Default Asset & Collateral Specialist II

Citizens Bank•Johnston, RI

51d•Hybrid

About The Position

As the Default Asset & Collateral Specialist II, you will work interchangeably and flexibly in both the Non-Performing Loan (Equity Analysis) and OREO areas of Portfolio Administration. Using your real estate expertise and market knowledge, you will analyze and evaluate market data to determine the net realized value of a property or the financial risk involved by the sale of a property in a particular geographic location to limit loss. Based on your research, you will decide to 1) pursue foreclosure, 2) partially write down the loan resulting in a lower book balance or 3) charge off the loan.

Requirements

3+ Experience in Default Operations
Familiarity with Residential Real Estate default lifecycle activities (Foreclosure, OREO, etc.)
Familiarity with credit and accounting rules related to loss recognition of property secured loans.
Ability to manage large volumes of transactions across multiple platforms and ensure adherence to policy and procedures.
Excellent written and verbal communication skills
Ability to collaborate across multiple functions (credit, accounting, foreclosure, loss mitigation, etc.) to solve problems and provide transparency around losses to stakeholders.

Responsibilities

Using knowledge of current real estate market trends and dynamics, obtains current information about real estate secured loans.
Decides on the appropriate course of action which results in the least amount of risk to the institution. To this end, he/she approves foreclosures and losses.
Performs an equity analysis including OREO research, foreclosure volumes and analysis of market data to determine if there is any net residual value in the property and if foreclosure and subsequent required write down to the net realizable value is needed.
Recommends charge off, write down, or OREO marketing strategies to the NPL or OREO Manager respectively through the preparation of well documented packages.
Recognizes and reacts to issues and problems that may affect policy or procedures.
Challenges the status quo with respect to policy, procedure, and process and makes recommendations for change
Must be cognizant of current and future internal policy and procedures, state and federal regulations and accounting rules.
Directs vendors to secure data such as valuations and senior lien amounts to determine equity and ensure that negotiated pricing and service levels are followed. Reviews the data supplied by the vendors for accuracy and takes corrective action or instruct the vendors to do so.
Ensures that financial data hits the appropriate accounts in the correct timeframe.
Prepares, reviews, and adds commentary to Credit Risk and Compliance reporting for the NPL Department.
Communicates projected and actual loss, along with drivers and root cause of variances to expectations.
Participates in ad hoc or special projects as needed.