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, negotiating repayment terms, and implementing recovery plans to maximize the bank’s recovery.

Responsibilities

• Develop collection strategies and action plans for problematic loans.
• Prepare detailed analysis and provide recommendations for collection and action plans.
• Negotiate with borrowers, attorneys, and companies to review and restructure credit and repayment terms.
• Implement recovery plans that minimize risk and loss to the bank.
• Provide timely and accurate reporting to the Special Assets Manager.
• Interact with commercial bank customers experiencing financial distress, displaying tact and persuasiveness.
• Engage frequently with lawyers and other outside professionals, both retained by the Bank and representing debtors, to set and pursue the Bank’s agenda.
• Minimize out-of-pocket legal and non-legal expenses from debtors while maximizing loan recoveries and fee income.
• Ensure compliance with Bank Secrecy Act (BSA) requirements.

Requirements

• Bachelor’s degree in Accounting or Finance or equivalent experience.
• Formal credit training.
• 3+ years of direct special assets experience.
• Active registration with the Nationwide Mortgage Licensing System & Registry (NMLS) pursuant to the SAFE Act (if lending).
• Proficiency in Microsoft Office.

Skills & Qualifications

Knowledge Of:

• Strong oral and written communication skills.
• Commercial, real estate, and consumer lending, particularly credit structure and loan policy.
• Complex credits and collateral valuation/liquidation.
• Regulatory agencies, third-party loan review, and internal/external auditors.
• Legal/regulatory requirements pertaining to banking and collections.
• Regulatory guidelines regarding appraisal/re-appraisal and policies affecting classified/criticized assets.

Ability To:

• Analyze credit and develop/negotiate repayment terms with companies and high-net-worth individuals.
• Work independently and prioritize daily workflow.
• Analyze and solve problems without precedents.
• Maintain visual attention and mental concentration for extended periods.
• Perform duties and make decisions under frequent time pressures.
• Demonstrate strong negotiation skills.

Pay

Base pay range: $103,000 – $134,000 per 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, and vision insurance.
• 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.