Default Account Servicing Commercial Workout Specialist

Location: 1701 S Zero St., Fort Smith, AR

Exempt: Yes

Salary Grade: Grade 14

Summary:

SUMMARY: Under the direction of the Director of Commercial Default Account Servicing, the DAS Commercial Workout Specialist is responsible for managing a portfolio of defaulted small business/commercial loans with internal aggregate debt of $500,000 and below to implement timely workouts, initiate repossessions or engage counsel for other legal remedies. A high level of communication between outside business contacts in other professions occurs daily. Knowledge of the legal system, repossession requirements, foreclosure process, probate process, Fair Debt Collection Practices Act (FDCPA), Gramm-Leach-Bliley Act (GLBA), and Fair and Accurate Credit Transactions Act (FACTA) are essential in this position.

We are seeking candidates who embrace diversity, equity and inclusion in a workplace where everyone feels valued and inspired.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.

1. Assess current credit quality of the assigned relationship in order to determine the overall performance and assigning appropriate credit risk ratings.

2. Collect, prepare, and analyze business and/or personal financial statements to administer the turnaround or exit of complex credit relationships, which includes the decision to provide additional financing, request additional collateral and/or to liquidate collateral to offset/reduce bank losses.

3. Identify potential high risk/high exposure situations, appropriately escalate situations as needed and make quality decisions regarding your plan of action.

4. Develop action plans to cure assigned credits that are in default while in compliance with Loan Policy, Commercial Collections Policy and all applicable procedures. Prepare Loan officer Memorandum’s in preparation for senior loan committee meeting for renewals and modification approvals. Prepare necessary documentation for renewal requests and submit to loan processing for loan closings.

5. Develop and maintain effective working relationships with internal and external contacts to validate concerns/actions, inspect and evaluation collateral condition and/or facilitate workouts.

6. Provide local bank management with portfolio updates. Prepare for commercial workout past due meetings, loan committee meeting and audits as necessary.

7. Order updated appraisals through RIMS for renewals and modifications, review and evaluate for any inconsistencies and accuracy within local markets.

8. Complete Equity Analysis Worksheets evaluate results and make determination if foreclosure of collateral or charge off of credit is necessary. Engage appropriate counsel for the case and refer account to the DAS Legal Accounts Specialists or counsel for initiation of foreclosure lawsuit.

9. Complete Foreclosure Bid Worksheet to review and approval of the debt balance, fees, expenses, and valuation of collateral in order to determine proper bidding instructions to be provided to counsel.

10. Prepare forms and collaborate with the Other Real Estate (ORE) department at their request to assist with the disposition of ORE property throughout the remarketing/liquidation process.

11. Make prudent decisions regarding rehabilitation, cleanup and liquidation of property; small commercial coded credits; and liquidation of in-house foreclosed properties as needed.

12. Review SBA/PPP insured loans in default, perform SBA collateral inspections. Determine the equity position in each property and if foreclosure action is needed, or if a claim for the full amount should be filed. If decision is made to foreclose, complete the process through liquidation of collateral and file claim with insurance provider on loss amount. If decision is made to file a claim on full balance, monitor the filing of the claim until funds are received.

13. Work closely with the bank attorney concerning repossessions, foreclosures, bankruptcy, replevins and other related litigation issues. Serve as a representative for bankruptcy hearings and civil or federal court hearings.

14. Document and log all collection conversations, emails and communications activity utilizing proper imaging software.

15. Stay abreast of business and market trends as well as internal lending and collections policies that may affect portfolio performance.

16. Understand and comply with bank policy, laws, regulations, and the bank's BSA/AML Program, as applicable to your job duties. This includes but is not limited to; complete compliance training and adhere to internal procedures and controls; report any known violations of compliance policy, laws, or regulations and report any suspicious customer and/or account activity.

TEAM ACCOUNTABILITIES:

• Support and uphold the Arvest Mission Statement.

• Uphold the Arvest Code of Ethics and ensure that confidential information is safeguarded.

• Maintain a high level of cooperation and rapport with all associates to ensure accurate and efficient operations and service.

• Formulate and communicate new ideas and suggestions that will improve profitability and efficiency for the company’s overall operation.

· Promote professionalism at all times.

Responsibilities:

QUALIFICATION REQUIREMENTS:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE:

• Associate Degree or equivalent related work or military experience required.

• 2 years previous lending and/or collection related experience with emphasis in evaluation/origination of complex credits required.

• Previous legal/negotiation experience preferred.

• Thorough knowledge of collection laws and regulatory requirements, inclusive of FDCPA, TCPA, CFPB guidelines and any pertinent laws required.

Relevant military experience is considered for veterans and transitioning service members.

OTHER SKILLS AND ABILITIES:

· Must be able to arrive at work on time, work on site or remote and have regular work attendance

• Must be able to work cooperatively with other co-workers regardless of personality, presence or communication style

• Must be able to provide cordial customer service regardless of customer personality, presence or communication style

• Must be able to perform several tasks at once

• Must be able to work in a stressful atmosphere

• Must be able to rotate job tasks

• Must be able to greet others cordially

• Must be able to coordinate multiple and changing priorities

• Must be able to verbally communicate with all other associates

• Must be able to operate telephone, scanner, copier and FAX machines

• Must be able to occasionally work outside of normal business hours.

• Must be able to move from department, division, or bank to department, division, or bank to attend meetings

• Must be able to operate personal computer keyboard to create reports, schedules and other appropriate documentation

PHYSICAL DEMANDS:

The physical demands described here are representative of those that must be met by an associate to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.

While performing the duties of this job, the associate is regularly required to stand, walk, sit, and to talk and hear. The associate must occasionally reach with hands and arms; stoop, kneel, or crouch.

The associate may occasionally be required to lift or move up to 25 pounds.

Specific vision abilities required by this job include close, distance and color vision and the ability to adjust focus.

WORK ENVIRONMENT:

The work environment characteristics described here are representative of those an associate may encounter while performing the essential functions of this job. Reasonable accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.

The noise level in the work environment is usually moderate.