Special Assets Operation Officer

Job Description

Job Description

Job Summary

The Special Assets Operations Officer is responsible for supporting the administration and operational activities related to delinquent, criticized, and classified loan relationships transferred to Special Assets, generally after 60 days delinquent or upon deterioration of credit quality.

This position coordinates operational processes related to loan resolution activities, collateral monitoring, foreclosure administration, recovery tracking, documentation management, vendor coordination, and regulatory reporting to support the Bank’s asset recovery efforts and compliance requirements.

The position works under the direction of the Special Assets Manager and closely with Credit Administration, Loan Operations, Finance, Legal Counsel, Loan Review, and other departments as necessary.

Key Responsibilities

Special Assets Administration

• Support administration of delinquent and criticized loan relationships transferred to Special Assets.
• Maintain servicing records, collection documentation, exception tracking, and account activity logs.
• Coordinate borrower communication regarding repayment arrangements, documentation requests, settlement discussions, and other resolution-related activities.
• Monitor covenant compliance, maturity status, collateral deficiencies, insurance coverage, tax delinquencies, and documentation exceptions.
• Assist with preparation and tracking of foreclosure documentation, liquidation activities, recovery processing, and charge-off support documentation.
• Prepare account status updates and support operational reports for management review.

Collateral and Asset Administration

• Verify collateral documentation, lien perfection, insurance coverage, UCC filings, and collateral valuation records.
• Coordinate appraisals, inspections, environmental reviews, property evaluations, and collateral preservation activities.
• Monitor collateral-related expenses including taxes, insurance, maintenance expenses, legal invoices, and vendor payments.
• Obtain updated borrower financial information and collateral documentation as requested.
• Assist with administration and tracking related to OREO and repossessed collateral, when applicable.

Legal and Recovery Coordination

• Coordinate with legal counsel regarding foreclosure, bankruptcy, litigation, and recovery matters.
• Track legal deadlines, foreclosure timelines, court filings, and required documentation.
• Maintain organized legal, servicing, and collateral files for management, audit, and regulatory review.
• Assist with payoff demands, settlement documentation, liquidation documentation, and recovery processing.

Operational Reporting and Tracking

• Maintain criticized asset reports, delinquency reports, recovery tracking, and watch list reporting.
• Coordinate with Finance regarding nonaccrual status, charge-offs, recoveries, and accrual adjustments.
• Ensure servicing systems accurately reflect loan status, collateral information, collection efforts, and resolution activity.
• Prepare operational reports and supporting documentation for management, auditors, and regulatory examinations.
• Support internal audit, loan review, external audit, and regulatory examination requests.

Vendor and Property Coordination

• Coordinate with attorneys, appraisers, brokers, inspectors, contractors, auction companies, and environmental consultants.
• Review and track vendor invoices and expenses associated with collateral preservation and liquidation activities.
• Coordinate property maintenance and collateral protection activities to support preservation of Bank assets.

Compliance and Operational Support

• Ensure compliance with Bank policies, loan servicing procedures, and regulatory requirements.
• Maintain accurate documentation and record retention related to Special Assets administration.
• Assist with process improvement initiatives related to Special Assets operations, tracking, and reporting.

Qualifications

• Bachelor’s degree in Business, Finance, Accounting, or related field preferred.
• Minimum 3-7 years of banking experience in loan servicing, collections, special assets administration, credit administration, or related banking operations.
• Working knowledge of:

• Delinquent loan administration
• Collateral documentation
• Loan servicing procedures
• Foreclosure and bankruptcy processes
• Regulatory and compliance requirements

• Strong organizational, analytical, and communication skills.
• Ability to manage multiple tasks and maintain detailed operational records.
• Experience with core banking and loan servicing systems preferred.