Associate Special Assets Officer, SBB

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

Job summary

Live Oak Bank in Wilmington, NC seeks an Associate Special Assets Officer, SBB to manage a portfolio of troubled loans, perform financial analysis and risk assessments, and support strategies under the Special Assets Manager.

You'll collaborate with credit, legal, and loan servicing teams, prepare quarterly Watch List Reports, and help negotiate workout agreements while ensuring compliance with SBA and bank policies.

Qualifications

• Excellent customer service and interpersonal skills.
• Experience in commercial lending, servicing, or underwriting with a focus on SBA.
• Strong financial analysis and lending knowledge.
• Willingness to travel extensively.

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.

Skills

Negotiation

Financial analysis

Communication

Teamwork

Attention to detail

Regulatory compliance awareness

Education

Bachelor's degree or equivalent experience

Tools

Microsoft Office

nCino

Loan servicing software

Job description

About UsLive 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 PeopleThe 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 OakMonitor loan performance and compliance with loan agreements, escalating issues to management when neededManage a portfolio of troubled loans, performing financial analysis and risk assessmentsCommunicate 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 teamCollaborate with internal teams, including credit, legal, and loan servicing, to effectively manage and oversee troubled loansPrepare and present a formal Watch List Report to Bank Management on a quarterly basisIdentify collateral accurately and complete quarterly assessments for classified collateral impairmentUnder the guidance of the Special Assets Manager, develop and implement strategies to minimize losses and maximize recovery, including negotiating workout agreements with borrowersBuild strong relationships with assigned customers to monitor changes in their business and personal involvement in operationsLearn 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 counselRecommend timely updates to loan risk ratings and classifications to Credit AdministrationWith assistance from management, conduct monthly charge off analysis and recommend losses in accordance with bank policies and proceduresFollow 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 activitiesMaintain a high standard of regulatory awareness including BSA, AML, CIP, and OFACRequired ExperienceExcellent customer service and interpersonal skillsStrong negotiation and problem-solving abilitiesSound judgment and attention to detailStrong financial analysis skillsProficiency in Microsoft Office, nCino, and loan servicing softwareDeep understanding of Bank and SBA lending policies, procedures, and criteriaWillingness to travel extensivelyValid driver’s licensePreferred ExperienceBachelor's degree or equivalent experienceExperience in commercial lending, servicing, or underwriting with a focus on SBABasic understanding of financial analysis and lending principlesStrong communication skillsAbility to work effectively and collaboratively within a teamOur ValuesDedication: 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 moreFor a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/Live Oak Bank is an Affirmative 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 at [e-mail] is the LawThe 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.