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Loan Liquidation Specialist

2 months ago

New Hyde Park, New York, United States Newtek One Full time
Job Overview

NewtekOne, a leader in business solutions, operates as a financial holding entity, providing a comprehensive suite of business and financial services under the Newtek brand tailored for small- and medium-sized enterprises (SMBs). Since its inception in 1999, Newtek has been dedicated to delivering innovative, cost-effective products and strategies that empower SMBs across the nation to enhance their revenue, manage expenses, and mitigate risks.

Our diverse offerings encompass banking services (Newtek Bank, N.A.), Business Lending, Electronic Payment Solutions, Technology Services (including Cloud Computing, Data Backup, IT Consulting), eCommerce, Accounts Receivable and Inventory Financing, Insurance Services, Web Development, and Payroll Solutions.

We are currently seeking a Liquidation Officer to enhance our Small Business Lending division.

Key Responsibilities

Reporting to the VP of Special Servicing, the selected candidate will oversee risk management for delinquent loans guaranteed by the US SBA. This role entails:

  • Managing collections, loss mitigation, formal workouts, charge-offs, and recoveries within the assigned portfolio.
  • Administering collateral, including equipment and real estate, to minimize potential losses effectively.
  • Cross-selling relevant company products and services to both new and existing clients.
Essential Duties

The Liquidation Officer will be responsible for:

  • Consulting with collection and servicing teams regarding newly delinquent accounts.
  • Executing the transfer of delinquent loans to liquidation as directed by management.
  • Assessing collateral and loan documentation for compliance with SBA standards.
  • Formulating and implementing effective collection strategies to mitigate losses.
  • Evaluating borrowers' financial situations to recommend suitable actions, including loan modifications or settlements.
  • Collaborating with SBA personnel as necessary.
  • Preparing bi-weekly status updates for senior management.
  • Conducting quarterly credit assessments for management review.
  • Maintaining regular communication with delinquent borrowers to negotiate optimal workout solutions.
  • Coordinating with other departments to ensure compliance with SBA regulations.
  • Reviewing and interpreting SBA loan documentation and appraisals.
  • Managing external vendors, including legal and financial professionals, to maximize recovery efforts.
  • Representing the company in legal proceedings as required.
  • Partnering with external legal counsel to initiate litigation when necessary.
  • Completing SBA semi-annual status reports accurately and on time.
  • Ensuring all loans have SBA-approved litigation plans and budgets.
  • Promoting additional Newtek services to enhance customer partnerships.
Qualifications

The ideal candidate will possess:

  • Proficiency in Microsoft Office Suite.
  • Strong attention to detail and problem-solving capabilities.
  • Excellent analytical, negotiation, and organizational skills.
  • Effective verbal and written communication abilities.
  • Experience with loan management systems.
  • Familiarity with Bankruptcy Code Chapters (7, 11, 13) and collaboration with attorneys.
  • Knowledge of foreclosure processes and SBA SOPs.
  • Ability to manage multiple projects efficiently.
  • Experience in commercial loan workouts and collections.
  • A degree in Business, Economics, or Finance is preferred but not mandatory.

Salary Range: $80,000 to $130,000

NewtekOne is an Equal Opportunity Employer. We uphold a commitment to ethical conduct and adherence to our Code of Business Conduct and Ethics.