as part of a team
- Work with on-site equipment
- Bachelor's degree in business / accounting or finance degree or related subject matter
- 8-12 years of experience of experience in an area related to commercial lending including special assets, loan review, credit and / or lending
- Ability to analyze data, bankruptcy, foreclosures, and repossession
Northwest is an equal opportunity employer. We are committed to creating an inclusive environment for all employees.
