Position Title
Special Assets Officer
Location
New York, NY 10018
Job Summary
The Special Assets Officer manages a portfolio of distressed commercial real estate/multifamily loans and assists with reporting and litigation matters. Collaborates/works with Special Assets Team Leads and Analysts while supporting efforts to preserve principal and prevent charge-offs. Maintains compliance with policy, procedure and lending regulations.
Job Responsibilities:
JOB RESPONSIBILITIES
- Manages a portfolio of classified commercial real estate/multi-family loans end-to-end
- Prepare and compile credit approval memos, including detailed financial analysis, relationship overviews, collateral assessments, and risk evaluations.
- Identify emerging credit risks and trends early, timely report changes in risk to management, and implement corrective actions to minimize defaults, non-accrual loan status, and migration of impairments.
- Develop, recommend and execute workout strategies and make necessary judgements to protect the bank’s interest and achieve maximum recovery.
- Lead and manage negotiations with borrowers, guarantors, and third parties to protect the bank’s risk position and achieve maximum recovery.
- Establish clear borrower performance expectations and actively monitor and enforce loan covenants, reporting requirements, and agreed-upon action plans.
- Prepare formal credit memoranda, risk assessments, and recommendations for review and approval by senior credit authorities in accordance with delegated lending authorities and Special Assets Group Standards.
- Review documentation for amendments, restructure proposals and litigation
- Interact with Sr. Management and loan officers to compile financial forecasts, including credit deterioration and project losses and recoveries.
- Perform quarterly reserve analysis, charge-off calculations, and credit cost forecasting.
ADDITIONAL ACCOUNTABILITIES
- Performs special projects, and additional duties and responsibilities as required.
- Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings. Accountable to maintain compliance with applicable federal, state and local laws and regulations.
Required Qualifications:
- Education level required: Undergraduate Degree (4 years or equivalent) Business Administration, Finance, or related field
- Minimum experience required: 5+ Years within the Workout/Special Assets field, preferably at an OCC regulated institution
- Familiarity with various loan databases
Preferred Qualifications:
- 7+ years of relevant work experience preferred.
Flagstar is an Equal Opportunity Employer
We are committed to providing clear and accurate compensation information in accordance with applicable laws. Actual starting base pay will be determined based on location, experience, and other non-discriminatory factors permitted by law. Total compensation may also include variable incentives, bonuses, commissions, or other awards as outlined in the offer of employment. Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. Please click the following link for detailed information: Benefits | Flagstar Bank
Pay Range
$102,717.00 - $158,469.00Skills Required
- Undergraduate Degree in Business Administration, Finance, or related field
- Minimum 5 years of experience in the Workout/Special Assets field, preferably at an OCC regulated institution
- Familiarity with various loan databases
What We Do
Thank you for visiting Flagstar Bank on LinkedIn, and we look forward to being part of your financial journey. On December 1, 2022, New York Community Bank (NYCB) and Flagstar Bank joined together to become one company. Today, New York Community Bancorp, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The company is headquartered in Hicksville, New York. At June 30, 2024, the company had assets of $119.1 billion. We operate over 400 branches across 10 states, including a significant presence in the Northeast and Midwest and locations in high growth markets in the Southeast and on the West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage originators. We believe in cultivating a diverse, inclusive, and respectful workplace that engages employees, broadens perspectives, and encourages teamwork. We hire people who represent the talents, experiences, backgrounds, and diversity of the communities we serve. Together our goal is to deliver a new energy in banking to our customers, opening new doors for financial and personal success. Customers will have access to a broad spectrum of technology, products and services—all with a shared customer-first approach. Relationships are at the center of all that we do, enhanced by our commitment to delivering local market expertise, personalized solutions, and a long-standing focus on strengthening our communities. Follow us on LinkedIn to stay up to date on news and updates, new hires, community initiatives, access to our collective insights, and banking industry updates that you need to know.
