Business Recovery Specialist

6 days ago

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

Newtek One is a financial holding company that provides business and financial solutions to small- and medium-sized businesses (SMBs) across the United States. With a history dating back to 1999, Newtek has established itself as a reliable partner for SMBs, offering cost-efficient products and services to help them grow their sales, control expenses, and reduce risk.

The company's range of solutions includes banking, business lending, electronic payment processing, technology services, e-commerce, accounts receivable financing, inventory financing, insurance solutions, web services, and payroll and benefits solutions. The Small Business Lending division is seeking a skilled Liquidation Officer to join its team.

As a Liquidation Officer, you will work under the direction of the VP, Special Servicing Manager, to mitigate risks associated with delinquent US SBA guaranteed loans. Your responsibilities will include collections, loss mitigation, formal workouts, charge-offs, and loan recoveries for your portfolio. You will also manage collateral such as equipment, real property, or business assets in a timely and cost-effective manner to minimize losses to the company. Additionally, you will cross-sell appropriate products and services to new and existing customers.

Key Responsibilities:
  • Assist collection and servicing personnel as needed on newly delinquent loans
  • Effectuate transfer of delinquent loans to liquidation upon instruction from department manager
  • 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 course of action such as loan modifications, deferments, settlement, or collateral liquidation
  • Liaise with SBA personnel in each Servicing Center as needed
  • Prepare bi-weekly status reports for senior management
  • Responsible for quarterly credit write-up on accounts for management review
  • Communicate regularly with delinquent borrowers to negotiate best workout options
  • Interact with and assist other departments to affect proper servicing on our loans and maintain compliance with the SBA

The ideal candidate should have excellent attention to detail, follow-up, and problem-solving skills. They should be proficient in Microsoft Office products, including Word and Excel. Strong analytical, negotiation, and organization skills are essential, as well as keen listening, verbal, and written communication skills. Experience with PCSF 2000 Loan Manager loan system and familiarity with Bankruptcy Code Chapters 7, 11, and 13 are required. Knowledge of foreclosures, judicial, non-judicial, deed-in-lieu of foreclosure, FF&E, and corporate stocks is also necessary. Firm knowledge of US SBA SOP, including liquidation and repurchase process, and working understanding of loan collection regulations and legal collection process are required.

Requirements:
  • Commercial loan workout, liquidation, and collection experience is mandatory
  • 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 - $130,000 per annum

About Us:

Newtek One is an equal opportunity employer and requires all employees to perform work in an ethical manner, upholding the Code of Business Conduct and Ethics at all times.

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