What are the responsibilities and job description for the Special Assets Manager position at Columbia Bank New Jersey?
Summary: Works closely with officials of lending and borrowing institutions to better secure collateral, equity or other assets of the borrower. Negotiates the sale of Columbia’s real-estate owned.
Job Responsibilities:
Job Responsibilities:
- Credit Review and Restructuring
- Works closely with borrowers to review and restructure credit and repayment when possible.
- Reviews and restructures credit and repayment terms to better secure collateral, attain an equity position or otherwise establish recourse to other borrower assets against the possibility of charge off.
- Performs a comprehensive assessment of the Borrower's ability to perform under potential debt restructures, forbearance agreements and/or loan modifications.
- Portfolio Management/Credit File Review
- Maintains frequent customer contact; ensuring that financial data remains current and in compliance with the terms and conditions outlined in the loan agreement.
- Performs comprehensive reviews of credits; evaluating the Borrower and Guarantor's financial condition, repayment capacity, and the Bank's collateral position in order to assign an appropriate risk rating, assess the accrual status of the loan and any potential chargeoff, if needed.
- Charge-Off Minimization
- Develops, plans and implements practices and procedures to minimize loan charge-offs from non performing loans and to return such credits to performing status if possible.
- Negotiation
- Negotiates with attorneys, the management of debtor companies, representatives of other creditors, and lending personnel from other companies to secure appropriate repayment agreements on their loans.
- Fund Recovery
- Develops and implements strategies to recover principal from borrowers whose non-performing loans have been charged off.
- Works closely with commercial lending, legal and other departments to maximize the recovery of such funds.
- Continuous Improvement
- Provides recommendations to senior management about structuring and reviewing credits to reduce fundamental weakness in the Bank’s credit/ loan policies.
- Sale Negotiation
- Negotiates the sale of assets obtained as a result of legal action on the disposition of commercial and construction properties.
- Works with consultants, real estate brokers, etc. to liquidate assets as quickly as possible.
- Develops and implements strategies to recover principal from borrowers whose non performing loans have been charged off.
- Coordinates with tax, legal, audit, credit loan policy and regulatory officials.
- Other Responsibilities
- Performs other job related duties as assigned.
- Bachelors degree required, MBA preferred;
- At least seven (7) years experience in Loan Review, Credit Analysis, Credit Workout, or related function;
- Ability to coordinate with internal and external partners to resolve issues;
- Excellent communication and negotiation skills;
- Proven ability to mentor and develop team members;
- General Legal and Collections Knowledge
