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.

Requirements

• 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.
• Knowledge of legal/regulatory requirements pertaining to banking and collections.
• Understanding of regulatory guidelines regarding appraisal/re-appraisal and all other regulatory policies affecting classified/criticized assets.
• Strong negotiation skills.

Skills

• Ability to analyze credit and develop and negotiate repayment terms with companies and high net worth individuals.
• Ability to work independently and prioritize daily workflow.
• Ability to analyze and solve problems for which there are no precedents.
• Ability to maintain visual attention and mental concentration for extended periods of time.
• Ability to perform duties and make decisions under frequent time pressures.
• Formal credit training.
• Knowledge of Microsoft Office.

Education and Experience

• Bachelor’s degree in Accounting or Finance or equivalent experience.
• 3+ years of direct special assets experience.
• Pursuant to the Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE Act”), all associates (if lending) are required to maintain current registration with the Nationwide Mortgage Licensing System & Registry (“NMLS”). If such registration is not active as of the hire date, the associate must immediately attain active registration upon employment.

Pay

Base Pay Range: $103,000 - $134,000/year. Salary offered 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.