Special Assets Officer I
About The Position
The Special Assets Officer I manages a portfolio of classified assets under established bank policies and procedures, working to minimize losses and maximize recoveries on loans, repossessed assets, and Other Real Estate Owned. Collection efforts must be fair, ethical, and consistent with applicable laws and regulations. The role generally handles small- to mid-size loans with low to medium complexity. The position manages collection and workout activities, assesses and reports loan risk, coordinates legal and bankruptcy matters, maintains bank-owned property, and supports reporting and audit work. It also requires maintaining client contact records and completing training associated with the role.
Requirements
- Bachelor’s degree or equivalent of two to four years of related experience and/or training, or an equivalent combination of education and experience.
- Ability to meet tight deadlines, work independently, solve problems, and set and achieve priorities and goals.
- Analytical skills sufficient to analyze problem loans and make recommendations and/or act on workout plans.
- Strong interpersonal skills to interact professionally with customers, other departments, and bank attorneys.
- High working knowledge of internal policies and procedures and the laws and regulations governing departmental functions.
- Thorough understanding of loans and loan systems.
- Strong computer skills and proficient knowledge of word processing and spreadsheet functions.
Nice To Haves
- Good verbal and written communication skills are preferred.
Responsibilities
- Identify and minimize potential losses and maximize recoveries on assigned loan portfolios through collections, workout plans, loan restructuring proposals, negotiations, legal actions, collateral and documentation evaluations, and alternative solutions, including judgment or foreclosure litigation, asset liquidation, and bankruptcy; make recommendations for additional approval when needed.
- Determine and report appropriate risk classifications and recommended reserves for problem loans, where applicable.
- Review delinquency, maturity, and unpaid tax reports and follow up with borrowers and loan officers as necessary.
- Prepare assigned monthly and quarterly reports, including delinquent mortgage loan, bankruptcy, and problem loan reports, as applicable.
- Maintain client contact records.
- Review loss mitigation alternatives when collections cannot be resolved promptly and prepare compliant loss mitigation documents.
- Monitor and manage accounts in bankruptcy, engage bank attorneys when necessary, and oversee preparation of bankruptcy proofs of claim when prompted by courts.
- Prepare documents for repossessions and legal actions against debtors.
- Engage bank attorneys to foreclose or repossess collateral when necessary; execute required documents, coordinate the process, and review and maintain legal records.
- Maintain bank-owned property according to bank policy, review and execute sale documents, and participate in asset closings.
- Recover past-due balances and judgments or negotiate recovery with appropriate approval.
- Assist with routine audits.
- Complete required training associated with the job function.
- Perform other duties as assigned.
Benefits
- Comprehensive healthcare, including competitive health, dental, and vision coverage with HSA match
- Well-being benefits
- Paid family leave and parental leave
- Generous paid time off
- Paid holidays
- Banking perks
- Tuition reimbursement
- Employee Stock Purchase Plan
- 401(k) plan with company/employer match
- Discretionary short-term incentives, including bonus, incentives, and/or commission
- Performance-based bonuses
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
