Special Assets Officer, Bankruptcy

About Us

Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America’s Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.

How This Role Impacts Live Oak and Its People

The Special Assets Officer, Bankruptcy reports to the Director, Special Assets and oversees two related areas of responsibility within the Special Assets Group. First, the officer partners with the SAG Legal Department to execute on the litigation strategy in response to any bankruptcy matter impacting the SAG portfolio. This role will include preparing proofs of claim, communicating with outside counsel, and maintaining case ledgers and accountings. This includes Chapter 7 and Chapter 11 cases for corporate and individual debtors, Subchapter V small-business reorganizations, and Chapter 13 individual cases, across both SBA 7(a)/504 and conventional loans. Second, the officer directly manages the workout and resolution of smaller SBA credits with exposure under $250,000, including distressed credits outside of bankruptcy. Through these responsibilities, the officer services and liquidates credits in accordance with SBA requirements and Bank policy to preserve the government guaranty and maximize recovery.

What You'll Do at Live Oak

BANKRUPTCY MANAGEMENT

• Serve as the Bank's internal central point of contact for borrower, guarantor, and entity bankruptcy filings across the Special Assets portfolio.
• Monitor for bankruptcy filings, confirm timely receipt of all court notices, and promptly notify the SBA Servicing Center as required to preserve the guaranty.
• Maintain accurate, up-to-date case information in internal tracking systems (including key dates, pleadings, motions, correspondence, and status updates) and reconcile system data to court notices, counsel updates, and internal records.
• Prepare proofs of claim for SAG Legal Review and file prior to bar date.
• Monitor cash-collateral and debtor-in-possession financing motions in coordination with SAG Legal Counsel. Track motions related to adequate protection and liquidation of back collateral such as a motions for stay relief.
• Review plans of reorganization with SAG Legal Counsel and monitor related filings such as objections or confirmation orders.
• In partnership with Legal and outside counsel, support the drafting and review of bankruptcy pleadings and related filings by providing factual background, loan-level figures, collateral information, and case status from Legal-managed tracking systems.
• Prepare the reason-for-failure memo and collateral analysis for each defaulted SBA credit and provide to the analyst group for inclusion in the guaranty purchase submission to the SBA
• Perform financial analysis and recovery modeling on each case to estimate expected loss and recovery timing.
• Maintain the bankruptcy ledger for each case, splitting pre-petition from post-petition balances and tracking adequate protection payments, cash collateral receipts, plan distributions, and the application of recoveries including the SBA's pro rata share.
• Coordinate with the prior relationship manager, Loss Mitigation, Credit, Legal, and Loan Servicing so every bankruptcy credit is handled consistently with Bank and SBA policy while the relationship owner leads the workout
• Maintain current knowledge of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and SBA SOP 50 57 servicing and liquidation requirements.
• Handle assigned bankruptcy accounts in accordance with Bank and SBA policies to avoid any reduction of the government guaranty
• Track and report the status of all open bankruptcy cases to the Director, Special Assets and Bank management, including exposure, reserves, and expected recovery.

SMALL-BALANCE SBA WORKOUT (EXPOSURE UNDER $250,000)

• Manage a portfolio of SBA credits with exposure under $250,000, including distressed credits that are not in bankruptcy
• Contact borrowers directly to understand their circumstances and pursue cure, repayment, or an orderly resolution
• Perform financial analysis to assess repayment capacity and determine the best resolution path
• Prepare, issue, and track right-to-cure and final demand notices within required timeframes
• Make timely recommendations to route each credit to Loss Mitigation or to submit the guaranty purchase request to the analyst group for SBA submission
• Service and liquidate credits in accordance with SOP 50 57 to preserve the government guaranty
• Maintain complete workout notes and documentation to support each recommendation and the guaranty

ACROSS BOTH BOOKS

• Recommend timely updates to loan risk ratings, classifications, and impairment to Credit Administration as each credit develops
• Conduct charge-off analysis and recommend losses in accordance with Bank policies and procedures
• Follow all regulatory requirements, including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection, and deterrence of money laundering or other unlawful activities
• Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC

Required Experience

• Strong working knowledge of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure, including Chapter 7, Chapter 11, Subchapter V, and Chapter 13
• Direct experience managing creditor-side bankruptcy cases, including proofs of claim, relief from stay, plan review, and asset sales
• Experience with SBA default servicing and workout, including cure and demand notices and guaranty purchase referral
• Experience maintaining loan-level ledgers and reconciling figures for Bank reporting and court filings.
• Experience working with internal and external legal counsel.
• Sound judgment and attention to detail, with the discipline to meet hard court and SBA deadlines
• Deep understanding of Bank and SBA lending, servicing, and liquidation policies, procedures, and criteria, including SOP 50 57
• Proficiency in Microsoft Office, and loan servicing software
• Strong negotiation and problem-solving abilities
• Strong financial analysis skills, including recovery and loss estimation
• Excellent customer service and interpersonal skills
• Must be willing to travel
• Valid driver's license

Preferred Experience

• Bachelor's degree or equivalent experience
• Experience in commercial lending, special assets, workout, or loan servicing with a focus on SBA
• Experience with SBA guaranty purchase and liquidation processes
• Paralegal certificate or comparable credential
• Strong communication skills
• Ability to work effectively and collaboratively within a team

Our Values

• Dedication: Possess a deep commitment to Live Oak Bank’s mission and core values, exemplified through a strong work ethic, adaptability and pride in your work.
• Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
• Respect: Treat everyone with courtesy, politeness, and kindness.
• Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
• Teamwork: Foster collaboration, accountability, and trust with others and understand that together, we do more

For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/

Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at HumanResources@liveoak.bank .

EEO is the Law

The base pay range for this position is $71,960.00 - $113,080.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate’s salary is determined by several factors including travel, relevant work experience or skills and expertise.

Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.