Special Assets Officer
Special Assets Officer
Exempt Employee Clerical
1075 E Betteravia, Santa Maria, CA 93454
Under the direction of the Chief Credit Officer, the Special Assets Officer (“SAO”) is responsible for managing and resolving a portfolio of special assets through rehabilitation, exit, or liquidation. The SAO has oversight responsibilities for past due accounts, overdrafts and the enforcement of covenants and conditions. The SAO is responsible for developing strategies for workout credits with varying and evolving degrees of aggressiveness commensurate with the situation.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The following statements are intended to describe the general nature and level of work being performed by this position. It is not intended to be an exhaustive list of all duties, responsibilities, and skills required of this position. Other duties may be assigned to meet business needs.
Responsible for all aspects of managing, maintaining and selling commercial properties that are classified as problem loans and/or CoastHills has foreclosed on. The SAO will assist senior management in evaluating collateral, loan documentation, and financial information to determine CoastHills’ position in current economic environment.
Manages problem loans in a workout capacity, providing resolutions to a diverse range of complex problems. Must maintain a strong understanding of all requirements necessary to effectively manage problem loans that maintain a third-party (SBA, CCRD, etc.) guarantee. Must be able to analyze and understand complex financial statements and tax returns.
Minimizes risk in the portfolio, including risk ratings, accrual status, and TDR status. Works to assist the CCO and CFO is determining the appropriate reserves for problem loans.
Tracks covenant compliance, tickler system, public record filings, client correspondence, loan payments/extensions processing and the tracking and following of collateral insurance for loans in special asset portfolio.
Manages foreclosures, negotiates deeds-in-lieu, short sales, note sales, restructures and modifications.
Performs negotiations between CoastHills and borrowers, and/or CoastHills and borrowers’ counsel, and makes necessary judgments based on conditions presented to protect the Credit Union’s interest and achieve maximum recovery.
Evaluates and contracts with property management companies as appropriate. Negotiates and manages leases, maintenance agreements, HOAs, listings, sales contracts and agreements and all other appropriate documents in accordance with CoastHills’ policies and regulations.
Monitors and prepares reports for management.
Provides information on the status of delinquent loan payments monthly and assists in collection efforts as needed. Provides post-loan technical assistance and status updates for high risk credits to management.
Maintains current job knowledge of CoastHills policies, procedures, and services. Uses cross-selling techniques to promote other Credit Union services.
Regularly attends and participates in in-house training.
Performs duties as assigned by management.
Member Service Orientation
The qualifications listed below are representative of the knowledge, skill and/or ability required to perform the essential functions of this position.
Education and Experience
Bachelor’s degree in Business, Finance or Accounting or equivalent experience required.
Five or more years commercial collections – both secured and unsecured and extensive underwriting experience.
Certificates, Licenses and Registrations
Strong knowledge of credit, accounting and financial analysis required.
Working knowledge of loan restructures and collection, bankruptcy and foreclosure laws, and a general understanding of legal proceedings.
Board policies and Credit Union goals, organizational structure, policies, procedures (including Office Procedure Manual and Employee Handbook), practices, and systems.
Credit Union products, services, programs and promotions.
Proficiency with MS Office required.
Knowledge of commercial credit analysis software desirable.
Knowledge of federal and state regulations.
Other Skills and Abilities
Ability to be bonded.
Operates a variety of office equipment and machines.
Travels, attends, and participates in meetings, seminars, and conferences held before and after normal business hours that may require unaccompanied long-distance travel and overnight lodging.
Excellent credit and financial analysis skills.
Capable of exercising high level of discretion on confidential matters.
Able to rapidly assimilate complex information.
Please apply online
CoastHills is an Equal Opportunity / Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, or protected veteran status.
Locations: California (CA)