Special Assets Officer

Special Assets Officer

Job Description

Position Summary:

The Special Assets Officer is responsible for managing the bank’s portfolio of problem loans, including classified, non-performing, and distressed assets. This role involves developing and implementing strategies to mitigate risk, maximize recoveries, and minimize losses while ensuring compliance with regulatory guidelines and internal policies. The officer works closely with borrowers, legal counsel, senior management, and other stakeholders to negotiate resolutions, restructure loans, and oversee foreclosure or liquidation proceedings when necessary. 

Essential Duties and Responsibilities

Loan Workout & Restructuring:

• Manage a portfolio of criticized, classified, and non-performing loans, developing strategies to resolve problem credits.
• Conduct financial analysis and risk assessment to determine appropriate workout strategies, including loan modifications, forbearance agreements, and restructuring.
• Negotiate repayment terms with borrowers, ensuring alignment with the bank’s risk appetite and regulatory requirements.
• Recommend charge-offs, write-downs, or reserves for troubled assets as appropriate.

Collateral & Asset Recovery:

• Oversee collateral liquidation, including foreclosures, repossessions, and asset sales.
• Work with legal counsel and collection agencies on loan enforcement actions, including litigation and bankruptcy proceedings.
• Ensure proper valuation and monitoring of collateral to support loan recovery efforts.

Compliance & Reporting:

• Ensure adherence to all regulatory and compliance requirements related to classified and non-performing loans.
• Maintain accurate documentation and prepare reports on asset quality, loss reserves, and collection efforts for senior management and regulators.
• Work with internal and external auditors to address findings and recommendations.

Risk Management & Communication:

• Collaborate with credit and lending teams to provide guidance on early detection of deteriorating credits.
• Communicate effectively with borrowers, legal representatives, and bank leadership regarding workout strategies and resolutions.
• Support internal training initiatives on loan workouts and risk mitigation practices.

Minimum Qualifications

Education: 

• Bachelor’s degree in finance, accounting, business administration, or a related field.
• Minimum of 5-7 years of experience in special assets, loan workouts, credit risk management, or commercial lending.
• Experience in handling distressed loans, bankruptcy proceedings, and regulatory compliance.

 Knowledge, Skills, and Abilities

• Strong knowledge of banking regulations, loan restructuring, and credit risk management.
• Excellent negotiation, problem-solving, and decision-making skills.
• Ability to analyze financial statements, collateral valuations, and cash flow models.
• Strong written and verbal communication skills for borrower negotiations and management reporting.
• Proficiency in loan management systems and Microsoft Office Suite.

Other Requirements:

• Knowledge of legal aspects related to collections, bankruptcy, foreclosure, and asset recovery.
• Ability to work independently while maintaining collaboration with key stakeholders.

Preferred Qualifications:

• Experience with commercial real estate (CRE), C&I loans, and SBA loan workouts.
• Familiarity with FDIC and OCC regulations related to troubled debt restructurings (TDRs).
• Formal credit training or certification (e.f., RMA, CFA, CFE) is a plus.