Special Assets Officer Salary
|Salary||$37,598 - $91,233|
|Bonus||$1,957 - $11,234|
|Total Pay (||$36,054 - $93,883|
Job Description for Special Assets Officer
Special assets officers are in charge of managing and allocating loans for their organization. They write specific loan terms and renegotiate them as needed, as well as process large amounts of financial and loan information to find and correct possible contract errors. These officers also write detailed reports and report their progress to the credit administrator in their department. In all tasks, special assets officers must follow financial and privacy procedures; they also need to provide excellent service to clients and strive to increase customer loyalty.Read More...
Other tasks performed by special assets officers include attending business meetings, updating loan information on company databases as needed, coordinating with company counsel regarding collection activities, and working with banks as required. They also monitor past-due activity and prepare credit analyses as needed. They are also responsible for communicating with borrowers using a variety of platforms to identify issues with special assets defaults, as well as setting up an arrangement for payment. They calculate amounts owed on loans as well.
A bachelor's degree in accounting, finance, economics, or a similar field is typically the minimum educational requirement for this position, and previous experience is typically needed as well. Special assets officers need to pay close attention to detail and possess strong analytical abilities, as well as be proficient with basic office software.
Special Assets Officer Tasks
- Manage a portfolio of assets and loans and identify areas that require exit strategies.
- Negotiate and handle problem loans and short sales.
- Manage bankruptcy and foreclosure processes to regain assets.
- Evaluate and recommend tactics for recovery of investments in formal reports.
Pay by Experience Level for Special Assets Officer
Pay by Experience for a Special Assets Officer has a positive trend. An entry-level Special Assets Officer with less than 5 years of experience can expect to earn an average total compensation of $53,000 based on 17 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Special Assets Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $69,000 based on 27 salaries. An experienced Special Assets Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $73,000 based on 23 salaries. A Special Assets Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $93,000 based on 7 salaries.
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Key Stats for Special Assets Officer
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