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 bankruptcy and foreclosure processes to regain assets.
- Evaluate and recommend tactics for recovery of investments in formal reports.
- Manage a portfolio of assets and loans and identify areas that require exit strategies.
- Negotiate and handle problem loans and short sales.
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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 generally obtain higher compensation for more plentiful past experience. Folks with fewer than five years of experience take home $51K on average, and those who have worked for five to 10 years see a bigger median salary of $67K. Special Assets Officers who work for 10 to 20 years in their occupation tend to earn about $71K. Seasoned veterans with 20 years under their belts enjoy a median income of $93K.