NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries, provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business ("SMB") market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses, and reduce their risk.
Newtek's and its subsidiaries' business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
Small Business Lending is looking for a
Liquidation Officer to join the team!
Under the direction of the VP, Special Servicing Manager, incumbent will manage the risk mitigation of delinquent US SBA guaranteed loans. Directly responsible for all collections, loss mitigation, formal workouts, charge-offs and loan recoveries for their portfolio. Manage all collateral such as equipment, real property or business assets in a timely, cost effective manner to minimize loss to the company. Will successfully cross-sell appropriate and/or additional company products and services to new and existing customers.
ESSENTIAL FUNCTIONS AND RESPONSIBILITIES: (other duties may be assigned as needed)
- Assist and consult with collection and servicing personnel as necessary on newly delinquent loans
- Upon instruction from department manager effectuate transfer of delinquent loans to liquidation
- Review collateral and loan documentation for newly assigned loans; determine compliance with SBA approvals
- Design and implement appropriate collection strategies to limit losses
- Analyze borrower's financial position to recommend appropriate course of action such as loan modifications, deferments, settlement or collateral liquidation
- Liaise with SBA personnel in each of the Servicing Centers as needed
- Prepare bi-weekly status reports for senior management
- Responsible for quarterly credit write-up on accounts for management review
- Communicate regularly and effectively with delinquent borrowers in order to negotiate best workout options
- Interact with and assist other departments to affect the proper servicing on our loans and maintain compliance with the SBA so as to preserve our guaranty
- Ability to review and comprehend SBA loan documentation, legal documentation, real property appraisals, equipment appraisals and environmental reports
- Direct and manage outside vendors and professionals including attorneys, accountants, brokers, appraisers, auctioneers, etc. to ensure maximum recovery in cost effective manner
- Represent the company at trials, mediation, and depositions in all 50 states as applicable
- Refer and partner with outside legal counsel to initiate litigation when necessary and oversee all phases of legal proceedings including bankruptcy, foreclosure and replevin actions
- Complete the SBA semi-annual status reports properly and timely
- Ensure that all loans have SBA approved litigation plans & budgets
- Cross Selling other Newtek services to a new or existing customer with the belief that you are creating a partnership and serving the customer by introducing them to additional products or services that assist the business owner in increasing sales, reducing expenses and minimizing risk
Knowledge, Skills, And Abilities
- Computer literate; proficient with Microsoft Office products, i.e. Word, Excel, etc.
- Excellent attention to detail, follow up and problem solving
- Strong analytical, negotiation and organization skills
- Keen listening, verbal and written communication skills
- Ability to resolve problems with minimal guidance
- Experience with PCSF 2000 Loan Manager loan system
- Must be familiar with Bankruptcy Code Chapters (7, 11, 13) and must be able to work effectively with outside attorneys
- Must be able to correlate varied data, draw conclusions, communicate effectively and make recommendations as needed
- Knowledge of foreclosures (judicial, non-judicial, deed-in-lieu of foreclosure, FF&E and corporate stocks) is a must
- Firm knowledge of US SBA SOP including liquidation and repurchase process
- Working understanding of loan collection, regulations and legal collection process
- Ability to work on multiple projects simultaneously, managing time and resources to ensure work is completed efficiently and within established time frames.
- Ability to establish and maintain effective work relationships both internally and externally.
- Commercial loan workout, liquidation, and collection experience a must
- SBA workout experience is preferred but not required
- Formal bank credit training is a plus but not required
- Bachelor's degree in Business, Economics or Finance is preferred but not required
Salary Range: $80,000 to $130,000
NewtekOne is an Equal Opportunity Employer; M/F/D/V. We require all of our employees to perform work in an ethical manner and uphold our Code of Business Conduct and Ethics at all times.
