Associate Special Assets Officer, SBB

Live Oak Bank; Wilmington (DE); On-site; USD 57,000 - 93,000; Full time

Job summary

Live Oak Bank is seeking an Associate Special Assets Officer, SBB to manage a portfolio of troubled loans and drive strategies to mitigate credit risk under guidance from the Special Assets Manager. You will learn servicing and liquidation of credits under SBA rules, collaborate with credit, legal, and loan servicing teams, and prepare quarterly Watch List Reports for Bank Management.

Strong financial analysis, negotiation, and regulatory awareness are required.

Qualifications

• Excellent customer service and interpersonal skills.
• Strong negotiation and problem-solving abilities.
• Sound judgment and attention to detail.
• Strong financial analysis skills.
• Proficiency in Microsoft Office, nCino, and loan servicing software.
• Deep understanding of Bank and SBA lending policies, procedures, and criteria.
• Willingness to travel extensively.
• Valid driver’s license.

Responsibilities

• Monitor loan performance and compliance with loan agreements, escalating issues to management when needed.
• Manage a portfolio of troubled loans, performing financial analysis and risk assessments.
• Communicate with borrowers to explore repayment options and create customized workout plans based on their financial circumstances with guidance from senior members of the special assets team.
• Collaborate with internal teams, including credit, legal, and loan servicing, to effectively manage and oversee troubled loans.
• Prepare and present a formal Watch List Report to Bank Management on a quarterly basis.
• Identify collateral accurately and complete quarterly assessments for classified collateral impairment.
• Under the guidance of the Special Assets Manager, develop and implement strategies to minimize losses and maximize recovery, including negotiating workout agreements with borrowers.
• Build strong relationships with assigned customers to monitor changes in their business and personal involvement in operations.
• Learn proper Servicing and Liquidation of problem loan customers and handles assigned accounts in accordance with Bank and SBA policies.
• Support legal actions under the guidance of the Special Assets Manager by serving as the Bank’s main contact for outside counsel.
• Recommend timely updates to loan risk ratings and classifications to Credit Administration.
• With assistance from management, conduct monthly charge off analysis and recommend losses in accordance with bank policies and procedures.
• 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

Skills

Customer service

Interpersonal skills

Negotiation

Financial analysis

Attention to detail

Microsoft Office

nCino

Loan servicing software

Bank and SBA lending policies

Willingness to travel

Driver's license

Education

Bachelor’s degree or equivalent experience

Experience in commercial lending/SBA

Tools

Microsoft Office

nCino

Loan servicing software

Job description

About Us

Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.

How This Role Impacts Live Oak and its People

The Associate Special Assets Officer, SBB will be responsible for managing a portfolio of troubled loans and implementing strategies to mitigate credit risk and maximize recovery under guidance from the Special Assets Manager. The position learns the proper servicing and liquidation of credits in a manner consistent with SBA regulations to avoid any reduction of the government guarantee as well as small business conventional loans.

What You’ll Do at Live Oak

• Monitor loan performance and compliance with loan agreements, escalating issues to management when needed

• Manage a portfolio of troubled loans, performing financial analysis and risk assessments

• Communicate with borrowers to explore repayment options and create customized workout plans based on their financial circumstances with guidance from senior members of the special assets team

• Collaborate with internal teams, including credit, legal, and loan servicing, to effectively manage and oversee troubled loans

• Prepare and present a formal Watch List Report to Bank Management on a quarterly basis

• Identify collateral accurately and complete quarterly assessments for classified collateral impairment

• Under the guidance of the Special Assets Manager, develop and implement strategies to minimize losses and maximize recovery, including negotiating workout agreements with borrowers

• Build strong relationships with assigned customers to monitor changes in their business and personal involvement in operations

• Learn proper Servicing and Liquidation of problem loan customers and handles assigned accounts in accordance with Bank and SBA policies.

• Support legal actions under the guidance of the Special Assets Manager by serving as the Bank’s main contact for outside counsel

• Recommend timely updates to loan risk ratings and classifications to Credit Administration

• With assistance from management, conduct monthly charge off analysis and recommend losses in accordance with bank policies and procedures

• 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

Required Experience

• Excellent customer service and interpersonal skills

• Strong negotiation and problem-solving abilities

• Sound judgment and attention to detail

• Strong financial analysis skills

• Proficiency in Microsoft Office, nCino, and loan servicing software

• Deep understanding of Bank and SBA lending policies, procedures, and criteria

• Willingness to travel extensively

• Valid driver’s license

Preferred Experience

• Bachelor’s degree or equivalent experience

• Experience in commercial lending, servicing, or underwriting with a focus on SBA

• Basic understanding of financial analysis and lending principles

• Strong communication skills

• Ability to work effectively and collaboratively within a team

Our Values

• Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.

• Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.

• Respect: Treat everyone with courtesy, politeness, and kindness.

• Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.

• Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more

For a detailed overview of our employee benefits please visit:http://www.liveoakbank.com/careers/

Live Oak Bank is an Affirmitive Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources [e-mail].

EEO is the Law

The base pay range for this position is $56,540.00 - $92,520.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.

Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.