Problem Loan Specialist AS RCL

Problem Loan Specialist AS RCL page is loaded## Problem Loan Specialist AS RCLlocations:
NJ - Berkeley Heights time type:
Full time posted on:
Posted 6 Days Agojob requisition :
JR100007

Ready Capital is searching for experienced and driven professionals to expand our team and grow with our company. We offer a work environment that thrives on collaboration and a corporate culture of employees who are passionate and excited about what they do. Come work with us!#

Job summary:

* Manage all aspects of a portfolio of approximately 75 non-performing SBA loans
* Effectively develop work out plans which translates into acceptable payments or in the alternative; moves the account towards foreclosure/liquidation.
* Performs loan reviews of the problem credits with the ability to properly analyze any financial and/or documentation issues.
* Appropriately monitor the progress of workout accounts and recommend any required changes in action necessary to minimize loss or prevent losses.
* Evaluates credits to ensure they are appropriately reserved, charged-off and rated
* Ability to effectively negotiate with attorneys, debtor companies, and other creditors and lending personnel to secure appropriate workout arrangements.
* Prepare monthly and quarterly reports for management# Summary of essential job functions:
* Review loan files and documentation in order to identify any deficiencies.
* Ensure loans are properly graded and reserved.
* Make appropriate recommendations as to accrual status and required charge-off recommendations.
* Work with legal counsel regarding strategy for legal action, commencement of foreclosure and bankruptcy proceedings.
* Prepare and generate customer correspondence relating to default.
* Work with Borrowers to resolve loans through a loan modification or litigation/liquidation.
* Prepare Credit Approval Memo to recommend loan modification requests or Bankruptcy Plan Confirmations.
* Prepare required documentation for approved restructures/modification.
* Analyze financial statements in order to determine financial capability.
* Expedites submission of complete and accurate Guaranty Purchase Packages and Final Wrap-up Reports thereby ensuring maximum recoveries and reducing corporate losses.
* Communicate updates and manages data entry into servicing systems.
* Prepare monthly and quarterly reports to recommend loss reserves.
* Prepare monthly reports for PD/LGD (rating) changes
* Assist in responding to audit requests.
* Assist in preparing and submitting reporting to management on TDR’s.
* Complete ad hoc reporting as required# Primary Success Measurements:
* Close 25 loans per year (closed by either payoff, return to servicing or final wrap up sent to the SBA).
* Maintain good working relationship with the SBA staff.
* Portfolio is accurately rated/reserved and/or charged off during the quarterly review.
* Submit all SBA repurchase packages within 120 days of delinquency.
* Submit wrap ups within 90 days of the end of collection.
* Prepare and submit timely 172 payments to the SBA.
* Respond to SBA requests for additional information within the provided 7-10 day timeframe.
* Significant Decisions and Recommendations:
* Ability to make independent decisions on a daily basis relating to assigned portfolio.
* Upon receipt of a loans modification or settlement request from borrower, investigate, structure and recommend for approval following lender and SBA policies.
* Manage loan recovery efforts with attorneys on daily basis on all litigation matters and provide guidance/decisions on various issues that arise during the litigation phase; including treatment in bankruptcy plans, foreclosures, settlements, forbearances, requests for adjournments.
* Hire auctioneers and brokers to evaluate value of collateral and course of action that will result in the highest recovery.# #

Qualifications:

## Education and/or

Experience:

* High school diploma or general education degree (GED).
* Bachelor degree in Finance/Business preferred.
* Minimum of 4 years’ experience in SBA/Commercial Loan workout.## Knowledge and/or

Skills:

* Knowledge of the SBA SOP 50 57.
* Ability to analyze small business financial statements and Bankruptcy plans.
* Must have SBA/Commercial Loan workout experience.
* Knowledge of legal proceedings including Foreclosure, Bankruptcy and Replevins.
* Ability to multi-task and work in a fast paced environment
* Excellent interpersonal skills.
* Detail oriented.
* General office skills, including ability to operate a computer and enter data accurately; ability to maintain files and records; and ability to prioritize and perform multiple tasks.
* Proficient in Microsoft Office, working with Word and Excel or similar spreadsheet software.## Language

Skills:

* Ability to read and comprehend instructions, short correspondence, and memos.
* Ability to write simple correspondence.
* Ability to write basic routine reports and correspondence.
* Ability to interact effectively with management, other employees, customers, and representatives from other…