POSITION SUMMARY
Perform loan workout and administrative services for delinquent residential loans owed to the bank. Use various forms of contact, persuasiveness and negotiating skills to the extent allowed by federal and state laws and bank policy. Mitigate risk, minimize credit losses and maximize returns to the Bank under the direction of the First Vice President, Senior Loan Review Officer.
ESSENTIAL RESPONSIBILITIES
- Process residential loan modification requests including reviewing documents and determining whether the borrower meets the requirements for a loan modification. Perform a detailed analysis of the loan history, collateral and financial analysis. Make recommendation for each request to the loan modification committee and maintain loan modification spreadsheet to track number of requests, etc.
- Identify, prepare and deliver default letters for delinquent residential loans accounts (i.e. 35B analysis, 90-day right to cure, and 30-day default letters). Identify loans to be accelerated (demand letters) by Bank counsel. Track default and demand letter information, as required.
- Determine the appropriate action plan and resolution which may include loan modifications, forbearance agreements, sale of the collateral, foreclosure of the collateral or other action plans as required. All action plans must be approved by the First Vice President, Senior Loan Review Officer.
- Engage bank counsel as required for loan workout and bankruptcy proceedings as needed. Communication with bank counsel until resolution of the loan workout is achieved.
- Prepare drafts of various department reports for review by the First Vice President, Senior Loan Review Officer and update these reports for assigned portfolio.
- Maintain workout folders for assigned portfolio and perform projects as assignment by First Vice President, Senior Loan Review Officer.
- Assist Loan Collection Servicer with collection calls and consumer set offs as needed.
QUALIFICATIONS
- H.S. Diploma or equivalent
- 3+ years of experience in banking within a debt collection department
SKILLS
- Ability to communicate professionally and effectively in person, on the phone, electronically, or through other means to individuals and groups
- Negotiation skills
- Persuasion skills
- Industry specific software applications and information systems
- Ability to operate common office software
PREFERENCES
- Bachelor's Degree in Business Administration or Finance
- Multilingual capabilities and/or multicultural perspective
- Training in credit, collections and real estate law
EAST BOSTON SAVINGS BANK IS PROUD TO BE AN EQUAL OPPORTUNITY EMPLOYER THAT VALUES DIVERSITY AND THE STRENGTH IT CREATES. THE BANK RECRUITS AND HIRES QUALIFIED CANDIDATES WITHOUT REGARD TO RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY OR EXPRESSION, NATIONAL ORIGIN, ANCESTRY, AGE, MARITAL STATUS, GENETIC INFORMATION, PHYSICAL OR MENTAL DISABILITY, PREGNANCY, PREGNANCY-RELATED CONDITIONS, MILITARY SERVICE, PROTECTED VETERAN STATUS, OR ANY OTHER CLASS PROTECTED BY FEDERAL, STATE, OR LOCAL LAW.
Required Skills
Required Experience