Loss Mitigation- Special Assets Manager

Penn Community Bank

  • Perkasie, PA
  • Permanent
  • Full-time
  • 2 months ago
Overview:The Loss Mitigation/Special Assets Manager is responsible for managing and resolving a portfolio of delinquent loans, to include inbound/outbound telephone calls, written correspondence, and providing superior customer service in all phases of loan workouts. Provide strategic direction and recommendations for resolving commercial loans that exhibit higher levels of risk, credit deficiencies, delinquent payments, or may be at risk of default. Oversee a portfolio of non-performing commercial loan relationships, or manage as assigned, and collaborate on workout strategies like restructurings, repossessions, or legal action to protect the bank’s collateral and minimize losses. Responsibilities:The following is a list of essential functions, which may be subject to change at any time and without advance notice. Management may assign new duties, reassign existing duties, or eliminate a function.
  • Assist in performing all duties and responsibilities of the Senior Loss Mitigation/Workout Specialist.
  • Oversee assigned team of Loss Mitigation and Special Assets team members.
  • Support the ongoing development of Loss Mitigation Specialists, including onboarding and training of new departmental employees.
  • Manage and assign departmental workflows to ensure timely handling of assigned workload.
  • Complete and maintain procedural manual for small business loans transferred to Special Assets.
  • Collaborate with outside counsel on loan workouts and in support of departmental goals.
  • Develop and maintain a subset of preferred workout attorneys from full list of approved attorneys.
  • Execute efficient and effective recovery efforts for impaired commercial loans, including identifying and pursuing collection methods against individuals and/or businesses.
  • Assist with the ongoing analysis, handling, collection and resolution of loans identified as delinquent, non-performing, or otherwise exhibiting weakness and requiring enhanced monitoring.
  • Actively engage in cost effective recovery efforts for distressed commercial loans, identifying and pursuing appropriate collection methods including collateral repossession and sale.
  • Analyze commercial and residential strategies around foreclosure, short sales, and deeds in lieu.
  • Provide strategic direction and recommendations for the resolution of assigned commercial loans experiencing higher levels of risk, credit deficiencies, or overall weaknesses.
  • Collaborate on SBA workouts with SBA Credit Officer to ensure the protection and honoring of the SBA guaranty and optimal recovery outcomes.
  • Partner with other Loss Mitigation and Collections team members to implement best practices and to assure elevated levels of performance.
  • Provide comprehensive reporting and analysis of Special Asset loans to CCO, executive management, and/or Board of Directors as assigned.
  • Meet with customers on a face-to-face basis as needed, including visits to residence and/or business.
  • Prepare impairment analysis and loan modification requests.
Qualifications:Education and Experience
  • Bachelor’s Degree from a 4-year college/university in finance, business administration, in a related field of study or equivalent relevant work experience.
  • Experience in loan management, financial rehabilitation, or commercial lending
  • Minimum five years of accomplishment in a field similar or related to loss mitigation, advanced collections, and/or asset management.
Skills and Competencies
  • Excellent customer service skills with a professional demeanor and appearance always.
  • Excellent written and verbal communication skills.
  • Thorough knowledge of mortgage and consumer lending industry practices and disciplines.
  • Working knowledge of all federal, state, and local government regulations that affect the collections process, including the Fair Debt Collections Practices Act (FDCPA).
  • Knowledge of legal principles.
  • Knowledge of the foreclosure and bankruptcy process.
  • Strong computer skills; proficiency in Microsoft Excel and Word, as well as loan collection systems.
  • Meticulous with strong organizational skills.
  • Ability to work independently and solve complex problems.
  • Proven negotiation and critical thinking skills.
  • Ability to manage multiple tasks simultaneously and meet deadlines.
Working ConditionsTraditional office environment with the ability to work remotely on a hybrid basis the office maintains five day a week operation (Monday – Friday) with operational hours of 8:00am – 5:00pm. Must be available to attend events on evenings and weekends, as necessary.Physical DemandsPenn Community promotes an equal opportunity workplace, which includes reasonable accommodations of otherwise qualified disabled applicants and employees. Please contact Human Resources with questions regarding the physical demands of this position.
  • Lifting/carrying up to 10 lbs.
  • Manual dexterity for computer work
  • Speaking, hearing, and vision are required to perform essential functions.
Equal Employment OpportunityIt is the policy of Penn Community to provide equal employment and advancement opportunities to all individuals. For this reason, employment decisions at Penn Community will be based on merit, qualifications, and abilities. Except where required or permitted by law, employment practices will not be influenced or affected by an applicant's or Team Member's race, color, religion, sex, national origin, age, sexual orientation, physical or mental disability, veteran status, or any other characteristic protected by law.

Penn Community Bank