Workout Officer

Bar Harbor Bankshares•Bar Harbor, ME

About The Position

Bar Harbor Bankshares, an independent community banking organization that encourages and supports the personal and professional development of its employees, dedicates itself to consistent service of the highest level for all customers, and recognizes its responsibility to be an active participant in, and advocate for, community growth and prosperity. If you would like to be part of this great mission, please read on. Bar Harbor Bank & Trust is seeking a Workout Officer. The level of this position is dependent on experience. The ideal candidate will possess a background in commercial credit as well as 3-5 years of workout experience.

Requirements

Minimum of a high school degree or the equivalent
Commercial Lending or Commercial Workout experience required

Responsibilities

Manage foreclosures and collateral liquidation processes.
Ensure prompt resolution of legal matters so that workout and other loss mitigation activities can proceed.
Obtain MI approval as required for foreclosure bidding, short sales or deed in lieu of foreclosure.
Work closely with investors, insurers, real estate agents, title companies, attorneys, auctioneers and other third parties to facilitate closure of approved transactions.
Check the Freddie Mac REO Manager Servicing Tool to monitor the status of Freddie Mac’s REO properties.
Update 1099-A and 1099-C report as needed to end-of-year tax reporting.
Communicate with Bankruptcy attorneys as needed for appropriate, timely follow-up regarding status of bankruptcy situations.
Make note of all contact made with Bankruptcy attorneys by updating the system’s collection messages with any new information.
Provide information to bankruptcy attorneys as required.
Maintain expertise in the area of bankruptcy.
Keep informed of developments and trends in the industry.
Assist with various servicing activities for seriously delinquent accounts, including placing properties on force-placed insurance, processing mortgage insurance claims, ordering appraisals, ordering credit reports and making sure properties are secure, maintained as required and winterized, if necessary, until sold.
Identify and evaluate residential loans for possible impairment.
Order and review appraisals as required.
Complete quarterly review of these loans for changes and report to management.
Timely collection calls to customers according to timeline specified in the Managed Assets Department’s written procedures and secondary market guidelines.
Accurate update of the collection notes made for all customer contact (or attempt to contact) in the JHA system’s collection messages.
Provide charge off recommendations when consumer accounts each 120 days of delinquency
Process right of setoff when applicable.
Coordinate with Branch Managers, various departments and other personnel as needed to facilitate customer collections.
Assist customers with delinquency resolution, including payment disputes, alternative payment arrangements, escrow arrangements and consumer loan extension agreements, including the monitoring of and follow-up with customers to ensure adherence to agreed upon payment plan.
Ensure continuation of a professional image for good customer relations during the collection process.
Ensure all telephone calls to borrowers are handled with respect and courtesy and in compliance with the Managed Assets Department’s written procedures
Proactively manages commercial workouts.
Meets with clients on a regular basis, monitors financial performance, and identifies solutions to mitigate loss exposure.
Anticipates the need for shifts in workout plans as situations progress.
Maintains dollar collection levels in compliance with Bank standards to maximize commercial collection efforts.
Ensures that collection efforts are in compliance with applicable bank policy/procedures and federal and state laws and regulations.
Maintains professional communication skills in managing and engaging with customers, outside professionals, and Bank personnel at all levels.
Responsible for OREO management to include (but not limited to): representing the Bank at foreclosure auctions, collaborating with department management to establish price and listing agreements with appropriate real estate brokers, ensuring property is adequately secured, performing periodic site inspections, and working with department management to solidify sale.
Enthusiastically support the Bank’s Guiding Principles and Brand Behaviors.
Adhere to federal regulatory requirements, such as the Anti-Money Laundering and Bank Secrecy Acts, and all established policies and procedures.