Special Assets Officer

FIRST BANK MCCOMB MISSISSIPPI•Hattiesburg, MS

1d•Onsite

About The Position

The Special Assets Officer provides operational oversight of collection processes and procedures for managing the Bank’s non-performing assets. The role develops and implements strategies to direct recovery efforts and legal recourse, limiting loan losses throughout the credit deterioration life cycle. Responsibilities span early delinquency prevention, borrower communications, repossession coordination, valuation and maintenance of acquired collateral, and liquidation of assets. The Officer also works with legal counsel on bankruptcy proceedings and other litigation to secure claims and judgments against debtors and their estates. The position works closely with lenders and Bank management to identify practical solutions while ensuring compliance with applicable laws, regulations, and Bank policies. The role administers collections and debt recovery, bankruptcy matters, and Other Real Estate Owned (OREO) properties. It monitors delinquency and recovery activity, coordinates legal and property-related processes, maintains supporting records, and prepares reports for management, loan committees, auditors, and regulators. The Officer supports audits, independent loan reviews, and regulatory examinations; escalates significant risks; maintains current regulatory and industry knowledge; and updates collection policies and procedures as needed. Additional duties include supporting credit administration projects, advising lending personnel, attending professional development, and assisting with process improvements.

Requirements

High school diploma or equivalent.
At least 10 years of progressively responsible banking experience in collections, loss mitigation, special assets, loan servicing, credit administration, or related banking functions.
Demonstrated experience managing delinquent, non-accrual, and charged-off loans.
Experience with collection management for commercial, consumer, agricultural, and real estate loans.
Experience working with legal counsel on litigation and bankruptcy proceedings, debt recovery, foreclosure actions, and collateral liquidation.
Knowledge of banking collections and recovery practices; foreclosure, repossession, and collateral liquidation; bankruptcy filings, proceedings, and creditor rights; OREO administration and disposition; legal processes for debt recovery; and collateral valuation and liquidation.
Working knowledge of the Fair Credit Reporting Act (FCRA); the Fair Debt Collection Practices Act (FDCPA) and related consumer protection laws, including UDAAP, the Telephone Consumer Protection Act, the Servicemembers Civil Relief Act, and the Military Lending Act; the U.S. Bankruptcy Code; state and federal collection and repossession laws and regulations; and regulatory guidance for non-performing assets and problem loan management.
Strong problem-solving and analytical capabilities.
Excellent negotiation and conflict-resolution skills.
Strong verbal and written communication skills.
Ability to maintain positive borrower relationships while pursuing collection and recovery objectives.
Strong organizational and time-management skills, including the ability to manage multiple priorities and deadlines.
Professionalism, integrity, confidentiality, and discretion.
Ability to work independently and collaborate effectively with lending and administrative staff.

Nice To Haves

Bachelor’s degree in Finance, Accounting, Business Administration, Banking, Economics, or a related field.
Community bank collections or special assets experience.
Experience managing OREO properties and disposition activities.
Experience preparing reports for loan committees, executive management, auditors, and regulators.
Experience participating in regulatory examinations and independent loan reviews.
Credit Risk Certification (CRC).
Certified Regulatory Compliance Manager (CRCM).
Risk Management Association (RMA) certification or training.
Specialized training in bankruptcy administration, collections, debt recovery, or special assets management.

Responsibilities

Direct collection efforts on delinquent loans, including past-due notices and formal demands.
Collaborate with lenders and credit administration personnel on workout strategies and settlement arrangements.
Coordinate legal collection efforts, foreclosure actions, repossessions, and collateral liquidation when appropriate.
Monitor delinquency reports, recommend loans for charge-off, and pursue recovery opportunities.
Maintain documentation of collection efforts, settlement discussions, and recovery activities.
Ensure fair and consistent treatment of borrowers under applicable laws and regulations.
Administer loan relationships in Chapter 7, 11, 12, and 13 bankruptcy proceedings.
Review bankruptcy petitions, proofs of claim, repayment plans, motions, and related court filings.
Coordinate with legal counsel, trustees, receivers, and court-appointed representatives; monitor proceedings and help protect the Bank’s creditor rights and interests.
File required bankruptcy documentation on time and maintain diligent records.
Manage OREO properties from acquisition through disposition, including inspections, maintenance, insurance, vendor services, repairs, and preservation.
Coordinate OREO property listing, marketing, sales, and disposition in accordance with Bank policy.
Monitor OREO expenses and maintain required records and reporting.
Create and maintain files documenting required processes in compliance with regulatory guidance.
Conduct collection, workout, foreclosure, bankruptcy, and recovery activities in compliance with applicable laws, regulations, and Bank policies.
Prepare reports for management, loan committees, auditors, and regulatory examinations.
Support internal and external audits, independent loan reviews, and regulatory examinations.
Escalate significant legal, compliance, credit, operational, or reputational risks to appropriate management.
Maintain current knowledge of regulations and industry practices affecting special assets administration.
Maintain collection policies and procedures and recommend updates as laws, regulations, and practices change.
Participate in special projects related to credit administration and portfolio management.
Advise lending personnel on collection practices, workout structures, and problem asset management.
Attend professional development and continuing education related to collections, bankruptcy, and credit risk management.
Assist with policy development and process-improvement initiatives for special assets administration.
Perform other duties and responsibilities as assigned by management.