Senior Special Assets Officer, SBB

at  Live Oak Bank

About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.
How This Role Impacts Live Oak and its People
The Senior Special Assets Officer, SBB will be responsible for managing a portfolio of troubled loans and implementing strategies to mitigate credit risk and maximize recovery under guidance from the Special Assets Manager. Ensures proper servicing and liquidation of credits in a manner consistent with SBA regulations to avoid any reduction of the government guarantee as well as small business conventional loans. Provides guidance and mentorship to junior special assets relationship officers.

What You’ll Do at Live Oak

• Monitor loan performance and compliance with loan agreements, escalating issues as necessary to senior management
• Independently manage a portfolio of troubled loans, including conducting complex financial analysis and risk assessments
• Communicate with borrowers to discuss repayment options and develop customized workout plans tailored to their financial circumstances
• Liaise with internal stakeholders, including credit, legal counsel, and loan servicing teams to ensure effective management and oversight of troubled loan portfolio
• Prepare a formal Watch List Report for presentation to Bank Management and Board quarterly
• Accurately identify collateral and complete quarterly classified collateral impairment assessment
• Independently develop and implement sound strategies for minimizing losses and maximizing recovery, including negotiating workout agreements with borrowers
• Establish a high level of trust with assigned customers to enable effective monitoring of changes in the borrower’s business and personal level of engagement in managing the operations
• Ability to manage multiple priorities and meet deadlines
• Under the guidance of the Special Assets Manager may become involved in the legal actions taken against loan customers by acting as the Bank’s primary contact to outside counsel
• Recommend to Credit Administration timely changes to loan risk ratings and classifications
• Independently conduct monthly charge off analysis and recommend losses in accordance with bank policies and procedures

How You’ll Do It

• Excellent customer service and interpersonal skills, proven negotiation, and problem-solving abilities
• Sound judgment and detail-oriented. Strong financial analysis skills
• Proficiency in Microsoft Office suite, nCino, and loan servicing software
• Learn in-depth knowledge of Bank and SBA lending policies, procedures, and criteria
• Must have the ability to travel extensively
• Must have a valid driver’s license
• Perform other duties as required
• 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.

Required and Preferred Experience

• Bachelor’s degree in Finance or Business; MBA preferred
• Experience in commercial lending, servicing, or underwriting with a focus on SBA is preferred
• 7+ Years of Lending/workout experience preferred
• Comprehensive knowledge of banking regulations and SBA guidelines
• Strong communication skills
• Proven track record of successfully resolving complex SBA and conventional credit issues and maximizing recovery
• Ability to work collaboratively within a team environment

To Thrive at Live Oak

• Gravitate to Growth – Shows adaptability and support for changes to improve organizational effectiveness.
• Communicate and Collaborate – Communicates clearly and thoughtfully, demonstrating empathy in teamwork.
• Eye of the Tiger – Gets positive results by taking personal responsibility for actions and team outcomes.
• Know Your Business – Curates and maintains a depth of knowledge and skill to perform one’s job effectively.
• Customer at the Center – Provides customers with a personalized experience to achieve exceptional outcomes.

For a detailed overview of our employee benefits please visit:
http://www.liveoakbank.com/careers/
At Live Oak Bank, we are passionately focused on creating an inclusive and genuine environment! We encourage you to apply for roles that you believe you’d be a great fit for, even if you feel your past experience does not perfectly match every requirement. As we continue to grow, our People Team will match the skillsets of current and prior applicants with open roles within our organization. As we say at Live Oak, “Paint the Target!” and go after your goals!”
The base pay range for this position is $125,000.00 - $175,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.
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

What You’ll Do at Live Oak

• Monitor loan performance and compliance with loan agreements, escalating issues as necessary to senior management
• Independently manage a portfolio of troubled loans, including conducting complex financial analysis and risk assessments
• Communicate with borrowers to discuss repayment options and develop customized workout plans tailored to their financial circumstances
• Liaise with internal stakeholders, including credit, legal counsel, and loan servicing teams to ensure effective management and oversight of troubled loan portfolio
• Prepare a formal Watch List Report for presentation to Bank Management and Board quarterly
• Accurately identify collateral and complete quarterly classified collateral impairment assessment
• Independently develop and implement sound strategies for minimizing losses and maximizing recovery, including negotiating workout agreements with borrowers
• Establish a high level of trust with assigned customers to enable effective monitoring of changes in the borrower’s business and personal level of engagement in managing the operations
• Ability to manage multiple priorities and meet deadlines
• Under the guidance of the Special Assets Manager may become involved in the legal actions taken against loan customers by acting as the Bank’s primary contact to outside counsel
• Recommend to Credit Administration timely changes to loan risk ratings and classifications
• Independently conduct monthly charge off analysis and recommend losses in accordance with bank policies and procedure

How You’ll Do It

• Excellent customer service and interpersonal skills, proven negotiation, and problem-solving abilities
• Sound judgment and detail-oriented. Strong financial analysis skills
• Proficiency in Microsoft Office suite, nCino, and loan servicing software
• Learn in-depth knowledge of Bank and SBA lending policies, procedures, and criteria
• Must have the ability to travel extensively
• Must have a valid driver’s license
• Perform other duties as required
• 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