Open Position: Special Assets Officer
Reports to: CEO
Supervisory duties: None
Job Type: Full-time, Exempt, Remote/Hybrid
Location: Kirkland, WA.
Pay range: $95,000 - $115,000 annually
About Us
We’re Rain City Capital–a private real estate lender. We put our borrowers first, which is how we’ve built our business almost exclusively on word-of-mouth referrals. No two workdays are the same, so our team is comprised of individuals who aren’t afraid to roll up their sleeves and take care of business. Our office is energetic, fun, and committed to leading the industry by putting the relationship before the transaction.
About You
This job is challenging; it requires a strong multitasker and an exceptional self-starter who can manage under pressure with grace and humor, but you’ll get to make a real impact on our growing company and work with fun and passionate people.
About the Job
This role is about managing problem loans in the portfolio and working with borrowers, legal counsel, note owners, and Tandem Servicing team members with a focus on minimize losses. Each problem should work towards a solution that keeps the mission of Real and Lasting mutual success in the forefront when determining the path. This role requires a deep understanding of credit risk management, loan workouts, collateral liquidation, and regulatory compliance.
Roles and Responsibilities
Evaluate and manage a portfolio of problem loans, including delinquent, underperforming, and matured loans.
Work closely with loan officers, credit analysts, and other internal teams to address early warning signs of potential problem loans.
Provide guidance and training to staff on identifying and managing credit risks.
Maintain detailed records of loan actions, borrower communications, and resolution efforts.
Analyze financial statements, collateral valuations, and other relevant documents to assess the borrower’s financial condition.
Identify risk factors and develop strategies to mitigate potential losses.
Prepare regular reports on the status of problem loans and recovery efforts for senior management and note owners.
Design and execute customized workout plans, including modifications, repayment plans, forbearance agreements, short sales, deed-in-lieu or other creative solutions.
Prepare and present recommendations to the Special Credits Committee and note owners.
Negotiate workout terms with borrowers, ensuring compliance with internal policies and regulatory guidelines.
Work with internal and external partners to order and obtain valuations and title date downs.
Collaborate with legal counsel to initiate and oversee foreclosure, litigation, or bankruptcy proceedings as necessary.
Ensure all actions comply with applicable laws, regulations, and organizational policies.
Facilitate the liquidation of collateral, including coordinating appraisals, auctions, or property sales.
Manage REO properties, including eviction procedures, securing and maintaining the property, valuation and marketing, and expense tracking.
Participate as needed in internal and external audits.
Schedule and facilitate the Special Credits Committee meeting and maintain meeting minutes.
Work with Tandem Servicing on FPS entries and FM.
Skills and Attributes
Bachelor’s degree or equivalent work experience required.
5 or more years in special assets, credit risk management, collections, or related roles within banking or financial services.
Strong knowledge of consumer lending practices, credit risk analysis, and loan workout strategies.
Excellent negotiation and communication skills.
Proficient in financial statement analysis and collateral valuation.
Mortgage compliance, various state lien law and bankruptcy law required.
Possess a good understanding of construction loan servicing including inspections and draw requirements, budget reviews and change order requests.
Commitment to building relationships with customers, vendors, team members and investors.
Able to maintain professionalism and composure in high-pressures situations dealing with borrowers.
Excellent problem-solving skills involving good judgment and risk assessment in a fast-paced environment.
Possess great attention to detail and high degree of accuracy.
Must be a dependable self-starter.
Excellent grammatical, oral communication, writing, spelling, and proofreading skills, with ability to express yourself clearly and effectively in writing.
Strong knowledge of MS Windows, MS Teams, PC spreadsheets and PC word processing. Strong familiarity with networked computer systems and mainframe.
Other duties, responsibilities, and activities may change or be assigned at any time with or without notice. The employee in this position must be able to read, write, speak and understand English with exceptional fluency.
Work Environment
This role may require occasional travel to meet with borrowers or attend court proceedings.
Hybrid Work Expectations
Tandem Servicing offers a hybrid work environment for some positions, which means employees perform their duties remotely or in person and will be expected to check email, phone, and text messages throughout the day and respond in a timely fashion consistent with a normal company workday. Tandem’s expectations for hybrid work performance boils down to our mission statement: Real and Lasting Mutual Success.
To apply, please send your resume and cover letter to careers@raincitycapital.com
Posted 11/19/2024