Menu

Loan Workout/Special Assets Officer - CRE - 6009-2554

at WSFS Bank

Job Description

Position type: Full-time

Location: Wilmington, DE

Schedule: Monday – Friday

Hybrid/Onsite

Description:

The Special Assets Officer is responsible for the collections, restructuring, and relationship management problems of Commercial and Real Estate clients with exposures up $10,000,000 within the commercial or real estate lending portfolio. The incumbent will evaluate cash flow, financial position, guarantor support, and collateral position to determine the most effective strategy to maximize recovery and minimize loan risk. The incumbent will plan, design, and implement the most effective strategy to recover the loan and other affiliated credit liabilities. Additional responsibilities include:
  • Performs extensive analysis on business and loan risks and applies proper relationship management to either collect all balances and/or rehabilitate relationship. Recommends collection strategy and executes same. Submits regular summaries to management on all collection activities and recommends re-classifications (I.e., affirmative actions, stop accrual and/ or charge offs).
  • Maintains regular contact with borrower(s) and/or guarantor and motivates client to perform on credit contract. Develops comprehensive workout program and timely initiates appropriate actions to minimize or eliminate potential loan loss to the Bank.
  • Recommends and implements legal action, if necessary, upon default (I.e., foreclosure, levies, attachments, bankruptcies). Ensures proper collection procedures & techniques are followed and documented in accordance with local, state, and federal laws and regulations.
  • Acts as liaison between Bank and counsel to ensure legal process is timely initiated and performs required actions in accordance with instructions. Oversees counsel to assures proper and timely actions are processed in mitigating bank losses throughout the process of the case.
  • Review loan documentation to determine perfection of lien and claims against borrowers and guarantors are valid. Assures collateral is properly insured, free of delinquent taxes and preserved from hazards or damage. Initiates forced insurance coverage, payment of taxes and coordinates the hiring of contractors to secure and preserve collateral.
  • Maintains updated collection reports and account communication records on classified loans. Ensures assignments are updated and always completed. Assigns PD and LGD risk ratings.
  • Maintain delinquency and loss performance ratios consistent or better than those for similar loan portfolios based on established benchmarks internal, regional, and national comparison surveys.
  • Initiates timely recovery actions against charge-off loans. Establishes repayment programs, negotiates settlements or legal actions to recover Bank losses.
  • Performs other duties as assigned.
Minimum Qualifications:
  • Bachelor's Degree in Business Administration or Finance or equivalent work experience is required.
  • Must have minimum of 3 - 6 years’ experience in a commercial workout or commercial banking environment. Prior experience must include direct customer contact. Equivalent job experience may be considered.
  • Must have working knowledge of all types of commercial loan documents and collateral assignments.
  • Must be skilled to handle most complex legal matters, foreclosures, bankruptcies, collateral liquidation and the servicing administration of state, federal government loan programs.
  • Must possess a thorough understanding of the commercial lending industry and be capable of working the most difficult assignments, rendering good business judgement and decisions with minimal supervision.
  • Must have high aptitude to analyze credit risk performance and recommend methods to improve results or minimize losses.
  • Must have excellent written and oral communication skills.
  • Must have tact, persuasiveness, and excellent negotiation skills.
  • Ability to communication with CPAs, attorneys, and other leaders in business community.
  • Ability to work in the field performing customer contact, collateral inspections/evaluations.
  • Written reports to executive management on monthly basis plus external communicate on legal matters.
  • Must be able to handle and resolve the most complex of loan problems.
  • Must have extensive PC abilities and good working knowledge of Microsoft Office.
Inclusiveness:

WSFS Bank is inclusive and supportive of individual needs. If you have a physical or other impairment that might require an accommodation, including technical assistance with the WSFS Bank Careers website or submission process, please contact us via email at careers@ wsfsbank.com.

How do you get to be nearly 200 years old in a world that's constantly changing? For us, the answer has always been the same: create a team of Associates who are passionate about serving the community, and success will follow. Our Mission and Values serve as essential reminders about who we are and how we do business. WSFS is an equal opportunity employer. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics

#LI-Hybrid
Copy Link

Job Posting: 1045696

Posted On: Oct 23, 2022

Updated On: Oct 24, 2022