How This Role Impacts Live Oak and its PeopleThe
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. Ensures 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 senior management when needed
- Manage a portfolio of troubled loans independently, performing financial analysis and risk assessments
- Communicate with borrowers to explore repayment options and create customized workout plans based on their financial circumstances
- 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 and the Board on a quarterly basis
- Identify collateral accurately and complete quarterly assessments for classified collateral impairment
- 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
- Handle multiple priorities and meet deadlines consistently
- 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
- 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- Bachelor's degree or equivalent 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- Experience in commercial lending, servicing, or underwriting with a focus on SBA
- 3-5 years of experience in lending/loan workout
- Thorough knowledge of banking regulations and SBA guidelines
- Strong communication skills
- Ability to work effectively and collaboratively within a team
For a detailed overview of our employee benefits please visit:
http://www.liveoakbank.com/careers/The base pay range for this position is $71,960.00 - $113,080.00 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.
