Associate Special Assets Officer, SBB at Live Oak Bank · Wilmington

Summary: Live Oak Bank is a digital bank that serves small business owners across the country. The Associate Special Assets Officer, SBB will manage a portfolio of troubled loans, implementing strategies to mitigate credit risk and maximize recovery under the guidance of the Special Assets Manager. Responsibilities: - Monitor loan performance and compliance with loan agreements, escalating issues to management when needed - Manage a portfolio of troubled loans, performing financial analysis and risk assessments - Communicate with borrowers to explore repayment options and create customized workout plans based on their financial circumstances with guidance from senior members of the special assets team - 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 on a quarterly basis - Identify collateral accurately and complete quarterly assessments for classified collateral impairment - Under the guidance of the Special Assets Manager, 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 - Learn proper Servicing and Liquidation of problem loan customers and handles assigned accounts in accordance with Bank and SBA policies - 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 - With assistance from management, 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 Qualifications: - 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 Qualifications: - Bachelor's degree or equivalent experience - Experience in commercial lending, servicing, or underwriting with a focus on SBA - Basic understanding of financial analysis and lending principles - Strong communication skills - Ability to work effectively and collaboratively within a team Required Skills: Financial Analysis, Microsoft Office, nCino, Loan Servicing Software, Bank Lending Policies, SBA Lending Policies, Regulatory Compliance - BSA, Regulatory Compliance - AML, Regulatory Compliance - CIP, Regulatory Compliance - OFAC Benefits: Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy., 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.