Special Assets Manager
Company: Southern First Bank
Posted on: September 23, 2022
- Manage a portfolio of criticized and classified loans
identified as having elevated credit risk. Recommend and implement
action plans with individual borrowers to enhance the likelihood of
repayment, lower the risk of principal loss, and maximize the
potential for recovery of losses. At regular intervals, review the
appropriateness of current action plans, risk ratings, and
collateral valuations, making adjustments as necessary. Monitor the
status of real estate taxes and insurance on properties securing
criticized and classified loans, and as necessary, arrange payment
on the bank's behalf to protect its interests.
- Working in concert with bank counsel, oversee the foreclosure
process for any loans secured by property actively in foreclosure.
Select and retain competent outside counsel to represent the bank's
interests and provide direction throughout the process. Understand
the differences in state foreclosure law and how they impact
recovery opportunities and timelines.
- Actively manage loans to borrowers in bankruptcy. With the
assistance of bank counsel, recommend reorganization and repayment
plans to the bankruptcy court, monitor payments under existing
bankruptcy plans, and ensure the accuracy of reporting from the
bank's core system for loans affected by a bankruptcy. In all
instances, carefully ensure the bank's compliance with applicable
laws and court rulings related to borrowers in bankruptcy.
- Manage the bank's Other Real Estate Owned ("OREO") portfolio,
including the listing, repair, maintenance, and sale of bank-owned
property. Work closely with third parties, including appraisers,
inspectors, appraisers, and realtors, to maintain the properties
and maximize their value upon sale. Negotiate with third party
buyers on sales prices and conditions for OREO. Ensure
appraisals/valuations of OREO are kept current per regulatory
requirements. In the event the bank takes possession of non-real
estate collateral during collection efforts, similar expectations
exist around maintenance and disposition of the asset(s).
- Pursue recovery of charged off loans, including engaging
outside counsel or other third parties to assist where
- Monitor past due levels within the loan portfolio. At
prescribed times of the month/quarter, reach out to Team Leaders
regarding loans that have exceeded pre-set days past due targets.
Provide summarized reports to bank management of the status of past
due accounts at month-end and quarter-end. Assist Team Leaders and
other bank teammates with questions regarding how to manage
- When necessary, prepare charge off and Troubled Debt
Restructure ("TDR") recommendations for approval. Monitor the
portfolio for loans that may be candidates for charge off or TDR
status. Work with the Accounting team to effectuate approved charge
offs and TDRs. As needed, assist with the bank's allowance
- Assist Team Leaders, Loan Operations, and other teammates with
reviewing documents including Commitment Letters, Loan Agreements,
borrower requested addendums to bank loan documents, Forbearance
Agreements, Letters of Credit, and other legal documents. Also,
provide assistance to any bank teammate with questions or problems
that fall within the Special Asset Manager's areas of experience or
- Receive, research, and decision certain legal notices that the
bank receives, including legal actions related to probate,
bankruptcy, subordinate loan foreclosures, liens, etc. When
necessary, seek guidance from other members of the Credit team or
- Annually issue 1099s for foreclosed properties and forgiven
- Diligently ensure compliance with all state and federal banking
laws and regulations as it relates to collection actions and all
activities within your purview. Stay abreast of pending regulatory
and state/federal law changes that impact loan collection or OREO.
Ensure activities are consistent with bank's policies and
- Assist Senior Credit Risk Officer and CAST with special
projects as needed.
- Complete other duties as assigned.ESSENTIAL SKILLS, EDUCATION
- Prior experience managing client relationships and dealing with
- Extensive experience with legal documentation and
- Ability to effectively communicate verbally and in writing with
bank clients and third party vendors.
- Proficiency in computer software applications including Word,
Excel, PowerPoint, and Outlook. WORK CONDITIONS
- This position must be able to sit for long periods of time as
the position involves the majority of time spent at a
Keywords: Southern First Bank, Greenville , Special Assets Manager, Executive , Greenville, South Carolina
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