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About the Role
The Senior Commercial Loan Workout Officer is responsible for managing and resolving the Bank's most complex commercial, commercial real estate, and classified multifamily credits within the Special Assets portfolio. This role develops and executes advanced workout, restructure, and recovery strategies to mitigate credit risk, preserve principal, protect collateral positions, and maximize recovery outcomes. The position provides guidance to staff and partners with various stakeholders to support sound decision-making and effective problem loan resolution.
Responsibilities
- Manage the Bank's most complex commercial, commercial real estate, and classified multifamily credits within the Special Assets portfolio, applying advanced workout expertise to preserve principal, mitigate loss exposure, and maximize recovery outcomes.
- Manage a team of workout officers, collectors and analysts to negotiate, track and maximize the value of problem loans to the Bank.
- Develop comprehensive workout, restructure, and recovery strategies that balance credit risk, legal considerations, collateral protection, borrower viability, regulatory requirements, and the Bank's overall risk appetite.
- Serve as a subject matter expert on commercial loan workout matters, providing guidance to portfolio management staff, lending partners, and internal stakeholders on complex credit situations, risk evaluation, resolution strategies, and policy application.
- Lead high-level negotiations with borrowers, guarantors, attorneys, lending officers, senior workout officers, and external parties to resolve troubled credits while protecting collateral positions, maintaining legal and regulatory alignment, and advancing recovery objectives.
- Prepare and present complex credit approval memoranda, risk assessments, collateral evaluations, reserve analyses, charge-off recommendations, financial forecasts, projected loss analyses, and other materials for senior credit authorities and executive-level review.
- Evaluate borrower performance, repayment capacity, covenant compliance, collateral value, financial trends, and market conditions to identify emerging risk, assess credit deterioration, and recommend timely corrective action.
- Ensure loan documentation, amendments, restructures, forbearance agreements, litigation matters, collateral actions, and other workout-related transactions are accurate, enforceable, policy compliant, and align with approved resolution strategies.
- Provide portfolio-level insight through Credit Quality meetings and related reporting, including updates on problem credit status, emerging trends, workout progress, reserve needs, charge-off exposure, credit cost forecasting, and recovery expectations.
- Build trusted internal and external relationships across lending, credit, legal, portfolio management, borrowers, and third-party partners to facilitate effective problem loan resolution, sound decision-making, and alignment with enterprise goals.
Requirements
- Extensive knowledge of commercial lending and commercial workout, including banking regulations, credit approvals, bankruptcy law, business and real estate law, banking policy, and related lending procedures.
- Strong understanding of real estate documentation, real estate management and disposition processes, and the policies and procedures governing commercial real estate lending.
- Demonstrated skills in loan documentation review, credit underwriting, credit analysis, financial statement analysis, covenant calculations, debt coverage ratios, and other financial ratios.
- Demonstrated ability to build and maintain trusted internal and external relationships by identifying needs, delivering tailored solutions, and supporting a positive, productive work environment aligned with enterprise goals.
- Excellent written, verbal, and negotiation skills, with the ability to communicate clearly and effectively with internal and external stakeholders.
- Excellent organizational skills, attention to detail, and ability to prioritize and manage multiple responsibilities in a fast-paced environment.
- Demonstrated ability to lead others, delegate effectively, provide constructive feedback, support accountability, and foster a collaborative, high-performing team environment.
- Ability to work independently while collaborating effectively with team members, cross-functional partners, customers, and other stakeholders.
- Ability to understand and adapt to various loan accounting systems, with proficiency in Microsoft Office, including Word, Excel, and PowerPoint.
Skills
- Commercial lending
- Commercial workout
- Banking regulations
- Credit approvals
- Bankruptcy law
- Business law
- Real estate law
- Banking policy
- Lending procedures
- Real estate documentation
- Real estate management
- Real estate disposition
- Loan documentation review
- Credit underwriting
- Credit analysis
- Financial statement analysis
- Covenant calculations
- Debt coverage ratios
- Financial ratios
- Relationship building
- Written communication
- Verbal communication
- Negotiation
- Organizational skills
- Attention to detail
- Prioritization
- Time management
- Leadership
- Delegation
- Constructive feedback
- Accountability
- Collaboration
- Independent work
- Loan accounting systems
- Microsoft Office
- Word
- Excel
- PowerPoint
Experience Level
- Senior
Benefits
- Employee perks & discount programs
- Tuition assistance
- Incentive compensation program
- Professional development opportunities
About the Company
- At OceanFirst Bank, each one of our employees plays an important role in delivering value to our customers and executing daily tasks in accordance with our core values.
- We recognize that our employees are essential to our success, making OceanFirst a great place to work and do business.
- Apply today to #BecomeOceanFirst and make an impact in the local community!