Commercial Workout Specialist
Job Type:     Full-Time
Location:     6111 River Road-ROSEMONT
Last Updated:     11/09/2009


Job Description:

Reference: SL12145

Summary: Responsible to manage, collect and resolve a portfolio of seriously delinquent commercial loans (usually 90 or more days past due) via foreclosure, liquidation of assets and collateral, workout, modification, and similar strategies as appropriate to protect the Bank’s interest and minimize the potential for loan losses.

Essential Duties and Responsibilities include the following.

Responsible for the management, liquidation, and/or workout of small to medium commercial and residential loans

Arranges for resolution of past due amounts with attorneys and/or customers

Perform written analyses/evaluations of equity position for presentation to senior management and recommend appropriate course of action (e.g., foreclosure, repossession, legal action, workout, write-down or charge-off)

Review and assess accounts and personal and business financial statements, charting an appropriate path of action

Use effective proactive default recovery tactics to induce repayment and/or minimize losses; must have excellent negotiation skills

Performs coding of accounts and documents all activity in the loan collection system and departmental reporting tools for management analyses

Corresponds with attorneys, customers, lien holders and interdepartmental associates/officers in written and/or verbal format

Demonstrates compliance with FDCPA and state/federal foreclosure and real estate laws, guidelines and practices

Complies with all applicable federal and state laws and regulations

“LIVE” the Bank’s Mission Statement and “PRACTICE” the Bank’s Corporate Strategy

Other duties may be assigned

Qualifications:
3-5 years hands-on experience managing commercial workouts and liquidation of distressed asset loans for a financial institution or mortgage servicer. Must have demonstrated leadership skills and extensive experience in foreclosure laws and liquidation of defaulted commercial and residential loans. Must also have basic knowledge of bankruptcy laws. Primary emphasis will be to protect the Bank’s rights and interests in the collateral property. Portfolio includes commercial loans, second mortgage home equity loans, first mortgage loans, secured and unsecured consumer loans located throughout the United States. Must be extremely detail-oriented, self-motivated and able to work independently. Proficient in WORD and EXCEL required. Internet experience preferred.

Education/Experience:
High school diploma and a minimum of 3-5 years related experience and/or training in a collections or liquidation function; or equivalent combination of education and experience. Knowledge of FDCPA and real estate and foreclosure requirements and practices, as well as bankruptcy laws and regulations (state specific).

Language Ability:
Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.

Math Ability:
Ability to calculate figures and amounts such as interest, payments and payoffs. Ability to apply concepts of basic algebra.

Reasoning Ability:
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

Computer Skills:
To perform this job successfully, an individual should have knowledge of Word Processing software and Spreadsheet software.

Certificates and Licenses:
No certifications needed

Supervisory Responsibilities:
This job has no supervisory responsibilities

Work Environment:
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

The noise level in the work environment is usually moderate.

Physical Demands:
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is frequently required to stand; walk; sit; use hands to finger, handle, or feel and talk or hear.