Special Assets Commercial Officer

Job Description

Job Description

Proactively research, monitor and recover payments for uncollected or past due consumer and commercial loans, to prevent losses to the Bank because of charged-off or written-off loans. Administration of essential functions regarding the criticized loan portfolio which has been assigned to Special Assets. Ensures timely implementation, and continuance of sound credit policies, procedures, and underwriting standards, in compliance with all applicable laws and regulations.

Responsibilities:

• Proactively monitor and research uncollected loans, contact customers to negotiate payments due and/or pursue the collateral on the loans, in order to make the customers honor their loan commitments and recover monies preventing any losses to the Bank, in compliance with Bank policies and State and Federal regulations.
• Administration of essential functions regarding the criticized loan portfolio which has been assigned to Special Assets.
• Exercises sound judgement in developing and implementing action plans, subsequently updating these plans in the form of Criticized Asset Reports with the purpose of ensuring proper administration of criticized loans.
• Analyze and determine the status of loans transferred and assigned to Special Assets Officer. Assess the proper risk rating to pursue the loan collection further, legally or by a settlement negotiation, in order to minimize the losses to the Bank.
• Drives collection efforts with Bank’s attorneys once the Bank’s uncollected loans are in their possession, to determine if some money has been recovered on the loans and actively monitors their efforts in the loan recovery process.
• Develop and design techniques and methods to collect on customers’ loan commitments and ways to dispose of collateral, in the most efficient and appropriate manner, in order to expedite the recovery of the Banks assets.
• Timely reporting of restructured loans, loans in litigation, movement of the reserves, unearned interest and status update on charged-off loans.
• Ensure compliance with all regulatory laws and/or requirements for assigned loan portfolio.
• Determine and recommend approval for a judgment to be entered against any assets the customer may have, after the collection attorneys have unsuccessfully attempted to recover any money due to the Bank to prevent any losses. This is all done in compliance with internal procedures and government regulations.
• Administer orderly liquidation of collateral for impaired loans, to achieve highest recovery potential.
• Actively service and monitor Other Real Estate Owned from the foreclosure stage to the sale in order to ensure the recovery of the Banks assets.
• Prepare semi-annual reports to be presented to immediate supervisor and to the Bank Management Committees on charged off loans and on their recovery status as required.
• Participate in court hearings with the attorneys representing the Bank on uncollected loan cases.
• Develop independent recommendations regarding loans to be written off in the case of bankruptcies, death or corporate dissolution.
• Prepare documentation required for the recovery and liquidation of any collateral recovered from uncollected loans, in order to proceed in accordance with internal policies and legal procedures.
• Keeps accurate and current accounting records on all loans on a stipulation agreement.
• Ensure preventive measures are carried out to fully comply with current rules, regulations and internal policies relating to risks pertaining to BSA, USA Patriot Act, OFAC and other AML related issues.
• To identify, evaluate, monitor and make any recommendation deemed necessary to their respective Risk Management Committee in order to assess, reduce, eliminate or control any current or prospective risks to earnings or capital arising from violations of, or nonconformance with, laws, rules regulations, prescribed practices, internal policies and procedures or ethical standards.

Minimum Education and/or Certifications Requirements:

Bachelor’s degree in business, accounting, finance, or other related field required; master’s degree preferred.

Minimum Work Experience Requirements:

7+ years of direct commercial lending experience, formal training in credit analysis, working knowledge of loan documentation, risk taking and reclassifications, credit operations and bank regulations.

Technical and/or Other Essential Knowledge:

Thorough understanding of the Bank’s credit procedures, programs and policy. Accounting and credit principles. Excellent communication skills in English, bi-lingual Spanish preferred. Good negotiation skills, and the ability to organize and make public presentations. Proficiency in Microsoft Suite is required; experience in SQL is a plus. Salesforce, nCino, FIS IBS experience is a plus. Sound time management and organizational skills required. Well organized and systematic. Must possess strong communication skills.

This position is hybrid/remote work eligible.