Senior Special Assets Officer

Overview

This role involves overseeing the resolution of non-performing and high-risk residential bridge and fix-and-flip loans, with a focus on Residential Transitional Loans (RTL) and construction lending. The position is responsible for developing and executing workout strategies to minimize losses, mitigate risk, and maximize recoveries while maintaining appropriate borrower and business relationships.

Responsibilities

• Independently oversee and manage a portfolio of non-performing, distressed, and high-risk Residential Transitional Loans (RTL) and construction loans, including pre-workout credits, downgraded loans, defaulted loans, and loans in legal proceedings.
• Take primary responsibility for evaluating, managing, and resolving complex special assets through strategies such as borrower rehabilitation, loan modification, foreclosure, sale, liquidation, and other appropriate resolutions.
• Develop, implement, and continuously refine comprehensive workout strategies based on borrower capacity, project status, collateral condition, market dynamics, legal considerations, and overall risk exposure.
• Lead periodic and event-driven reviews of problem loans by identifying emerging risks, evaluating collateral and exit viability, and determining appropriate resolution strategies.
• Evaluate complex workout alternatives and recommend actions including loan modifications, extensions, interest reserve adjustments, collateral liquidation, legal action, receivership, foreclosure, deed-in-lieu, OREO disposition, and pursuit of guaranties or other credit enhancements.
• Analyze and recommend impairment reserves and charge-offs in accordance with GAAP, organizational policy, and applicable regulatory guidance for short-term residential credit.
• Present detailed workout recommendations, risk assessments, and resolution strategies to senior management and capital partners, including clear communication of financial analysis, anticipated outcomes, risks, and recommended next steps.
• Serve as a subject matter expert and resource to junior Special Assets team members, providing guidance on loan analysis, workout strategies, borrower negotiations, documentation, and resolution processes.
• Oversee OREO assets arising from distressed loans, including 4–6 unit residential properties under renovation or stabilization, and coordinate valuations, property management, construction oversight, and disposition strategies.
• Conduct and oversee evaluations of collateral value, construction progress, loan documentation, borrower financials, guarantor strength, and project feasibility in consideration of current housing and capital market conditions.
• Develop and execute strategies to reduce non-performing assets while balancing net credit losses, carrying costs, market conditions, legal expenses, and administrative costs.
• Lead negotiations with borrowers, guarantors, attorneys, brokers, property managers, and other stakeholders to achieve favorable workout and exit outcomes.
• Proactively identify opportunities to mitigate risk and maximize recoveries before loans progress to more costly or complex stages of default or legal action.
• Maintain oversight of risk ratings, accrual status, Problem Loan Reports (PLRs), and other portfolio reporting to ensure information is accurate, timely, and transparent for senior leadership and investors.
• Monitor portfolio trends and proactively assess the impact of housing market conditions, construction costs, liquidity, interest rates, property values, and investor demand on portfolio performance and resolution strategies.
• Collaborate with Legal, Servicing, Production, Underwriting, Asset Management, and other internal teams to develop and execute coordinated strategies for complex or high-risk credits.
• Identify trends and recurring issues across the portfolio and recommend risk mitigation steps, process improvements, and opportunities to improve portfolio performance.
• Use independent judgment in making recommendations and decisions for distressed credits, escalating significant risks, exceptions, and material changes in strategy as appropriate.
• Represent the Special Assets function in internal and external meetings with management, capital partners, borrowers, attorneys, and other stakeholders.
• Assist leadership with strategic initiatives for the Special Assets portfolio and contribute to department goals, processes, and best practices.
• Perform other duties as assigned to support the objectives of the Special Assets function.

Requirements

• 7+ years of experience in special assets, credit workouts, loan servicing, or asset management with a strong focus on Residential Transitional Loans (RTL), construction loans, bridge loans, or fix-and-flip lending or relevant experience.
• Strong understanding of workout strategies, foreclosure processes, collateral liquidation, and OREO management for 4–6 unit residential properties.
• Strong working knowledge of GAAP impairment analysis, charge-offs, risk ratings, and accrual accounting related to residential credit.
• Advanced ability to analyze complex financial, operational, and market data to develop and recommend optimal resolution strategies that maximize recovery and minimize risk and loss.
• Proven experience leading and coordinating complex loan resolutions with legal counsel, servicers, brokers, investors, and internal credit and servicing teams to execute strategic workout and exit strategies.
• Excellent written and verbal communication skills, with the ability to present clear, well-supported recommendations to senior management and capital partners.

Compensation & Benefits

• Health Insurance: Employer pays 100% of medical insurance premiums; PPO and HSA plans.
• Paid Time Off: 3 weeks of paid time off each year.
• Paid Holidays: 10 paid holidays throughout the year.
• Competitive compensation.

Additional Information

• Full-time, exempt position.
• Equal Opportunity Employer (EEO).
• This posting highlights key responsibilities and requirements; additional duties and qualifications may apply and may change without notice.