Loss Mitigation Specialist

Live Oak Bank•Wilmington, NC

8d•$71,960 - $113,080

About The Position

The Loss Mitigation Specialist plays a critical part in minimizing financial loss and maximizing recovery by overseeing the liquidation of distressed assets, including real estate and equipment. It ensures assets are valued correctly, legally compliant, and sold through effective negotiations and vendor coordination. By managing asset sales and tracking performance, the role enhances operational efficiency, mitigates risk, and ensures the organization recovers maximum value from defaulted assets, directly impacting profitability and stability.

Requirements

Tangible Asset Liquidation – Experience in liquidating a range of tangible assets (real estate, equipment, vehicles, etc.) related to distressed loans or defaulted accounts
Legal Process Expertise – Understanding of the legal procedures involved in asset liquidation, including foreclosure, repossession, and bankruptcy processes
Asset Valuation – Ability to assess the value of distressed assets and manage their sale effectively
Risk and Compliance Management – Knowledge of the regulatory requirements surrounding asset liquidation and compliance with banking regulations
Negotiation Skills – Experience negotiating with buyers, auction houses, legal teams, and other stakeholders to secure favorable outcomes
Vendor Management – Experience working with third-party vendors, such as auction houses, appraisers, and legal counsel
Reporting and Documentation – Strong attention to detail in maintaining accurate records of asset liquidation activities

Nice To Haves

Education - A bachelor’s degree in finance or business
Experience - A minimum of 5 years of experience in commercial lending, servicing, or underwriting with a focus on SBA is preferred.
Familiarity with commercial real estate transactions, including property valuation and sales processes
Advanced Legal Knowledge – Understanding of advanced legal processes, such as bankruptcy and creditor claims, that may affect asset sales
Auction and Sale Experience – Experience with coordinating or managing asset sales through auctions or other sales methods
Financial Statement Interpretation – Ability to interpret financial statements to determine the appropriate approach to asset liquidation
Project Management Skills – Experience managing multiple projects and ensuring deadlines and compliance requirements are met

Responsibilities

Manage Asset Liquidation – Oversee the process of liquidating distressed or defaulted assets, including real estate, equipment, and other tangible and intangible assets in order to maximize recovery and minimize losses
Manage ORE Property - Managing ORE (Other Real Estate) bank-owned property involves overseeing the property's maintenance, marketing, legal compliance, and eventual sale or disposition to maximize its value and minimize losses for the bank
Legal and Compliance Oversight – Ensure all asset liquidation activities comply with relevant laws and regulations, including foreclosure and bankruptcy procedures
Asset Valuation and Sales – Supervise and review the valuation of distressed assets and manage their sale through appropriate methods to ensure correct values and reserves are properly set
Vendor and Third-Party Coordination – Work with external partners such as auction houses, real estate agents, appraisers, and legal counsel to support the sale of assets and ensure smooth operations
Documentation and Reporting – Maintain accurate records of the liquidation process, including sales reports, asset valuations, and compliance documentation, for transparency and accountability
Negotiate Asset Sales – Engage in negotiations with potential buyers, brokers, or service providers to achieve favorable sale prices and recover value for the organization
Monitor Portfolio Performance – Track the status of liquidated assets, providing regular updates on recovery results, timelines, and the efficiency of liquidation efforts
Utilize Your Expertise in Asset Valuation and Sales – Use your experience to assess the value of distressed assets and choose the best approach for their sale. You’ll apply your knowledge to set realistic goals and determine appropriate sales methods
Adhere to Legal and Regulatory Guidelines – Follow established legal processes related to asset recovery, working with legal teams to ensure compliance with necessary procedures and filings
Collaborate with External Partners – Work closely with auction houses, brokers, legal professionals, and appraisers to ensure efficient and transparent asset sales
Leverage Technology and Tools – Use asset management systems and tracking tools to monitor progress, document sales, and report results. Maintain accurate records of asset values and compliance
Negotiate Strategically – Use your negotiation skills to maximize the value of asset sales and achieve the best outcomes, whether negotiating with buyers or vendors
Maintain Clear and Accurate Reporting – Ensure all liquidation activities are clearly documented and reported, providing transparency and regular updates to management
Optimize Recovery Rates – Apply analytical skills to track and improve liquidation outcomes, refining strategies to improve recovery rates and minimize risk
Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC