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Asset Recovery Manager

2 months ago


Lexington, Kentucky, United States The Ladders Full time
THE LADDERS

ASSET RECOVERY MANAGER JOB DESCRIPTION

OVERVIEW

The role of Asset Recovery Manager entails overseeing loan recovery and collection initiatives across various business lending sectors. The main goal is to minimize losses through proactive credit collection efforts, effective recovery strategies, and resolution processes. Additionally, this position offers guidance and support to other team members engaged in collection activities. The Asset Recovery Manager is also tasked with managing the organization’s Other Real Estate Owned (OREO) properties, ensuring compliance with all organizational policies and relevant banking regulations.

KEY RESPONSIBILITIES

  1. Oversee the management of criticized, classified, or overdue credits.
  2. Utilize principles of credit assessment, asset management, and risk evaluation.
  3. Administer a portfolio of secured assets.
  4. Analyze financial data, collateral, legal documentation, and other relevant information to assess potential loss exposure and recommend recovery strategies.
  5. Act as the primary liaison with internal and external legal counsel in recovery and collection case management, demonstrating expertise in legal documentation and loan agreements.
  6. Engage with delinquent loan clients to secure payments or establish revised payment plans.
  7. Lead collection initiatives and mentor the collection team and loan officers on effective collection practices.
  8. Prepare executive and board-level reports on the asset recovery portfolio.
  9. Manage the organization’s Other Real Estate Owned portfolio.
  10. Draft, prepare, and send correspondence such as internal memos and letters to clients or contractors.
  11. Deliver exceptional customer service and assist in resolving issues within designated authority.
  12. Demonstrate respect for individuals; uphold commitments; inspire trust; act ethically and with integrity; adhere to organizational values; and take responsibility for personal actions. Collaborate effectively with organizational leadership and team members.
  13. Exhibit knowledge of and compliance with equal employment opportunity policies; show respect and sensitivity to cultural differences; educate others on the importance of diversity; foster a harassment-free work environment; build a diverse workforce; and support affirmative action initiatives.
  14. Adhere to policies and procedures; complete administrative tasks accurately and punctually; support the organization’s goals and values; and contribute positively through external activities.
  15. Perform duties safely, without compromising personal or others' health and safety, and report any potentially hazardous conditions. Comply with occupational safety and health standards and all relevant regulations.
ADDITIONAL DUTIES

The Asset Recovery Manager may perform specific duties related to the position and other functions as assigned.

SUPERVISORY ROLE

This position includes supervisory responsibilities over the Collections team.

WORK ENVIRONMENT AND PHYSICAL DEMANDS

The role is primarily office-based, allowing for free movement within the workspace. The position may involve driving a company or personal vehicle occasionally, with exposure to outdoor weather conditions and moving mechanical parts. Minor distractions such as noise, odors, and drafts may be present.

In performing this role, the incumbent will engage in various activities including writing, typing, speaking, listening, lifting (up to 15 pounds), seeing (including close, color, and peripheral vision), sitting (90% of the time), pulling, walking, standing, squatting, kneeling, and reaching.

The incumbent may operate various equipment such as telephones, copy machines, calculators, scanners, and computers as required.

The work environment characteristics described here are representative of those encountered while performing the essential functions of this job.

The physical demands outlined here are representative of those that must be met by an employee to successfully perform the essential functions of this job.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

MENTAL DEMANDS

The incumbent must be capable of handling tasks that involve reading documents, detailed work, problem-solving, customer interaction, reasoning, mathematical calculations, language comprehension, presentations, verbal and written communication, analytical reasoning, stress management, training, multitasking, and managing frequent interruptions.

MINIMUM QUALIFICATIONS

The following specifications serve as general guidelines based on the minimum experience typically deemed essential for satisfactory performance in this role. The requirements listed below represent the knowledge, skills, and abilities necessary to perform the position effectively. Individual capabilities may lead to some variation from these guidelines.
  • Associate's degree (AA) or equivalent from a four-year college or technical school; or five years of relevant experience and/or training; or a combination of education and experience.
  • In-depth knowledge of applicable state and federal banking compliance regulations, as well as other operational policies.
  • Intermediate proficiency in operating computer systems, including word processing, spreadsheet, and graphical software applications.
  • Strong verbal, written, and interpersonal communication skills, with the ability to apply common sense to follow instructions, interpret documents, understand procedures, write reports and correspondence, and communicate clearly with clients and colleagues.
  • Ability to address complex problems involving multiple facets and variables in non-standardized situations.
  • Effective organizational and time management skills.
  • Ability to work independently with minimal supervision.
  • Valid driver's license and a vehicle with appropriate insurance coverage if required to drive as part of job responsibilities.
Management reserves the right to modify this job description at any time based on business needs.