Senior Commercial Loan Workout Officer

OceanFirst Bank; New York (NY); On-site; USD 120,000 - 190,000; Full time

Benefits offered by this job

Tuition assistance

Incentive compensation

Professional development

Employee perks & discount programs

Job summary

OceanFirst Bank seeks a Senior Commercial Loan Workout Officer to oversee and resolve its most complex credits within the Special Assets portfolio across the Bank's footprint. The role requires advanced workout, restructure, and recovery strategies to mitigate risk and maximize recovery outcomes.

You will guide portfolio management staff, collaborate with lending, legal, borrowers, and stakeholders, and support sound decision-making and policy application throughout complex cases.

Qualifications

• Extensive knowledge of commercial lending and workout processes.
• Familiar with banking regulations, credit approvals, and loan documentation.
• Ability to lead negotiations and manage a team of workout staff.
• Strong communication and analytical skills for complex credit analyses.

Responsibilities

• Manage the Bank's most complex commercial, commercial real estate, and multifamily credits within the Special Assets portfolio, preserving value and optimizing recovery.
• Lead a team of workout officers, collectors, and analysts to track and maximize recovery outcomes.
• Develop and implement workout, restructure, and recovery strategies balancing risk, collateral, and regulatory requirements.
• Provide guidance to portfolio management staff and internal stakeholders on complex credit situations and policy application.
• Lead negotiations with borrowers, guarantors, attorneys, and lenders to resolve troubled credits while protecting collateral.

Job description

At OceanFirst Bank, each one of our employees plays an important role in delivering value to our customers and executing daily tasks in accordance with our core values. We recognize that our employees are essential to our success, making OceanFirst a great place to work and do business.

Great benefits include: employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more!

About Your Role

The Senior Commercial Loan Workout Officer is responsible for managing and resolving the Bank's most complex commercial, commercial real estate, and classified multifamily credits within the Special Assets portfolio, regionally, and throughout the Bank's footprint. This role develops and executes advanced workout, restructure, and recovery strategies that mitigate credit risk, preserve principal, protect collateral positions, and maximize recovery outcomes. The position provides guidance to portfolio management staff and partners with lending, credit, legal, borrowers, guarantors, attorneys, and other stakeholders to support sound decision-making and effective problem loan resolution. This role also prepares complex credit analyses, risk assessments, reserve and charge-off recommendations, and portfolio reporting while ensuring compliance with Bank policy, lending procedures, regulatory requirements, and approved resolution strategies.

What You Will Do List

• Manage the Bank's most complex commercial, commercial real estate, and classified multifamily credits within the Special Assets portfolio, applying advanced workout expertise to preserve principal, mitigate loss exposure, and maximize recovery outcomes.
• Manage a team of workout officers, collectors and analysts to negotiate, track and maximize the value of problem loans to the Bank.
• Develop comprehensive workout, restructure, and recovery strategies that balance credit risk, legal considerations, collateral protection, borrower viability, regulatory requirements, and the Bank's overall risk appetite.
• Serve as a subject matter expert on commercial loan workout matters, providing guidance to portfolio management staff, lending partners, and internal stakeholders on complex credit situations, risk evaluation, resolution strategies, and policy application.
• Lead high-level negotiations with borrowers, guarantors, attorneys, lending officers, senior workout officers, and external parties to resolve troubled credits while protecting collateral positions, maintaining legal and regulatory alignment, and advancing recovery objectives.
• Prepare and present complex credit approval memoranda, risk assessments, collateral evaluations, reserve analyses, charge-off recommendations, financial forecasts, projected loss analyses, and other materials for senior credit authorities and executive-level review.
• Evaluate borrower performance, repayment capacity, covenant compliance, collateral value, financial trends, and market conditions to identify emerging risk, assess credit deterioration, and recommend timely corrective action.
• Ensure loan documentation, amendments, restructures, forbearance agreements, litigation matters, collateral actions, and other workout-related transactions are accurate, enforceable, policy compliant, and align with approved resolution strategies.
• Provide portfolio-level insight through Credit Quality meetings and related reporting, including updates on problem credit status, emerging trends, workout progress, reserve needs, charge-off exposure, credit cost forecasting, and recovery expectations.
• Build trusted internal and external relationships across lending, credit, legal, portfolio management, borrowers, and third-party partners to facilitate effective problem loan resolution, sound decision-making, and alignment with enterprise goals.

What We Expect Of You

Extensive knowledge of commercial lending and commercial workout, including banking regulations, credit approvals, bankruptcy law, business and real estate law, banking policy, and related lending procedures.

Strong understanding of real estate documentation, real estate management and disposition processes, and the policies and procedures governing commercial real estate lending.

Demonstrated skills in loan documentation review, credit underwriting, credit analysis, financial statement analysis, covenant calculations, debt coverage ratios, and other financial ratios.

Demonstrated ability to build and maintain trusted internal and external relationships by identifying needs, delivering tailored solutions, and supporting a positive, productive work environment aligned with enterprise goals.

Excellent written, verbal, and negotiation skills, with the ability to communicate clearly and effectively with internal and external stakeholders.

Excellent organizational skills, attention to detail, and ability to prioritize and manage multiple responsibilities in a fast-paced environment.

Demonstrated ability to lead others, delegate effectively, provide constructive feedback, support accountability, and foster a collaborative, high-performing team environment.

Ability to work independently while collaborating effectively with team members, cross-functional partners, customers, and other stakeholders.

Ability to understand and adapt to various loan accounting systems, with proficiency in Microsoft Office, including Word, Excel, and PowerPoint.