Special Assets Officer

About the role

The Special Assets Officer is responsible for managing complex, at-risk and problem loans to resolution to ensure maximum recovery for the Bank.

Essential Functions

• Manage all aspects of large, more complex loans within an assigned portfolio including the following: loan workouts, bankruptcy, foreclosures, litigation, collection of past due payments, and liquidation of asset(s).
• Manage SBA liquidation process including Offer in Compromise and Purchase Guaranty preparation to ensure payment of guaranty, including related negotiations with SBA, as needed.
• Manage the most complex loan work-outs, bankruptcy situations and OREO property disposals. Participate in settlement negotiations with borrower and/or their legal counsel, directly or in a Mediation setting, under supervision of SAD Manager.
• Create and provide regular and comprehensive management level reporting in both written and oral format, to include reporting duties assumed from Credit Administration.
• Ensure bankruptcy and foreclosure process and legal requirements are followed, working with Bank legal counsel and Special Assets Manager, and within Bank policies and procedures, and SBA Loan Program Requirements.
• Design, recommend and implement approved and appropriate plans and budgets to manage and dispose of properties obtained through foreclosure.
• Coordinate the necessary actions to manage and sell properties working with real estate brokers, potential purchasers, title and escrow companies, receivers, property management firms and other REO property related vendors.
• Supervise sales negotiations with potential purchasers including approval, declination and recommendation to management regarding offers.
• Work with outside consultants on business and/or property management of troubled assets.
• Provide accurate, complete and timely individual loan and overall portfolio reports, including recommendations for non-accrual status, specific loan loss reserves, risk rating changes and charge off.
• Consult regularly with the SAD Manager when identifying and implementing resolution actions.
• Review, analyze, recommend and implement resolutions for complex problem credits and workout loans in the best interest of the Bank.
• Manage complex Watch List relationships to resolution.
• Restructure complex debts and create workout plans to effectively bring resolutions to problem credits.
• Provide an executive level status report of assigned relationships at periodic internal meetings.
• Aid in performing periodic impairment analysis for executive reporting, recommending methodology with supporting documentation.
• Work directly with borrowers to restructure debt and create workout plans.
• Analyze financial statements, business history and creditworthiness of buyers and borrowers.

Non-Essential Functions

• Perform special projects and research as assigned.
• Provide coverage for the Special Assets Specialist job duties, as needed.
• Provide training and mentoring to Special Assets Specialist and other internal partners, as needed.

Qualifications

• Bachelor's degree in business administration, economics, accounting or related field of study and at least 5-7 years of experience with complex credit administration, special assets/work-outs, loss mitigation or legal/litigation or equivalent combination of education and experience.
• Experience with SBA 7(a) loan program knowledge a plus.
• Thorough knowledge of bankruptcy laws, full understanding of lender liability issues, probate/deceased borrower, foreclosures, collections, loss mitigation, and related laws and regulations.
• Thorough knowledge of SBA servicing, liquidation and purchase guaranty procedures.
• Thorough knowledge of consumer, commercial, commercial real estate lending, construction methods and practices, including identification of key market trends and real property valuation.
• Thorough knowledge of real estate finance, accounting and law.
• Strong, professional and effective negotiating skills.
• Demonstrated ability to perform all essential functions independently and make sound recommendations with limited guidance or supervision.
• Demonstrates strong business acumen with thorough understanding of a wide range of elements of the Bank's business and the customers, industries, and partners with which the Bank is involved.
• Skilled at operating a personal computer including Microsoft Office Word, Excel, Outlook, with intermediate Excel skills preferred.
• Ability to work in a fast-paced environment, comfortable adapting to changing priorities, and workload, demonstrating flexibility/adaptability.
• Supports organizational change positively and proactively.
• Possesses solid written and verbal communication skills, using correct English grammar, punctuation, and spelling; communicates information in a succinct and organized manner; produces written information, which may include technical material that is appropriate for the intended audience.

Benefits

Compensation The hiring range for this position is $70,304 to $100,000 per year. The compensation offered will fall within this range, commensurate with the candidate's applicable experience, education and skills.