Special Assets Officer, Commercial

About Us

How This Role Impacts Live Oak and its People

The Special Assets Officer, Commercial (SAO) works within the Credit Organization under the direction of the Special Assets Manager. The successful candidate will manage a loan portfolio of complex, high-risk assets within Live Oak’s national commercial portfolio to develop and implement strategies for these loans. The position also has the responsibility to proactively engage in conversations with regular servicing teams to assess risk potential for troubled assets and determine if a workout strategy is required. The SAO will work with customers to achieve a desired resolution to mitigate risk and maximize recovery to the bank.

What You’ll Do at Live Oak

• Establish a high level of trust with assigned customers to continually be effective in monitoring changes in the borrower’s business and personal level of engagement in the managing operations.

• Responsible for guiding at-risk borrowers through the process of transitioning out of their business, when appropriate, for creating an environment of cooperation and for encouraging open communication.

• Implement workout strategies of large bank exposures in excess of $10MM for commercial credits with management oversight.

• Oversees and/or analyzes current customers' financial status and keeps Special Assets management informed of same.

• Quarterly, a formal Watch/Criticized Report is prepared for presentation to Bank Management and Board.

• Identify collateral that may be difficult to evaluate or liquidate and complete  monthly classified impairment assessments and charge-offs recommendations.

• Liaise with internal stakeholders, including Credit, Legal Counsel, Loan Servicing, and Lending teams to ensure effective management and oversight of troubled loan portfolio

•  Responsible for all activities relating to forbearance agreements, modifications, bankruptcy and restructure strategies with oversight of execution

• Ensure that the servicing and liquidation of problem loan customers is in accordance with Bank, participant, and government program policies and procedures. Engage with loan participant and obtain necessary approval to remain compliant with agreements to prevent a loan participation default.

• Experience with development of strategies that minimize loss to the Bank which may include short term loan modifications and long-term loan restructuring.

• Present any proposed changes to loan terms to Credit Administration for approval.

• Lead the process of document review on serious problem credits to insure enforceability of documents and compliance with all bank policies and procedures.

• Quarterback legal actions taken against loan customers by acting as the Bank's primary contact to inside and/or outside counsel.

• Recommend changes to loan risk ratings as necessary to Credit Administration.

• Identify and recommend loan/lease losses timely to Special Assets Manager.

• Proactively engages in conversations with regular servicing teams to assess risk potential troubled assets and determine if workout strategy is required

How You’ll Do It

• Excellent customer service and interpersonal skills with ability to effectively handle difficult conversations

• Sound judgment, detail oriented. Strong financial analysis skills

• PC proficiency

• In-depth knowledge of Bank lending policies, procedures and criteria

• Must have the ability to travel extensively, potentially on short notice.

• Experience in bankruptcy negotiations/reorganizations

• Must have a valid driver’s license

• Has responsibility for following 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

• Function as a team and realize all members of the team are vital to its success.

• Ensure problem loan files are current with call memos and correspondence to and from customer

• Perform other duties as required

Required and Preferred Experience

• Minimum Bachelor's degree in Finance or Business

• 3-5 years of lending/workout experience is preferred

• Formal Bank credit training is preferred

• Strong communication skills

• Strong organizational skills

• Proven track record of successfully resolving complex commercial loan credit issues and maximizing recovery

• Ability to work collaboratively within a team environment

• Knowledge of commercial collection laws and regulations, bankruptcy laws, and awareness of potential lender liability issues

Our Values

• Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.

• Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.

• Respect: Treat everyone wi.th courtesy, politeness, and kindness.

• Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.

• Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more

For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/

Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at careers@liveoak.bank

EEO is the Law

Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.

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.