Special Assets Officer

About the role

The Special Assets Officer is responsible for managing and monitoring a portfolio of complex commercial loans, developing collection strategies, action plans, and negotiating and implementing plans to maximize the bank’s recovery.

Responsibilities

• Develop collection strategies and action plans for problematic loans.
• Prepare detailed analysis and provide recommendations of the collection and action plans.
• Negotiate with borrowers, attorneys, and companies to review and re-structure credit and repayment terms.
• Implement recovery plans that minimize risk and loss to the bank.
• Provide timely and accurate reporting to Special Assets Manager.
• Interact with commercial bank customers experiencing financial distress, displaying tact and persuasiveness.
• Interact frequently with lawyers and other outside professionals, both those retained by the Bank and those representing debtors, setting and pursuing the Bank’s agenda.
• Seek to minimize out-of-pocket legal and non-legal expenses from debtors whenever possible; maximize loan recoveries and fee income.
• Ensure BSA Compliance.

Education & Experience

• Strong oral and written communication skills.
• Knowledge of commercial, real estate, and consumer lending, particularly credit structure and loan policy.
• Experience with complex credits and strong knowledge of collateral valuation/liquidation.
• Familiarity with regulatory agencies, third-party loan review, and internal/external auditors.
• Understanding of legal/regulatory requirements pertaining to banking and collections.
• Knowledge of regulatory guidelines regarding appraisal/re-appraisal and all other regulatory policies affecting classified/criticized assets.
• Strong negotiation skills.

Ability to

• Analyze credit and develop and negotiate repayment terms with companies and high net worth individuals.
• Work independently and prioritize daily workflow.
• Analyze and solve problems for which there are no precedents.
• Maintain visual attention and mental concentration for extended periods of time.
• Perform duties and make decisions under frequent time pressures.

Requirements

• Bachelor’s degree in Accounting or Finance or equivalent experience.
• Formal credit training.
• 3+ years of direct special assets experience.
• Pursuant to the SAFE Act, maintain current registration with the Nationwide Mortgage Licensing System & Registry (“NMLS”). If registration is not active as of the hire date, must immediately attain active registration upon employment.
• Knowledge of Microsoft Office.

Pay

Base Pay Range: $103,000 – $134,000/year. Salary is based on factors including job duties, required qualifications, relevant experience, and local market trends. The role may be eligible for bonus or incentives based on company and individual performance.

Benefits

• 401(k) match and profit sharing.
• Employee stock purchase plan.
• Paid time off.
• Medical, dental, vision, and company-paid life insurance and long-term disability.
• Supplemental voluntary life insurance, short-term and long-term disability, wellness incentives, and an employee assistance program.
• Pre-tax health savings accounts and flexible spending accounts.