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Senior Special Assets Officer

2 months ago


Birmingham, Alabama, United States Better Hire Full time
Job Overview

This role is pivotal in overseeing the management of high-risk, distressed, or impaired loan portfolios. The individual will be responsible for directing the operations of the Collections Department, as well as the management of real estate owned liquidation and recovery processes. The focus will be on the rehabilitation, collection, and recovery of significant problem loans and complex financial relationships, navigating through workout processes, bankruptcy, litigation, foreclosure, and liquidation of collateral while minimizing risk exposure to the institution.

Key Responsibilities
  • Maximize Recovery: Enhance the recovery of principal, interest, fees, and expenses associated with all classified loans and OREO assets.
    • Conduct regular account assessments and financial evaluations of borrowing relationships, analyzing the borrower's repayment capacity, collateral, and asset status to formulate action plans.
    • Collaborate effectively with legal advisors to resolve problematic credits and mitigate legal risks.
    • Assess collateral, review appraisals, and ensure compliance with bank policy in loan documentation and transaction bookings.
    • Engage with borrowers to negotiate and develop suitable workout strategies.
    • Perform site visits and field assessments to interact with borrowers and evaluate collateral.
    • Supervise and manage the workout strategies and performance of Special Asset officers and Commercial Collectors.
    • Assist in monitoring the Watch List and its reporting, ensuring accurate risk ratings and appropriate relationship strategies for all credits on the Watch List.
    • Provide guidance to relationship managers in resolving problem credits outside the Special Assets Group.
    • Participate in various meetings to keep management informed about the status of the troubled loan portfolio and potential losses.
  • Leadership: Inspire the Special Assets/Collections team to reach their full potential.
    • Oversee all functions of the Special Assets Department, including Collections and OREO administration.
    • Set performance expectations and goals for the Special Assets Department and monitor progress.
  • Regulatory Compliance: Act as the primary contact for regulatory examinations, audits, and third-party reviews.
  • Reporting: Ensure timely and accurate generation of Special Asset reports, Problem Loan Reports, and other necessary departmental reports for effective management and communication with senior management and regulators.
  • Loan Management: Ensure proper identification, accounting, and management of troubled debt restructures and related loan statuses.
  • Operational Standards: Maintain compliance with all state and federal regulations and bank policies, including the Bank Secrecy Act and Fair Employment Practices.
QualificationsEducation & Experience
  • Bachelor's Degree in business, finance, accounting, or a related field.
  • A minimum of ten years of relevant experience in problem loan management, credit workout, or collections.
  • At least five additional years of experience in commercial lending, credit analysis, or portfolio management is preferred.
Skills & Competencies
  • Highly motivated self-starter with strong negotiation skills.
  • In-depth knowledge of loan structuring in commercial and residential real estate and other transactions.
  • Familiarity with bankruptcy and business law, capable of navigating complex commercial transactions.
  • Ability to manage multiple priorities effectively and efficiently.
  • Excellent analytical skills with a keen attention to detail.
  • Proficient in managing and mentoring staff, setting objectives, and overseeing departmental budgets.
  • Willingness to travel as necessary.
  • Strong written and verbal communication skills, able to articulate objective views based on professional analysis.
  • Proficient in Microsoft Office Suite and relevant analytical software.