Director - Senior Credit Workout Officer (US)

TD•Mount Laurel, NJ

3d•$200,000 - $280,000•Onsite

About The Position

The Senior Credit Workout Officer is involved in the managing and restructuring and/or collecting a segment of the company's adversely-graded loans, working closely with lending and credit staff, as well as other financial institutions to better secure collateral, equity or other assets of the borrower. This role is responsible to preserve the loan principal, gather interest and prevent the loan from being charged off. This role meets with the most complex accounts, referring only unusual questions to department management. This role performs and reviews complex financial analyses and collateral reviews, evaluates budget feasibility, develops workout terms to recover principal, interest and collection costs including unusual specialized financing. Communicates with accounts to finalize agreements. This role approves Specialty Bank Non-Pass rated credit requests within loan parameters. This position oversees Commercial Credit Activities for Non-Pass Credits in the US Specialty Bank that are advanced in complexity, multi-faceted and diverse. It directly manages highly complex workouts from the Specialty Bank that require transfer to Workout. The role has discretionary limits for non-pass commercial relationships managed on the business line or in workout. On Non-Pass credit, provides leadership, support and guidance to the Credit Team and assists with more complex deals, including meeting with customers in special situations. Acts in an advisory and referral role to other Workout Officers, Credit Officers, RVPs, Lenders, Portfolio Managers and Analysts in matters of compliance, regulation and policy. Uses experts as needed. Recommends changes in underwriting and policies, including industry reviews. Protects the assets of the bank through the proper execution and administration of operational and risk management policies. Resolves escalated issues and problems by conferring with senior management, staff, other internal departments, outside contacts, and Customers as necessary. Implements liquidation plans with accounts as needed, converting assets into cash and closing accounts; seizes assets, forecloses real estate and coordinates third party asset sales. Utilizes extensive industry contacts to determine interest in available assets. May attend auctions of seized property to make minimum bids on assets to protect Company's financial position. Manages unit staff, assigning, prioritizing and monitoring work; provides leadership, coaching, counseling and guidance to staff; assigns tasks and account responsibilities based upon complexity of accounts and experience level of staff. Develops, assigns and monitors plans to ensure completion of goals and objectives and meeting deadlines. Oversees and manages meetings with accounts and gathers financial, collateral, budget, business plan and other general business information in close coordination with commercial lenders and other appropriate internal and outside personnel. Answers questions based on proven in-depth knowledge of industry and Company practices and procedures. Manages account information and prepares project plan documentation for account files. Reviews in-depth financial analyses and collateral reviews performed by staff. Determines whether business plans and budgets are reasonable and attainable. Reviews liquidation plans if applicable. Coordinates with credit department and other appropriate internal areas as necessary. Develops and manages complete workout plans which may include unusual specialized financing arrangements. Negotiates with borrowers, principals, debtor company management, attorneys, accountants, consultants and others to secure appropriate repayment on loans for complex agreements within parameters defined by workout decisions agreed upon with department management with little need for outside attorney time because of proven in-depth knowledge of industry practices and legal requirements across entire Company geographic footprint. Provides technical guidance and assists staff with most complex aspects of work as necessary. Reinforces the organizations Credit Culture and Professional Development.

Requirements

Bachelors degree required
15+ years' experience as a Credit Officer/Workout Officer
5+ years of complex credit experience
Proven project management skills, with superior ability to coordinate with other departments and outside resources to accomplish goals in large scale efforts
Excellent communication, facilitation, and relationship-building skills, with an ability to provide detailed explanation and interpretation of factual and conceptual information to senior levels within the organization
Strong attention to detail and an ability to manage multiple priorities, assign appropriate resources, ensure quality, professional work, and maintain high standards

Responsibilities

Managing and restructuring and/or collecting a segment of the company's adversely-graded loans
Working closely with lending and credit staff, and other financial institutions to better secure collateral, equity or other assets of the borrower
Preserving loan principal, gathering interest and preventing the loan from being charged off
Meeting with the most complex accounts, referring only unusual questions to department management
Performing and reviewing complex financial analyses and collateral reviews
Evaluating budget feasibility
Developing workout terms to recover principal, interest and collection costs including unusual specialized financing
Communicating with accounts to finalize agreements
Approving Specialty Bank Non-Pass rated credit requests within loan parameters
Overseeing Commercial Credit Activities for Non-Pass Credits in the US Specialty Bank that are advanced in complexity, multi-faceted and diverse
Directly managing highly complex workouts from the Specialty Bank that require transfer to Workout
Providing leadership, support and guidance to the Credit Team and assisting with more complex deals, including meeting with customers in special situations
Acting in an advisory and referral role to other Workout Officers, Credit Officers, RVPs, Lenders, Portfolio Managers and Analysts in matters of compliance, regulation and policy
Recommending changes in underwriting and policies, including industry reviews
Protecting the assets of the bank through the proper execution and administration of operational and risk management policies
Resolving escalated issues and problems by conferring with senior management, staff, other internal departments, outside contacts, and Customers as necessary
Implementing liquidation plans with accounts as needed, converting assets into cash and closing accounts; seizing assets, foreclosing real estate and coordinating third party asset sales
Utilizing extensive industry contacts to determine interest in available assets
Attending auctions of seized property to make minimum bids on assets to protect Company's financial position
Managing unit staff, assigning, prioritizing and monitoring work
Providing leadership, coaching, counseling and guidance to staff
Assigning tasks and account responsibilities based upon complexity of accounts and experience level of staff
Developing, assigning and monitoring plans to ensure completion of goals and objectives and meeting deadlines
Overseeing and managing meetings with accounts and gathering financial, collateral, budget, business plan and other general business information in close coordination with commercial lenders and other appropriate internal and outside personnel
Answering questions based on proven in-depth knowledge of industry and Company practices and procedures
Managing account information and preparing project plan documentation for account files
Reviewing in-depth financial analyses and collateral reviews performed by staff
Determining whether business plans and budgets are reasonable and attainable
Reviewing liquidation plans if applicable
Coordinating with credit department and other appropriate internal areas as necessary
Developing and managing complete workout plans which may include unusual specialized financing arrangements
Negotiating with borrowers, principals, debtor company management, attorneys, accountants, consultants and others to secure appropriate repayment on loans for complex agreements
Providing technical guidance and assisting staff with most complex aspects of work as necessary
Reinforcing the organizations Credit Culture and Professional Development

Benefits

base salary
variable compensation/incentive awards (e.g., eligibility for cash and/or equity incentive awards, generally through participation in an incentive plan)
health and well-being benefits
savings and retirement programs
paid time off (including Vacation PTO, Flex PTO, and Holiday PTO)
banking benefits and discounts
career development
reward and recognition
regular development conversations
training programs
competitive benefits plan
online learning platform
mentoring programs