Loan Workout & Asset Recovery Specialist

Camden National Bank; West Gardiner (ME); On-site; USD 68,000 - 102,000; Full time

Benefits offered by this job

Health insurance

401(k) retirement savings plan

Tuition reimbursement

Employee assistance program

Wellness program

Paid time off

Job summary

Camden National Bank seeks a Loss Mitigation Specialist to manage a defined portfolio of classified assets, coordinate with attorneys, and develop workout plans to minimize losses. You will review files, negotiate terms, and present strategies to committees, while mentoring peers.

The role requires a bachelor’s degree and at least five years in banking, with knowledge of bankruptcy and related laws. The position offers a comprehensive rewards package and a pay range of $68,350 to $101,550,

Qualifications

• Bachelor’s degree is required.
• Minimum of 5 years of prior bank experience in either commercial related services or collections/workout activity.
• Knowledge of bankruptcy and other related laws.

Responsibilities

• Review and authorize accounts to attorneys for legal actions.
• Assist Workout Officer(s) with the management of workout loans.
• Work directly with attorneys to develop and implement legal strategies and processes.
• Review all credit and legal files for completeness and identify potential deficiencies.
• Interview current and/or past account officers to assess current situation.
• Meet with borrowers to address current deficiencies and establish relationships.
• Analyze current financial information and formulate workout strategy, ensuring proper risk rating has been assigned and properly documenting all discussions with borrowers to minimize any potential lender liability.
• Obtain appropriate approvals for established documented workout plan.
• Manage workout plan in accordance with established timeline.
• Ensure all collateral is protected to minimize loss.
• Manage the liquidation of collateral.
• Accountable for managing the individual expenses incurred for loan level cases assigned.
• Prepare and present charge off loans to the charge off committee.
• Participate in Loan review processes on assigned accounts, preparing for and presenting information to various committees.
• Prepare and present written reports as required by bank policy.
• Mentor Loss Mitigation Specialist/Special Assets Officer peers.
• Manage, coordinate and/or participate in single-event and ongoing projects as they arise.

Skills

Legal doc interpretation

Analytical skills

Negotiation skills

Communication skills

Problem solving

Education

Bachelor’s degree

Job description

Camden National Bank seeks a Loss Mitigation Specialist to manage a defined portfolio of classified assets, coordinate with attorneys, and develop workout plans to minimize losses. You will review files, negotiate terms, and present strategies to committees, while mentoring peers.

The role requires a bachelor’s degree and at least five years in banking, with knowledge of bankruptcy and related laws. The position offers a comprehensive rewards package and a pay range of $68,350 to $101,550,