Special Assets Associate: Loan Recovery & Analysis

Live Oak Bank

Wilmington (DE)

On-site

USD 57,000 - 93,000

Full time

14 days+

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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