The Loan Workout Specialist is responsible for managing a portfolio of non-performing commercial loan assets, to implement restructuring and recovery plans to mitigate financial risk and losses for Everwise. The incumbent independently analyzes loans to determine the most effective strategy to secure repayment or collection of the debt. The incumbent will collaborate with the commercial team, borrowers, legal team, and internal stakeholders to negotiate and execute strategies and agreements to minimize financial losses for the credit union. The Loan Workout Specialist is responsible for portfolio oversight, including identifying, and making any necessary corrective recommendations as well as taking actions on early warning signs for trouble within the portfolio.
Primary Responsibilities and Duties:
Oversee and evaluate distressed assets or underperforming commercial loans within the portfolio and develop effective workout strategies to mitigate financial risk and minimize losses.
Conduct thorough financial analysis and risk assessments of borrowers' financial statements, cash flow projections, and collateral valuations.
Collaborate with borrowers and legal counsel to negotiate asset recovery terms, forbearance agreements, and other restructuring terms with borrowers to achieve mutually beneficial outcomes.
Oversee borrower compliance and manage workout plans to ensure prompt implementation and completion, taking necessary corrective measures needed throughout the process.
Generate comprehensive reports and updates for senior management on the status of commercial loan workouts, including potential risks and opportunities.
Collaborate with external legal counsel to enforce loan documents, executed agreements, and resolve disputes.
Ensure adherence to regulatory requirements and internal policies.
Build and maintain relationships with external partners, including loan servicers, real estate brokers, and legal advisors, to support workout initiatives.
Recommend process improvements and risk mitigation strategies across the commercial team.
Keep informed of business and market trends that may affect portfolio performance.
Knowledge/Skills:
Expertise in banking, commercial lending products, credit underwriting principles, and financial analysis.
Excellent leadership skills including strong verbal, written and interpersonal communication skills.
Ability to travel up to 50%.
Understanding of Bankruptcy laws and Uniform Commercial Code.
Proficient in MS Office (Excel, Word, Outlook) and commercial financial software.
Strong problem-solving abilities to identify issues, analyze root causes, develop creative solutions to address financial challenges faced by borrowers and mitigate risk to the credit union.
Minimum Requirements:
Bachelor's degree in finance, accounting, business, or a related field, required.
7+ years' experience in commercial workout, credit risk, and portfolio management experience, required.
3+ years' experience in a leadership role focused on commercial lending, preferred.
CPA, master's degree, or other advanced degree, preferred.
Everwise is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees.
