Associate Special Assets Officer, SBB

Live Oak Bank•Wilmington, NC

2d•$56,540 - $92,520

About The Position

The Associate 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. The position learns the 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 or equivalent experience
Experience in commercial lending, servicing, or underwriting with a focus on SBA
Basic understanding of financial analysis and lending principles
Strong communication skills
Ability to work effectively and collaboratively within a team

Responsibilities

Monitor loan performance and compliance with loan agreements, escalating issues to management when needed
Manage a portfolio of troubled loans, performing financial analysis and risk assessments
Communicate with borrowers to explore repayment options and create customized workout plans based on their financial circumstances with guidance from senior members of the special assets team
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 on a quarterly basis
Identify collateral accurately and complete quarterly assessments for classified collateral impairment
Under the guidance of the Special Assets Manager, 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
Learn proper Servicing and Liquidation of problem loan customers and handles assigned accounts in accordance with Bank and SBA policies.
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
With assistance from management, 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