Vice President Loan Workout Manager - Carver Federal Savings Bank

Vice President, Loan Workout Manager

Corporate Title:Vice President
Department: Loan Workout
Reports to:SVP, Chief Credit Officer
Schedule:Hybrid (2 days in-office, 3 days remote)
Salary:$130,000 - $140,000

Company Summary

Carver Bancorp, Inc. (NASDAQ: CARV), the holding company for Carver Federal Savings Bank (the “Bank”), is a federally chartered institution with approximately $744 million in assets and 110 employees. The Bank was chartered in 1948 to address the banking needs of middle income and underserved communities in New York City. Carver operates seven full-service branches in the New York City boroughs of Brooklyn, Queens, and Manhattan. The Bank provides commercial real estate and small business loans and a range of complementary bank products and services.

Position Summary

The Vice President Loan Workout Manager is responsible for the direct the management and risk mitigation of criticized and classified, delinquent, seriously delinquent, and foreclosed assets. This individual is directly responsible for all collections, loss mitigation, formal workouts, charge-offs, and loan recoveries. The Workout Manager will also be responsible for the management and disposition of foreclosed properties in a timely, cost-effective manner, minimizing financial losses to the Bank.

Asset Management

• Provide oversight for Carver’s Held for Sale model – including assisting CCO and CLO with loan pool sales
• Provide support and interface with legal counsel on the bank’s business plan priorities for loan pool purchases
• Direct management and ownership for Non-Performing Assets and Non-Performing Loans

Liaison Support

• Serve as the chief liaison for consumer collection including retail bank depository collections
• Manager external counsel for all real-estate litigation

Board Responsibilities

• Interact with Board and executive management – providing regular updates on asset performance and collections
• Serve as co-chair for IARC Committee and ensure management oversight is consistent with regulatory standards

Additional Duties

• Communicating regularly and effectively with delinquent mortgagors to identify and counsel borrowers on best workout options available.
• Obtaining all necessary documentation, including updated financial information, from mortgagors, etc. and coordinating workouts with applicable internal departments.
• Negotiating workouts with all involved parties (borrowers, guarantors, investors, brokers, etc.) from initial workout request to final closed of workout.
• Handling complicated workout cases such as loan modifications, short sales, Deed-in-Lieu, etc.
• Providing proper and timely response to mortgagors while communicating regularly and effectively with other departments.
• Completing documentation of workout efforts (including communications, reason for default, workout/payment plans, updated phone numbers and mailing addresses) and ensuring information is part of the permanent loan file.
• Overseeing the evaluation of Non-Performing Loans (foreclosures) for OREO asset collections. Preserve and maintain REO property, direct property preservation activities, including security, maintenance, insurance, and cleanup.
• Design and implement appropriate collection strategies to limit losses.
• Detect early warning signs, loan inherent deficiencies, and communicate problem assets, loan weaknesses to Credit Risk Management for appropriate reserve allocation and loan risk rating levels.
• Assist with collections efforts associated with retail accounts as needed.
• Prepare delinquency, TDR, Held for Sale, REO and other reports and present same to Internal Asset Review Committee.

Key Relationships

• Chief Lending Officer
• Credit Risk Officer
• Credit Credit Officer
• Loan Operations
• Loan Officers

Background and Experience:

• Basic knowledge of loan collection techniques, policies, procedures, and principles of credit lending.
• Must be able to correlate varied data, draw conclusions, communicate effectively, and make recommendations as needed.
• Strong negotiation, influencing, and management skills.
• Working understanding of collection loans and regulations.
• Minimum five years of related experience.
• Bachelor’s degree; JD preferred.
• Excellent verbal, written communication, and organizational skills.
• Knowledge of Microsoft Excel, Word, and Access.
• Ability to resolve moderate problems with minimal guidance.