Special Assets Manager

Job Description

Job Description

The Special Assets Manager will efficiently track and manage QNB's Special Assets. Negotiate with borrowers and legal counsel to formulate options to rehabilitate, restructure or settle loans in compliance with the Bank's Loan Policies, regulations and laws. Oversee the collection efforts for the Bank's various loan portfolios, including commercial and retail.

GENERAL DUTIES AND RESPONSIBILITIES:

1. Identify warning signs of potential problem loans, assist in the assignment of credit ratings and make recommendations to management on credit related issues.

1. Ascertain the current status of relationships via review and analysis of financial information, loan documentation, credit reports, etc.

1. Negotiate with borrowers and legal counsel to assess and formulate options available to create a resolution which minimizes the probability of further credit deterioration and/or the loss of principal, interest and expenses.

1. Provide recommendations to senior management regarding action to be taken in connection with the objectives outlined above. Oversee the implementation and management of the selected courses of action.

1. Monitor accounts within the portfolio, including but not limited to periodically investigating compliance with contractual obligations, such as taxes, insurance coverage, lien positions, etc.

1. Manage the collection process from identification to resolution, including foreclosure, if necessary. Responsible for overseeing the effective collection of all past due loans within the Bank's various loan portfolios.

1. Serve as back-up to the Loss Mitigation Specialist.

1. Prepare and distribute regular activity reports to Senior Management and Regulatory agencies, as requested.

1. Manage and supervise employees of the Special Assets/Collections Department.

1. Oversee and facilitate the insurance claims process for loan customers to ensure protection of the Bank's collateral.

1. Comply with and monitor changes to the required collection procedures for the SBA and Government Sponsored Enterprises (i.e. FHLMC & FHLB) to ensure compliance.

1. Attend Bank foreclosure sales and administer Bank-owned property (i.e. obtain insurance coverage, show property to prospective buyers, list property with realtor, follow up on maintenance concerns, attend closings, etc.)

1. Manage the maintenance, repair, security and disposal of properties obtained through foreclosure.

1. Coordinate and lead the monthly Delinquency and quarterly Special Asset Committee meetings. Review and approve the minutes for the meetings and ensure distribution to the appropriate individuals.
2. Document collection efforts in the Bank's customer relationship management or core processing system, as appropriate.
3. Ensure legal documentation, correspondence, invoices, etc. are saved in the appropriate digital files.

1. Submit invoices from attorneys and vendors for payment.

1. Responsible for the annual budget of the Special Assets Department.

1. Track and provide the information necessary to the appropriate departments for preparation of IRS forms 1099-C (Cancellation of Debt) and 1099-A (Abandonment of Collateral) to mail to the respective customers.

1. Serve as back-up for the appraisal process as needed.

1. Complete assigned compliance training in a timely manner and demonstrate the ability to apply training to their duties and responsibilities including their supervision of other employees.

1. Comply with the Bank's policies and procedures; ensure departmental procedures are kept up to date.

1. Comply with all State, Federal, and local laws as well as Bank regulations.

1. Assume additional job-related duties as required.

REQUIRED TRAINING, EXPERIENCE AND EDUCATION:

1. Must have a minimum of five years of Workout and/or Commercial Lending experience.
2. Understanding of loan and legal documents and related terminology.
3. Knowledge of laws and regulations, including the Fair Debt Collection Practices Act.
4. Understanding of accounting and financial statements.
5. Familiarity with third party reports including appraisals, property condition reports, etc.
6. Strong risk assessment and negotiations skills.
7. Ability to multitask in a fast-paced environment.
8. Strong communication and interpersonal skills, both written and oral, to represent the Bank in a positive and professional manner.
9. Proficiency with Microsoft Office suite.