Special Assets Specialist

BankWest; Pierre (SD); On-site; USD 65,000 - 90,000; Full time

Job summary

BankWest in Pierre, SD seeks a dedicated Special Assets professional to manage troubled consumer loans and depository relationships, focusing on maximizing recoveries while controlling risk. The role may handle less complex ag/commercial credits and coordinate with SAM on complex cases.

The position requires a Bachelor’s degree and 3 years of lending experience, with strong analytical, regulatory and negotiation skills to support branch teams and oversee collections, workouts, and potential

Qualifications

• Bachelor's degree in a related field.
• 3 years' lending experience in consumer banking or ag/commercial lending.
• Experience managing special asset relationships from assignment through completion.
• Ability to analyze financial statements, tax returns and cash flows.
• Knowledge of regulatory requirements and banking terminology.

Responsibilities

• Responsible for the collections of depository accounts closed with negative balances.
• Responsible for special assets assignments including troubled consumer loans and less complex ag and consumer loan relationships.
• Provides support and communication to Branches seeking advice on collection and repossession needs and acts as Subject Matter Expert on policy and regulatory requirements for consumer collection activities.
• Conform to all consumer and commercial rules and regulations regarding collection activity including providing property notice of collections, notices to borrower of redemption rights, provide proper notice of liquidation of collateral in a commercially reasonable manner, etc.
• Contacts delinquent borrower, accepts a transfer of responsibility when assigned by the SAM, develops and gains approval for a workout or plan.
• Implement plan to limit loss exposure for BankWest. Including representing the bank in mediations, bankruptcy proceedings, customer meetings, maintaining required contact with guarantee agencies and other stakeholders to the workout.
• Oversee the repossession process and initiation of foreclosure proceedings when necessary for consumer loan and for ag or commercial relationships as assigned by SAM.
• Communicates routine updates regarding past due payments, overdrafts deposit accounts, pending loan documentation, and workout or liquidation plan to supervisor and officers.
• In conjunction with other Special Assets personnel, is responsible to manage complex legal issues including engaging legal resources, meeting deadlines, providing required materials and representing BankWest in court and legal hearings as assigned.
• Maintenance of charged off loan files and closed depository accounts. Continue to pursue charge off loans/accounts for recovery, either directly or through local collection agencies. Collection and application of recovery payment. Including collection of judgments and accounts assigned to collection agency.
• Assist RE department with servicing/collection of SDHDA/Manufactured Housing loans as requested.

Skills

Special Assets

Loan Collections

Regulatory Knowledge

Customer Communication

Legal Coordination

File Documentation

Education

Bachelor's Degree

Job description

Scope of Job:

This position is primarily responsible for the management of troubled consumer loan and depository relationships within the bank. The position will focus on maximizing recoveries while minimizing risk to the organization. The position may manage less complicated ag or commercial loan relationships, or relationships in full liquidation mode or work in conjunction with other Special Assets personnel jointly managing more complex credits.

The goal is to protect the bank's security interest through active, careful and sometimes aggressive efforts to the best possible outcome on behalf of BankWest. In addition, this position performs a support function for the Special Assets area that includes maintaining records, loan files, and completing various reports as necessary on a timely basis.

Primary Duties:

• Responsible for the collections of depository accounts closed with negative balances.
• Responsible for special assets assignments including troubled consumer loans and less complex ag and consumer loan relationships.
• Provides support and communication to Branches seeking advice on collection and repossession needs and acts as Subject Matter Expert on policy and regulatory requirements for consumer collection activities.
• Conform to all consumer and commercial rules and regulations regarding collection activity including providing property notice of collections, notices to borrower of redemption rights, provide proper notice of liquidation of collateral in a commercially reasonable manner, etc.
• Contacts delinquent borrower, accepts a transfer of responsibility when assigned by the SAM, develops and gains approval for a workout or plan.
• Implement plan to limit loss exposure for BankWest. Including representing the bank in mediations, bankruptcy proceedings, customer meetings, maintaining required contact with guarantee agencies and other stakeholders to the workout.
• Oversee the repossession process and initiation of foreclosure proceedings when necessary for consumer loan and for ag or commercial relationships as assigned by SAM.
• Communicates routine updates regarding past due payments, overdrafts deposit accounts, pending loan documentation, and workout or liquidation plan to supervisor and officers.
• In conjunction with other Special Assets personnel, is responsible to manage complex legal issues including engaging legal resources, meeting deadlines, providing required materials and representing BankWest in court and legal hearings as assigned.
• Maintenance of charged off loan files and closed depository accounts. Continue to pursue charge off loans/accounts for recovery, either directly or through local collection agencies. Collection and application of recovery payment. Including collection of judgments and accounts assigned to collection agency.
• Assist RE department with servicing/collection of SDHDA/Manufactured Housing loans as requested.

Secondary Duties:

• Work as a team with departmental counterparts on planning and implementing assigned projects and products.
• Participate on various committees and project teams as deemed appropriate by management.
• Adhere to all applicable Policies and Procedures of BankWest organization.
• Community involvement is strongly encouraged.
• Attend and actively participate in training offered.
• Other duties as assigned.

Requirements

Education:

• A Bachelor's Degree in a related field.
• Applicable experience and/or related certifications may be considered in lieu of degree.

Experience:

• 3 years' lending experience in consumer banking or ag/commercial lending area with ability to assimilate underwriting skills including, but not limited to, analysis of financial statements, tax returns and cash flows.
• Experience successfully managing special asset relationships from original assignment until all collection activity is completed.

Knowledge and Special Skills:

• Ability to navigate through complex financial issues and pinpoint key action steps that can limit the potential loss in special assets situations.
• Ability to help create document sets, in conjunction with bank legal resources and Credit Administration Management to property paper approved loan requests, to include creation of forbearance, restructure or loan agreements as needed.
• Ability to engage customers in high stress situations to help them understand the critical issues and seek their cooperation in working out of difficult financial situations.
• Ability to work dependently and/or independently, under pressure, meet deadlines, and adjust work schedules as needed to complete job responsibilities.
• Ability to organize and handle multiple responsibilities while delivering quality external and/or internal Customer Service.
• Highly organized and able to properly document collection activities for internal sources and examiners.
• Strong interpersonal skills to ensure effective communication with external and/or internal customers.
• Knowledge or ability to learn regulatory requirements pertinent to performance of specified duties in job description.
• Knowledge of banking terminology and procedures.
• Knowledge of BankWest products and services.
• Ability to skillfully use a variety of application software, learn computer programs, and comprehend the program output.
• Adhere to Federal Privacy Standards in addition to following BankWest requirements for electronic communication and Social Engineering standards.