Special Assets Officer I

First Mid Bank & Trust • Paris, IL

2d • $61,300 - $91,900

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 and ethical and comply with applicable laws and regulations. The role generally handles small- to mid-size loans with low to medium complexity.

The position involves identifying and addressing potential losses, developing and negotiating workout plans, evaluating collateral and documentation, managing legal actions, and recommending solutions. It also includes monitoring problem loans and bankruptcy accounts, maintaining records and reports, coordinating foreclosures and repossessions, and managing bank-owned property. The officer may make recommendations for additional approval as needed.

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.
• High-level 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 proficiency with word-processing and spreadsheet functions.

Nice To Haves

• Good verbal and written communication skills.

Responsibilities

• Identify and minimize potential losses and maximize recoveries on assigned loan portfolios through collection activities and by developing, negotiating, and executing workout plans.
• Propose loan restructures, manage negotiations and legal actions, evaluate bank collateral and documentation, recommend alternative solutions, and handle judgment or foreclosure litigation, asset liquidation, and bankruptcy matters; seek additional approval when necessary.
• 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 collection 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 the courts.
• Prepare documents for repossessions and legal actions against debtors.
• Engage bank attorneys for foreclosures or repossessions 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 and parental leave.
• Generous paid time off and paid holidays.
• Banking perks.
• Tuition reimbursement.
• Employee Stock Purchase Plan.
• 401(k) plan with employer match.
• Discretionary short-term incentives, including bonuses, incentives, and/or commission; performance-based bonuses are also mentioned.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level