Special Assets Officer, Commercial

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 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 Ensure problem loan files are current with call memos and correspondence to and from customer 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 Bachelor's degree or equivalent experience Excellent customer service and interpersonal skills with ability to effectively handle difficult conversations Sound judgment and attention to detail 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 Valid driver's license Preferred Experience 3-5 years of lending/workout experience Formal Bank credit training 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 Ability to work effectively and collaboratively within a team 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 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. EEO is the Law The base pay range for this position is $113,080.00 - $154,200.00 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. More than just a job, a career at Live Oak is an opportunity to mold the future of the banking industry. Live Oak Bank would not be the top SBA 7(a) and USDA lender in the country without our people. We focus on hiring folks who are dedicated to living our values, every single day. Together, we're on a mission to be America's small business bank. At Live Oak we never lose sight of focusing on the wellbeing of our folks. We believe our employees are the heart of our company and drive our commitment to our customers. As part of the Live Oak team, you'll have the chance to shape the next chapter of banking while supporting the backbone of our nation - small businesses.