Asset Recovery Officer

Peoples Security Bank & Trust Company•Moosic, PA

13d•Onsite

About The Position

Our Asset Recovery Officers are responsible for tracking, managing, restructuring, and collecting problem loans as assigned; complying with operating policies and procedures established for the loan workout function; communicating with appropriate personnel; responding to inquiries or requests for information; maintaining appropriate records and providing assigned reports.

Requirements

A B.S. or B.A. degree in a related field of study normally required; specialized loan workout education/training.
Must demonstrate strong communication skills; proficient interpersonal relations skills; proficient financial statement analysis skills; thorough knowledge of bank lending principles, policies, and practices; knowledge of current lending and loan workout laws and regulations; moderate PC skills.
A minimum of five (5) years' related experience normally required.

Responsibilities

Analyzes assigned problem loans and determines the most effective method for maximizing financial recovery.
Discusses collection strategies with Asset Recovery Manager and lending officers.
In conjunction with the Asset Recovery Manager, negotiates restructuring of credit and repayment terms with customers, attorneys, and representatives of other creditors and lending personnel from other companies to secure appropriate workout arrangements; maintains regular communication with attorneys and customers.
Monitors adherence to terms of workout agreements.
Evaluates collateral position to better secure loan and establish recourse to other borrower assets against the possibility of charge off.
Monitors the sale of repossessed items through auction or other means.
Coordinates the timely purchase of SBA guaranteed loans and reimbursement of qualified expenses from SBA.
Calculates and submits required documentation for SBA portion of recoveries.
Attends bank foreclosure sales and administers bank-owned property (i.e. obtains insurance coverage, shows property to prospective buyers, lists property with realtor, follows up on maintenance concerns, attends closings, etc.)
Works with Bank’s internal Asset Recovery Department, Loan Administration Department, outside auditors, and outside examiners regarding problem loans.
Assists in the development and maintenance of a sound credit policy which is consistent with the Bank's philosophy of lending.
Assists with reviews of past-due and criticized loan reports, supervisory examination reports, and other sources of information for possible downgrading of deteriorating situations.