Personality May Present A Challenge In A Workout
I am frequently asked if a particular bank is tougher or easier than others to do a workout with. In light of the fact that we resolve most every client’s workout issues quite favorably, the question is almost irrelevant. I will say, however, we do notice that we tend to consistently have a more difficult time with some banks than with others. In the end, however, logic usually prevails.
Since we do so much of this work and so much of it is concentrated in some of the major national banks that tend to consolidate their workout efforts in a centralized department, we frequently work with the same people from case to case. One thing we have discovered is the difference between specific loan workout officers. Here is where the response can be radically different and quite inconsistent. Some bank workout officers are much more difficult to work with than others. We know them, they know us, and sometimes it is a struggle. Simply put, it is the personality of the individual workout officer that determines how easy or difficult the workout will go. Most of the time it is smooth sailing and usually it is the negotiation on value or amount of the payoff that may be the sticking point. Other times it is a difficult process where each step of the way is challenging. Even communicating with some workout officers can be problematic as they never get back to us and frequently do not respond to email or voice mail until they are ready which may take weeks at a time.
As within any business, it is an individual’s personality, character, and attitude that determines the flow. We are very conscious of this and do our best to create positive working relationships based on quality performance, professionalism, consistency, reasonableness and even-minded, even-tempered presentation being fair to all involved. Sometimes a workout officer believes the resolution must be all for the bank with no consideration for the defaulting borrower’s position. This can be challenging to resolve favorably but in the end we most always prevail.
Yes, some workout officers are decidedly more difficult than others and that can be a challenge. But we know what is at risk for our clients and we take the time required and have the patience to work these more difficult situations out to a reasonable workable conclusion.
