MD Loan Workout
Date ActiveJan 24, 2023 3:19:02 PM
Hours Per Week40
Location200 Elm Street-FF200
Job Description/ Requirements
If you’re looking for a meaningful career, you’ll find it here at Webster. Founded in 1935, our focus has always been to put people first--doing whatever we can to help individuals, families, businesses and our colleagues achieve their financial goals. As a leading commercial bank, we remain passionate about serving our clients and supporting our communities. Integrity, Collaboration, Accountability, Agility, Respect, Excellence are Webster’s values, these set us apart as a bank and as an employer.
Come join our team where you can expand your career potential, benefit from our robust development opportunities, and enjoy meaningful work!
- Have the ability to lead complex, multi-bank Sponsor and Specialty and ABL workouts under the direction the CLW Sponsor and Specialty Senior MD.
- Actively participate and lead such key processes as Impairments, PAR, Key Credit Metrics and Watch and Worse for assigned portfolio.
- Partner with internal clients (e.g., LOB) and external clients (e.g. criticized and classified borrowers) in an effort to ensure maximum recovery and minimum losses for troubled credits.
- Engage in other projects as assigned by DCCO CLW.
- 50 % Act as the primary workout officer for a number of more complex problem loans, including situations where the bank acts in an Agent capacity. Meets with problem loan borrowers on a regular basis, monitors financial performance, establishes action plans to correct problem issues, monitors collateral value and condition, and provides continuous diligence to mitigate loss exposure to the bank.
- 20 % Independently maintain complete, accurate and current electronic loan files for all assigned loans and provide periodic status reports to management (e.g. PAR, credit memos) and make recommendations to management on course of action. This includes the periodic preparation and submission of impairment analyses that dimension reserve and charge-off actions.
- 10 % Evaluate financial information, collateral, legal documentation, lien priority, borrower’s management team and business plan and other available information to project probable and maximum loss exposure to the bank. Is also responsible for analyzing and combining this information to develop a comprehensive workout strategy to ensure optimal loss mitigation to the bank in terms of cost of credit, while maintaining compliance with regulatory requirements.
- 10 % Consult with inside/outside legal counsel regarding perfection of collateral as well as necessary legal actions and strategies to protect the bank's position. Negotiates loan and collateral documentation with the borrowers and their counsel. Analyzes third party legal documents and negotiates potential arrangements to determine an overall strategy to reduce the Bank’s loss exposure.
- 5 % Maintain close control and accounting of expenditures as a vital component of departmental goal to limit loan losses and maximize loan recoveries. Negotiates and contracts with various professionals such as attorneys, appraisers, brokers, outside consultants, etc. to provide services of significant cost to ensure best cost/benefit return to Bank.
- 5% Work with SMD, Sponsor and Specialty and other senior Asset Resolution personnel on process and policy improvements and other ad hoc projects.
- Ensure self and team’s compliance with all regulations, policies, and procedures.
For this position, you must have at least 10 years of experience in Loan Workout, with at least 10 years of experience in Corporate or Commercial banking.
SPECIFIC JOB RELATED EDUCATION & SKILLS
- Candidates with advanced degrees (Associates, Bachelor’s, and/or Master’s) preferred, yet a High School diploma or GED is required. Candidates with some combination of coursework and experience, or else extensive related professional experience, are eligible for consideration
- Strong research, financial analysis skills and thorough knowledge of Specialty lending, including ABL, Leverage, and C&I.
- An ability to independently manage an assigned portfolio of workout loans and ensure data integrity, adherence to key processes (including PAR and Impairment analysis) and electronic credit file maintenance with minimal administrative support.
- Excellent oral and written skills and ability to prioritize and work with minimal supervision under unpredictable and dynamic conditions.
- An ability and desire to motivate and coach more junior workout professionals, if directed.
- Must have the ability to effectively negotiate appropriate exit or remediation strategies with borrowers, their counsel and any other 3rd party advisors that may play a key part in the workout process.
- Expert knowledge of loan workout techniques, policies, procedures and principles of credit lending.
- Prior experience of interacting and negotiating with other institutions, including banks operating in an agency capacity, private equity sponsors, restructuring consulting firms and distressed debt acquirers.
The estimated salary range for this position is $190,000 to $225,000. Actual salary may vary up or down depending on job-related factors which may include knowledge, skills, experience, and location. In addition, this position is eligible for incentive compensation.