Special Assets Officer

First Bank

Job Description

Position Summary

The Special Assets Officer is responsible for the operational oversight of collection processes and procedures for the management of the Bank’s non-performing assets. This position develops and implements strategies designed to direct recovery efforts and legal recourse that limit loan losses throughout the entire life cycle of credit deterioration. This includes early stage processes to minimize delinquencies through targeted past due loan notices, communication with third parties engaged in the repossession of collateral property, as well as the required valuation, maintenance and liquidation of acquired assets. Finally, this person will work with legal counsel on matters such as bankruptcy proceedings and other litigation to secure claims and judgments against debtors and their estates. The Special Assets Officer works closely with lenders and Bank management to identify practical solutions that ensure compliance with applicable laws, regulations, and Bank policies.

Essential Duties and Responsibilities

Collections and Debt Recovery

• Direct collection efforts on delinquent loans through the implementation of a process for sending out past due letters and the formal process of making demand.
• Collaborate with lenders and credit administration personnel to identify appropriate workout strategies and possible settlement arrangements.
• Coordinate legal collection efforts, foreclosure actions, repossessions, and collateral liquidation activities when appropriate.
• Monitor delinquency reports, recommend loans for charge-off, and pursue recovery opportunities.
• Maintain documentation supporting collection efforts, settlement discussions, and recovery activities.
• Ensure fair and consistent treatment of borrowers in accordance with applicable laws and regulations.

Bankruptcy Administration

• Administer loan relationships involved in Chapters 7, 11, 12, and 13 bankruptcy proceedings.
• Review bankruptcy petitions, proof of claims, repayment plans, motions, and related court filings.
• Coordinate with legal counsel, trustees, receivers, and court-appointed representatives.
• Monitor legal proceedings and assist in protecting the Bank's rights and interests as a creditor.
• Ensure timely filing and diligent record keeping of required bankruptcy documentation.

OREO Administration

• Manage Other Real Estate Owned (OREO) properties from acquisition through disposition.
• Coordinate inspections, maintenance, insurance coverage, vendor services, repairs, and property preservation activities.
• Coordinate property listing, marketing, sales activities, and disposition efforts in accordance with Bank policy.
• Monitor OREO expenses and maintain required records and reporting.
• Ensure files are created to retain the necessary documentation of all processes listed above in compliance with applicable regulatory guidance.

Compliance and Reporting

• Conduct all collection, workout, foreclosure, bankruptcy, and recovery activities in compliance with applicable federal and state laws, regulations, and Bank policies.
• Prepare reports for management, loan committees, auditors, and regulatory examinations.
• Support internal and external audits, independent loan reviews, and regulatory examinations.
• Escalate significant legal, compliance, credit, operational, or reputational risks to appropriate management.
• Maintain current knowledge of regulations and industry practices impacting special assets administration.
• Maintain collection policies and procedures and recommend updates as laws, regulations, and practices change.

Secondary and Additional Responsibilities

• Participate in special projects related to credit administration and portfolio management.
• Serve as a resource to lending personnel regarding collection practices, workout structures, and problem asset management.
• Attend professional development programs and continuing education related to collections, bankruptcy, and credit risk management.
• Assist with policy development and process improvement initiatives related to special assets administration.
• Perform other duties and responsibilities as assigned by management.

Qualifications

Education Requirements

Required

• High school diploma or equivalent.

Preferred

• Bachelor's Degree in Finance, Accounting, Business Administration, Banking, Economics, or a related field.

Experience Requirements

Required

• Minimum of 10 years of progressively responsible banking experience in collections, loss mitigation, special assets, loan servicing, credit administration, or related banking functions.
• Demonstrated experience managing delinquent, non-accrual, and charged-off loans.
• Experience with collection management related to commercial, consumer, agricultural, and real estate loans.
• Experience working with legal counsel during litigation and bankruptcy proceedings, debt recovery efforts, foreclosure actions, and collateral liquidation.

Preferred

• Community bank collections or special assets experience.
• Experience managing OREO properties and disposition activities.
• Experience preparing reports for loan committees, executive management, auditors, and regulators.
• Experience participating in regulatory examinations and independent loan reviews.

Knowledge, Skills, and Abilities

Technical Knowledge

• Banking collections and recovery practices.
• Foreclosure, repossession, and collateral liquidation practices.
• Bankruptcy filings, proceedings, and creditor rights.
• OREO administration and property disposition.
• Legal processes related to debt recovery and collection remedies.
• Collateral valuation and liquidation practices.

Regulatory Knowledge

Working knowledge of:

• Fair Credit Reporting Act (FCRA).
• Fair Debt Collection Practices Act (FDCPA) and related consumer protection laws, including UDAAP, the Telephone Consumer Protection Act, the Servicemembers Civil Relief Act, and the Military Lending Act.
• U.S. Bankruptcy Code and related proceedings.
• State and federal collection and repossession laws and regulations.
• Regulatory guidance governing non-performing assets and problem loan management.

Skills and Competencies

• Strong problem-solving and analytical capabilities.
• Excellent negotiation and conflict-resolution skills.
• Strong verbal and written communication skills.
• Ability to maintain positive borrower relationships while pursuing collection and recovery objectives.
• Strong organizational and time-management skills.
• Ability to manage multiple priorities and deadlines.
• High level of professionalism, integrity, confidentiality, and discretion.
• Ability to work independently while collaborating effectively with lending and administrative staff.

Preferred Certifications

• Credit Risk Certification (CRC)
• Certified Regulatory Compliance Manager (CRCM)
• Risk Management Association (RMA) Certification or Training
• Specialized training in bankruptcy administration, collections, debt recovery, or special assets management

I understand that the above duties and how I perform them are the requirements on which my performance will be judged. It is understood that these duties may be revised from time to time at the discretion of the Bank’s management.

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Employee’s Signature                                              Date

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Bank Representative                                                Date