Loss Mitigation Specialist

Wilmington, NC

Credit Intermediation and Related Activities

About the position

This role plays a critical part in minimizing financial loss and maximizing recovery by overseeing the liquidation of distressed assets, including real estate and equipment. It ensures assets are valued correctly, legally compliant, and sold through effective negotiations and vendor coordination. By managing asset sales and tracking performance, the role enhances operational efficiency, mitigates risk, and ensures the organization recovers maximum value from defaulted assets, directly impacting profitability and stability.

Responsibilities

• Manage Asset Liquidation - Oversee the process of liquidating distressed or defaulted assets, including real estate, equipment, and other tangible and intangible assets in order to maximize recovery and minimize losses.
• Manage ORE Property - Managing ORE (Other Real Estate) bank-owned property involves overseeing the property's maintenance, marketing, legal compliance, and eventual sale or disposition to maximize its value and minimize losses for the bank.
• Legal and Compliance Oversight - Ensure all asset liquidation activities comply with relevant laws and regulations, including foreclosure and bankruptcy procedures.
• Asset Valuation and Sales - Supervise and review the valuation of distressed assets and manage their sale through appropriate methods to ensure correct values and reserves are properly set.
• Vendor and Third-Party Coordination - Work with external partners such as auction houses, real estate agents, appraisers, and legal counsel to support the sale of assets and ensure smooth operations.
• Documentation and Reporting - Maintain accurate records of the liquidation process, including sales reports, asset valuations, and compliance documentation, for transparency and accountability.
• Negotiate Asset Sales - Engage in negotiations with potential buyers, brokers, or service providers to achieve favorable sale prices and recover value for the organization.
• Monitor Portfolio Performance - Track the status of liquidated assets, providing regular updates on recovery results, timelines, and the efficiency of liquidation efforts.

Requirements

• Tangible Asset Liquidation - Experience in liquidating a range of tangible assets (real estate, equipment, vehicles, etc.) related to distressed loans or defaulted accounts.
• Legal Process Expertise - Understanding of the legal procedures involved in asset liquidation, including foreclosure, repossession, and bankruptcy processes.
• Asset Valuation - Ability to assess the value of distressed assets and manage their sale effectively.
• Risk and Compliance Management - Knowledge of the regulatory requirements surrounding asset liquidation and compliance with banking regulations.
• Negotiation Skills - Experience negotiating with buyers, auction houses, legal teams, and other stakeholders to secure favorable outcomes.
• Vendor Management - Experience working with third-party vendors, such as auction houses, appraisers, and legal counsel.
• Reporting and Documentation - Strong attention to detail in maintaining accurate records of asset liquidation activities.

Nice-to-haves

• Education - A bachelor's degree in finance or business is preferred.
• Experience - A minimum of 5 years of experience in commercial lending, servicing, or underwriting with a focus on SBA is preferred. Familiarity with commercial real estate transactions, including property valuation and sales processes.
• Advanced Legal Knowledge - Understanding of advanced legal processes, such as bankruptcy and creditor claims, that may affect asset sales.
• Auction and Sale Experience - Experience with coordinating or managing asset sales through auctions or other sales methods.
• Financial Statement Interpretation - Ability to interpret financial statements to determine the appropriate approach to asset liquidation.
• Project Management Skills - Experience managing multiple projects and ensuring deadlines and compliance requirements are met.

Benefits

• Base pay range of $55,000.00 - $90,000.00 per year.
• Compensation may include annual bonuses and long-term incentives, subject to various metrics and company policy.
• Paid sick leave provided in compliance with state requirements.