Special Assets Officer, Commercial

Live Oak Banking•Wilmington, NC

20h•Remote

About The Position

At Live Oak Bank, the Special Assets Group manages credits with declining performance and increased risk. As a Special Assets Officer, Commercial, you will work directly with borrowers facing financial distress or transition, applying sound credit judgment and clear communication in high‑stakes, uncertain situations. You will balance borrower engagement with disciplined risk management, navigating difficult conversations and incomplete information while partnering with Credit, Legal, Servicing, and Lending on outcomes ranging from restructures to exits or enforcement when necessary. This is a hands‑on, client‑facing role for professionals comfortable making hard calls, operating under pressure, and protecting the bank’s interests with clarity and professionalism.

Requirements

Bachelor’s degree or equivalent combination of education and relevant banking experience
Strong financial analysis and credit assessment skills, including the ability to analyze borrower performance, collateral, and cash flow
Ability to exercise sound judgment, manage competing priorities, and maintain attention to detail in complex situations
Excellent interpersonal, communication, and customer service skills, with the ability to navigate and lead difficult or sensitive borrower conversations
Working knowledge of commercial lending policies, documentation, and servicing practices
Comfort collaborating cross‑functionally with Credit, Legal, Loan Servicing, and Lending teams
Proficiency with standard PC applications and banking systems

Nice To Haves

Experience supporting or participating in loan modifications, forbearance agreements, restructures, or risk‑rating changes
Background in commercial underwriting, portfolio management, credit administration, or loan review
Exposure to problem credits, criticized assets, renewals, covenant monitoring, or borrower performance oversight
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