Special Assets Officer

First Mid Bank & Trust•Janesville, WI

About The Position

Responsible for managing a portfolio of Classified Assets within established bank policies and procedures to minimize losses and maximize recoveries on loans, repossessed assets and Other Real Estate Owned. Applying those collection efforts in a fair and ethical manner, consistent with applicable regulation and law is critical to the bank and minimizes the inherent risks. The Special Assets Officer I generally works with small to mid-size loans with low to medium complexity.

Requirements

Bachelor’s degree or equivalent of two to four years related experience and/or training; or equivalent combination of education and experience.
Good communication skills, both verbal and written, are preferred.
Ability to meet tight deadlines, work independently, problem solve, set and achieve priorities and goals.
Analytical skills sufficient to conduct analysis of problem loans and make recommendations and/or act upon the workout plan.
High level interpersonal skills to interact with customers, other departments, and bank attorneys in a professional manner.
High working knowledge of both internal policies and procedures and the laws and regulations governing departmental functions to ensure performance of individual job duties within the proper control environment.
Thorough understanding of loans and loan systems.
Strong computer skills and proficient knowledge of word processing and spreadsheet functions.

Responsibilities

Responsible for identifying and minimizing potential losses and maximizing recoveries on assigned loan portfolios, through collection activities, developing/negotiating/execution of workout action plans including proposing loan restructures, managing negotiations and legal actions, evaluating bank collateral and documentation, and recommending alternative solutions as well as judgment/foreclosure litigation, asset liquidation and bankruptcy. Make recommendations for additional approval where necessary.
Determine and report the appropriate risk classification and recommended reserve for problem loans where applicable.
Review delinquency, maturity and unpaid tax reports and follow up with borrowers and loan officers as necessary.
Responsible for assigned monthly and quarterly reports such as Delinquent Mortgage Loan Reports, Bankruptcy Reports, and Problem Loan Reports, as applicable.
Maintain client contact records.
Review for loss mitigation alternatives if collection cannot be resolved in short order. Prepare loss mitigation documents in compliance with applicable guidelines.
Monitor and manage accounts in bankruptcy, engage bank attorney when necessary, and oversee preparation of bankruptcy proof of claims when prompted by the courts.
Prepare documents for repossessions and legal actions against debtors.
Engage bank attorney to foreclose or repossess collateral, when necessary, execute required documents, coordinate foreclosure or repossession process, review and maintain legal records.
Maintain bank-owned property according to bank policy, review and execute sale documents, and participate in the closing of the asset.
Recover past due balances, judgments or in the alternative, negotiate recovery with the appropriate approval.
Assist with routine audits.
Completed required training associated with job function.
All other duties as assigned.