Senior Commercial Loan Workout Officer at Oceanfirst Financial

Job description

At OceanFirst Bank, each one of our employees plays an important role in delivering value to our customers and executing daily tasks in accordance with our core values. We recognize that our employees are essential to our success, making OceanFirst a great place to work and do business. Great benefits include: employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community! ABOUT YOUR ROLE The Senior Commercial Loan Workout Officer is responsible for managing and resolving the Bank's most complex commercial, commercial real estate, and classified multifamily credits within the Special Assets portfolio, regionally, and throughout the Bank's footprint. This role develops and executes advanced workout, restructure, and recovery strategies that mitigate credit risk, preserve principal, protect collateral positions, and maximize recovery outcomes. The position provides guidance to portfolio management staff and partners with lending, credit, legal, borrowers, guarantors, attorneys, and other stakeholders to support sound decision-making and effective problem loan resolution. This role also prepares complex credit analyses, risk assessments, reserve and charge-off recommendations, and portfolio reporting while ensuring compliance with Bank policy, lending procedures, regulatory requirements, and approved resolution strategies. WHAT YOU WILL DO LIST Manage the Bank's most complex commercial, commercial real estate, and classified multifamily credits within the Special Assets portfolio, applying advanced workout expertise to preserve principal, mitigate loss exposure, and maximize recovery outcomes. Manage a team of workout officers, collectors and analysts to negotiate, track and maximize the value of problem loans to the Bank. Develop comprehensive workout, restructure, and recovery strategies that balance credit risk, legal considerations, collateral protection, borrower viability, regulatory requirements, and the Bank's overall risk appetite. Serve as a subject matter expert on commercial loan workout matters, providing guidance to portfolio management staff, lending partners, and internal stakeholders on complex credit situations, risk evaluation, resolution strategies, and policy application. Lead high-level negotiations with borrowers, guarantors, attorneys, lending officers, senior workout officers, and external parties to resolve troubled credits while protecting collateral positions, maintaining legal and regulatory alignment, and advancing recovery objectives. Prepare and present complex credit approval memoranda, risk assessments, collateral evaluations, reserve analyses, charge-off recommendations, financial forecasts, projected loss analyses, and other materials for senior credit authorities and executive-level review. Evaluate borrower performance, repayment capacity, covenant compliance, collateral value, financial trends, and market conditions to identify emerging risk, assess credit deterioration, and recommend timely corrective action. Ensure loan documentation, amendments, restructures, forbearance agreements, litigation matters, collateral actions, and other workout-related transactions are accurate, enforceable, policy compliant, and align with approved resolution strategies. Provide portfolio-level insight through Credit Quality meetings and related reporting, including updates on problem credit status, emerging trends, workout progress, reserve needs, charge-off exposure, credit cost forecasting, and recovery expectations. Build trusted internal and external relationships across lending, credit, legal, portfolio management, borrowers, and third-party partners to facilitate effective problem loan resolution, sound decision-making, and alignment with enterprise goals. WHAT WE EXPECT OF YOU Extensive knowledge of commercial lending and commercial workout, including ba