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Special Assets Manager

Company: Southern First Bank
Location: Greenville
Posted on: September 23, 2022

Job Description:

ESSENTIAL RESPONSIBILITIES

  • 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 appropriate.
  • 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 delinquent borrowers.
  • 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 calculations quarterly.
  • 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 expertise.
  • 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 outside counsel.
  • Annually issue 1099s for foreclosed properties and forgiven debt.
  • 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 procedures.
  • Assist Senior Credit Risk Officer and CAST with special projects as needed.
  • Complete other duties as assigned.ESSENTIAL SKILLS, EDUCATION AND EXPERIENCE
    • Prior experience managing client relationships and dealing with problem assets.
    • Extensive experience with legal documentation and processes.
    • 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 computer.

Keywords: Southern First Bank, Greenville , Special Assets Manager, Executive , Greenville, South Carolina

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