Associate Special Assets Officer, SBB

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 Associate Special Assets Officer, SBB will be responsible for managing a portfolio of troubled loans and implementing strategies to mitigate credit risk and maximize recovery under guidance from the Special Assets Manager. The position learns the proper servicing and liquidation of credits in a manner consistent with SBA regulations to avoid any reduction of the government guarantee as well as small business conventional loans.

What You’ll Do at Live Oak

• Monitor loan performance and compliance with loan agreements, escalating issues to management when needed

• Manage a portfolio of troubled loans, performing financial analysis and risk assessments

• Communicate with borrowers to explore repayment options and create customized workout plans based on their financial circumstances with guidance from senior members of the special assets team

• Collaborate with internal teams, including credit, legal, and loan servicing, to effectively manage and oversee troubled loans

• Prepare and present a formal Watch List Report to Bank Management on a quarterly basis

• Identify collateral accurately and complete quarterly assessments for classified collateral impairment

• Under the guidance of the Special Assets Manager, develop and implement strategies to minimize losses and maximize recovery, including negotiating workout agreements with borrowers

• Build strong relationships with assigned customers to monitor changes in their business and personal involvement in operations

• Learn proper Servicing and Liquidation of problem loan customers and handles assigned accounts in accordance with Bank and SBA policies.

• Support legal actions under the guidance of the Special Assets Manager by serving as the Bank's main contact for outside counsel

• Recommend timely updates to loan risk ratings and classifications to Credit Administration

• With assistance from management, conduct monthly charge off analysis and recommend losses in accordance with bank policies and procedures  

• 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

• Excellent customer service and interpersonal skills

• Strong negotiation and problem-solving abilities

• Sound judgment and attention to detail

• Strong financial analysis skills

• Proficiency in Microsoft Office, nCino, and loan servicing software

• Deep understanding of Bank and SBA lending policies, procedures, and criteria

• Willingness to travel extensively

• Valid driver’s license

Preferred Experience

• Bachelor's degree or equivalent experience

• Experience in commercial lending, servicing, or underwriting with a focus on SBA

• Basic understanding of financial analysis and lending principles

• Strong communication skills

• Ability to work effectively and collaboratively within a team

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