Want to know if this job is worth applying to?
Wilmington, Massachusetts, United States
Onsite
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 Associate 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. The position learns the 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.
What You’ll Do at Live Oak
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 Experience
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 Experience
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
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 with 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 HumanResources@liveoak.bank.
The base pay range for this position is $56,540.00 - $92,520.00 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.