The loan workout specialist provides proper and timely reporting to management according to bank policies and regulatory requirements.
- Formulate workout strategies/plans and make recommendations to chief credit officer with supporting data, reasoning, and analysis.
- Negotiate specific terms and conditions for substandard/non-performing loans; obtain additional/sufficient assets to collateralize loans; and restructure credit facilities to minimize risk.
- Coordinate the preparation, review and execution of loan documents and agreements.
- Monitor status of assigned portfolio to ensure compliance with action plans and terms and conditions of agreements.
- Obtain and review financial statements, perform financial analysis, and monitor collateral; take appropriate remedial action when needed.
- Coordinate the collection of financial statements, collateral valuations, business plans, and general business information to maintain the accuracy and timeliness of customer data and financial condition.
- Develop and implement new policies and procedures to improve efficiency and effectiveness of loan workout and asset recovery.
- Communicate with people outside the organization on a regular basis including regulators, auditors, customers, and attorneys.
- Maintain technical and professional knowledge by attending educational workshops and training, and staying informed of any legal, policy and procedural changes relating to commercial lending.
- Keep informed of industry changes, trends, and best practices, and assess the potential impact on processes and procedures.