AVP Loan Workout & Collections Officer

Savers Bank•Southbridge, MA

just now

About The Position

The AVP, Loan Workout & Collections Officer is responsible for developing and executing strategies to lead the Collections team in achieving operational excellence and regulatory adherence. By overseeing and engaging in the full loan workouts and collection lifecycle, this position ensures positive consumer experiences. Leveraging strong managerial skills and deep subject matter expertise, the AVP Loan Workout & Collections Officer directs critical collection activities in alignment with our Bank's values and established protocols. This full-time position reports to the VP, Commercial Credit Manager.

Requirements

Degree in Business or Finance preferred.
Minimum 5 years of banking loan workout and collections experience required, with strong background in consumer, residential, and commercial real estate loan workouts preferred.
3-4 years of supervisory expertise preferred
High degree of fluency with loan documentation required.
Proven ability to effectively negotiate loan restructurings, collateral requirements, repayment potential, and guarantor engagement.
Demonstrated success interfacing with attorneys and realtors regarding distressed asset disposition.
In-depth knowledge of lending laws, regulations, standards, and compliance requirements.
Strong leadership, coaching, and people management skills. Ability to motivate and develop team members.
Excellent analytical, problem-solving, and process improvement skills.
Excellent communication and collaboration skills to partner with various stakeholders.
Detail-oriented with strong organizational and time management abilities.
Exercise sound judgement by making timely, informed decisions and explaining rationale transparently.
Must have full hand dexterity required to operate computer terminal and related equipment.
Must have full eye coordination required to operate computer and teller terminal.
Regularly drives to and attends meetings.
Frequently moves around bank, between levels or floors while performing duties.
Infrequently stands for long periods of time.
Regularly sits at desk or computer workstation for periods of time.
Regularly speaks and listens to customers.
May bend and stretching in work areas to lift files, records, etc.
Often lifts supply boxes and places in storage areas. Infrequently lift up to 30 lbs.

Responsibilities

Strategically spearheads end-to-end delinquent account management, encompassing consumer, mortgage, and commercial collections via multichannel outreach to ascertain repayment solutions.
Proactively liaises between legal counsel and financial institution concerning asset repossession and foreclosure procedures; transfers requisite customer intelligence.
Conducts targeted risk mitigation through collateral inspections, on-site visits, and appraisals.
Serves as primary point of contact for all bankruptcy proceedings, administering notifications, hearings, reaffirmations and maintaining meticulous records.
Leverages skip tracing and investigative techniques to locate customers pre-collection.
Partners with senior leadership to continuously enhance collection systems and workflows through assessment, recommendations, and implementation.
Maintains hands-on involvement throughout the collection process including collaborating with the company’s legal counsel, while providing strategic guidance and tailored workout solutions for escalated cases. Recommends risk rating changes to substandard loans.
Reviews confidential data to ascertain financial hardship status and eligibility for relief programs.
Researches and resolves online disputes leveraging corresponding reporting systems.
Collaborates on CECL and ALLL methodologies to align with accounting standards.
Cultivates commercial loan workout strategies through financial analysis, risk assessment and accrual modifications.
Conducts comprehensive commercial real estate loan evaluations via borrower interviews, background checks and financial reviews to structure viable forbearance agreements and maintain timely resolution.
Provides effective leadership, mentoring, coaching, and development opportunities to build and motivate a best-in-class team.
Leads team meetings and training sessions to foster collaboration, ensure alignment on goals, communicate process changes, and enhance skills.
Identifies development opportunities for team members to enhance skills and leadership capabilities through training programs, stretch assignments, and coaching.
Maintains expertise in FDIC, State, and other regulatory directives relevant to workout and collections protocols.
Maintains expertise in industry regulations, collections standards, and compliance mandates to ensure activities align with legal and regulatory guidelines. Ensures adherence to State and Federal laws
Delivers weekly delinquency reporting for department meetings.
Proficient in modification procedures for loans sold on the secondary market.
Administers MGIC claims processing for losses from deeds-in-lieu, short sales, or foreclosures.
Stays apprised of evolving MA foreclosure and REO mandates.
Prepares monthly reports on delinquencies and charge-offs for Board of Directors.
Provides guidance to frontline staff on payment processing standards.
Performs related administrative tasks as assigned.
Upholds meticulous file integrity for all collection activities.
Perform other duties as required.