Special Assets Officer Salary
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.
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Pay by Experience Level for Special Assets Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Special Assets Officers who reported more years of relevant experience also reported higher earnings. Survey participants with less than five years' experience pocket $53K on average, but those with five to 10 years of experience enjoy a much bigger median of $68K. On average, Special Assets Officers make $73K following one to two decades on the job. Old hands who claim more than two decades on the job enjoy average earnings of $93K.
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