Job Description
The Special Assets Administration Officer-REO supports the SAG Manager (SAGM) and Special Assets Officers (SAOs) with the monitoring of loans in foreclosure leading to potential C&I and administering the resulting C&I. The SAAO-C&I independently works with both internal and external parties in facilitating the problem loan sales, foreclosures, and administration of resulting REO properties.
· Manage the C&I and other foreclosed assets through coordinating with external parties such as attorneys, realtors, accountant, and agents to facilitate the effective disposition of such assets at the highest possible value, and through maintaining accurate records on the status of the foreclosed assets.
· Coordinate with Loan Servicing Dept and other related internal units on loan foreclosures leading to potential C&I to ensure current appraisals and broker price opinions have been used in the foreclosure decision making, and to ensure the loan records on borrower obligation are correctly reflected in the minimum credit bid.
· Coordinate with Business Units and or SAOs to ensure there is sufficient time for potential note sales to close before the foreclosure is completed if any and to ensure the collateral property reverts to Bank C&I.
· Arrange for C&I insurance with Accounting Department timely, property management, and broker services upon bank’s acquisition of the REO.
· Evaluate and respond within bank approved price parameters to potential REO buyers’ letters of interest and purchase offers.
· Obtain trustee sale guarantees to review lien positions on potential C&I. Ascertain senior lien, monthly debt service, reinstatement and pay off requirements.
· Obtain new appraisals and broker price opinions when prudent due to market trends and conditions.
· Prepare the monthly REO Disposition and Status Report for presentation to the Portfolio Review Committee and other senior executives and for timely reporting to the Accounting Department on any material changes in C&I value and or sales to ensure accurate reporting of gains and losses in C&I management.
· Obtain and maintain required C&I file documentation from loan servicing collection/foreclosure group and line unit. Monitor the original copies of the Deed documents evidencing the Bank’s ownership of the C&I
· Coordinate the management of SAG working files and complete various SAG related reports as required.
· Handle other projects assigned by the SAG Manager and Officers.
Skills/Requirements
BS in finance, accounting, business administration, or economics is required. Minimum 3 year commercial experience in dealing with real estate loan analysis, underwriting or disbursement required. Knowledge of accounting and finance, U.S. contract laws, UCC filings, bankruptcy laws, liquidation procedures, loan documentation and processing preferred. A clear thinker with excellent verbal and written communication skills. High proficiency in MS Word and Excel is required.
