Introduction
Although debt recovery may appear to be the only aspect of a Senior Financial Recovery Representative’s employment, there are actually many more responsibilities involved. Asking for payment alone is insufficient when a company loan is in trouble. Senior Financial Recovery Representative assessing the harm and figuring out how to reduce the bank’s losses requires an understanding of the true financial condition.
I’ll explain in plain language what this job entails and what the daily duties are in this post. We’ll also look at the experience and abilities needed for this position so you can see how well-suited it is for a career in banking or finance.
Location: Cincinnati, United States
Full time
Job Description:
Summary:
To reduce losses on the current business banking or commercial loan portfolio, the Senior Financial Recovery Representative (SBA) creates a resolution strategy for classified (special asset) loans. Analyzing financial strategies, negotiating loan collection or restructuring, and recommending or managing litigation, liquidation, or loan charge-off are among the duties. Works with debts that are quite complicated and substantial. May mentor staff members with less experience.
Duties & Responsibilities:
- To reduce losses on the current loan portfolio, a resolution strategy for classified (special asset) loans is developed.
- Evaluates financial strategies, negotiates loan collection or restructuring, and suggests or manages loan charge-off, liquidation, or lawsuit.
- Manages non-pass-rated borrowing relationships in collaboration with business line loan officers.
- Conforms with legal and regulatory standards as well as bank policies and procedures.
- Whether a manager, supervisor, or individual contributor, they are accountable for risk management, compliance, and audit performance for the area or areas of responsibility.
- Creates or collaborates with management to create efficient controls and procedures to guarantee that risks are quantified, tracked, and managed and that compliance regulations are consistently followed.
- Guarantees that employees receive the necessary training, resources, and motivation to follow risk management guidelines, if applicable.
- Keeps up with changes relating to risk that could affect the designated area or areas of responsibility.
- Carries out other tasks as assigned,
More important things
Making decisions by considering the entire scenario is, in my opinion, more crucial in this line of work than simply grasping the figures. Every challenging loan has a unique backstory, so in addition to reviewing the borrower’s financial data, you also need to comprehend their business situation. You must discuss a variety of concerns with the loan officers, management, Senior Financial Recovery Representative, and brokers; therefore, effective communication is also quite helpful. Additionally, it’s critical to pay attention to small financial issues and to take deadlines seriously. Practical experience in business banking, credit, and commercial lending will help you stand out from the competition if you want to progress in this profession.
Basic Qualifications:
- A bachelor’s degree in accounting, finance, or business, or its equivalent, plus appropriate work experience
- It is necessary to have at least three years of expertise in commercial or business banking underwriting, lending, or credit.
Preferred Qualifications:
- Outstanding communication abilities both in writing and speaking
- Strong focus on achieving goals.
- Strong attention to detail, a feeling of urgency, and the capacity and motivation to give our clients Simply the Best Service are essential in this role.
- The capacity to operate autonomously in a collaborative setting that is focused on goals and deadlines.
- Basic proficiency with computer programs
Exempt Status: (Yes = not eligible for overtime pay) (No = eligible for overtime pay)
Yes
Workplace Type:
Office
Our Approach to Office Workplace Type
Flexible work arrangements may be available for some roles outside of our branch network. We’re combining the advantages of working from home and in an office. Senior Financial Recovery Representative. Our methodology enables our teams to retain a strong community, strengthen relationships, and do their best work. Additionally, remote workers will have the chance to gather in our offices on important occasions. The hiring team will provide specific work arrangements.
Compensation Range:
$70,000-$140,000 Annual Salary
The expected low and high ends of the basic compensation range for this position are represented by the compensation range. Location, experience, and education are just a few of the variables that will affect actual salary. Additionally, coworkers in this role are qualified to take part in any applicable incentive compensation plan. Huntington also offers a number of benefits to its employees, including health insurance, a wellness program, life and disability insurance, retirement savings plans, paid time off (PTO), paid holidays, and paid leave programs.
Utilization Management Support Specialist
Conclusion
In the end, expertise and sound judgment are crucial in the role of Senior Financial Recovery Representative. To lower the bank’s losses, you must comprehend challenging loans, select the best recovery strategy, and make the appropriate choice at the right moment. This could be a suitable career choice for Roll Up if you can work responsibly and have experience with commercial banking lending or credit. You should read our associated articles if you want to learn more about additional banking and finance job options. They will provide you with more useful details about the various roles and their prerequisites.