Special Assets Officer, Commercial

Live Oak Bank•Wilmington, NC

15h

About The Position

The Special Assets Officer, Commercial (SAO) works within the Credit Organization under the direction of the Special Assets Manager. The successful candidate will manage a loan portfolio of complex, high-risk assets within Live Oak’s national commercial portfolio to develop and implement strategies for these loans. The position also has the responsibility to proactively engage in conversations with regular servicing teams to assess risk potential for troubled assets and determine if a workout strategy is required. The SAO will work with customers to achieve a desired resolution to mitigate risk and maximize recovery to the bank.

Requirements

Bachelor's degree or equivalent experience
Excellent customer service and interpersonal skills with ability to effectively handle difficult conversations
Sound judgment and attention to detail
Strong financial analysis skills
PC proficiency
In-depth knowledge of Bank lending policies, procedures and criteria
Must have the ability to travel extensively, potentially on short notice.
Experience in bankruptcy negotiations/reorganizations
Valid driver’s license

Nice To Haves

3-5 years of lending/workout experience
Formal Bank credit training
Strong communication skills
Strong organizational skills
Proven track record of successfully resolving complex commercial loan credit issues and maximizing recovery
Ability to work collaboratively within a team environment
Ability to work effectively and collaboratively within a team
Knowledge of commercial collection laws and regulations, bankruptcy laws, and awareness of potential lender liability issues

Responsibilities

Establish a high level of trust with assigned customers to continually be effective in monitoring changes in the borrower’s business and personal level of engagement in the managing operations
Responsible for guiding at-risk borrowers through the process of transitioning out of their business, when appropriate, for creating an environment of cooperation and for encouraging open communication
Implement workout strategies of large bank exposures in excess of $10MM for commercial credits with management oversight
Oversees and/or analyzes current customers' financial status and keeps Special Assets management informed of same
Quarterly, a formal Watch/Criticized Report is prepared for presentation to Bank Management and Board
Identify collateral that may be difficult to evaluate or liquidate and complete monthly classified impairment assessments and charge-offs recommendations
Liaise with internal stakeholders, including Credit, Legal Counsel, Loan Servicing, and Lending teams to ensure effective management and oversight of troubled loan portfolio
Responsible for all activities relating to forbearance agreements, modifications, bankruptcy and restructure strategies with oversight of execution
Ensure that the servicing and liquidation of problem loan customers is in accordance with Bank, participant, and government program policies and procedures.
Engage with loan participant and obtain necessary approval to remain compliant with agreements to prevent a loan participation default
Experience with development of strategies that minimize loss to the Bank which may include short term loan modifications and long-term loan restructuring
Present any proposed changes to loan terms to Credit Administration for approval
Lead the process of document review on serious problem credits to insure enforceability of documents and compliance with all bank policies and procedures
Quarterback legal actions taken against loan customers by acting as the Bank's primary contact to inside and/or outside counsel
Recommend changes to loan risk ratings as necessary to Credit Administration
Identify and recommend loan/lease losses timely to Special Assets Manager
Proactively engages in conversations with regular servicing teams to assess risk potential troubled assets and determine if workout strategy is required
Ensure problem loan files are current with call memos and correspondence to and from customer
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