Special Assets Officer, SBB

Live Oak Bank•Wilmington, NC

1d•$71,960 - $113,080

About The Position

The Special Assets Officer, SBB will be responsible for managing a portfolio of troubled loans and implementing strategies to mitigate credit risk and maximize recovery under guidance from the Special Assets Manager. Ensures proper servicing and liquidation of credits in a manner consistent with SBA regulations to avoid any reduction of the government guarantee as well as small business conventional loans.

Requirements

Excellent customer service and interpersonal skills
Strong negotiation and problem-solving abilities
Sound judgment and attention to detail
Strong financial analysis skills
Proficiency in Microsoft Office, nCino, and loan servicing software
Deep understanding of Bank and SBA lending policies, procedures, and criteria
Willingness to travel extensively
Valid driver’s license

Nice To Haves

Bachelor's degree in Finance or Business
Experience in commercial lending, servicing, or underwriting with a focus on SBA
3-5 years of experience in lending/loan workout
Thorough knowledge of banking regulations and SBA guidelines
Strong communication skills
Ability to work effectively and collaboratively within a team

Responsibilities

Monitor loan performance and compliance with loan agreements, escalating issues to senior management when needed
Manage a portfolio of troubled loans independently, performing financial analysis and risk assessments
Communicate with borrowers to explore repayment options and create customized workout plans based on their financial circumstances
Collaborate with internal teams, including credit, legal, and loan servicing, to effectively manage and oversee troubled loans
Prepare and present a formal Watch List Report to Bank Management and the Board on a quarterly basis
Identify collateral accurately and complete quarterly assessments for classified collateral impairment
Develop and implement strategies to minimize losses and maximize recovery, including negotiating workout agreements with borrowers
Build strong relationships with assigned customers to monitor changes in their business and personal involvement in operations
Handle multiple priorities and meet deadlines consistently
Support legal actions under the guidance of the Special Assets Manager by serving as the Bank's main contact for outside counsel
Recommend timely updates to loan risk ratings and classifications to Credit Administration
Conduct monthly charge off analysis and recommend losses in accordance with bank policies and procedures
Follow all regulatory requirements, including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection, and determent of money laundering or other unlawful activities
Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC