Job detail

Special Assets Officer

Tacoma, WA

The Special Assets Officer is responsible for managing a workout portfolio of troubled loans. Works in a team environment to maximize recovery and minimize net loan losses, within the framework of safety and soundness, and in compliance with all applicable state and federal laws, regulations, guidelines and the Bank’s lending policies and procedures.   

Position may be located in Tacoma or Lynnwood, WA. 

The successful candidate will be able to:   

  • Responsible for the collection and monitoring of assigned problem assets and recommendation of foreclosure and/or receivership actions, as appropriate.   
  • Actively pursue collection avenues, effectively manage inherent credit and legal risk.   
  • Responsible for negotiation of payment structures with customers to ensure repayment of loans; initiates litigation when necessary.   
  • Provide counsel to lenders, regarding problem loans, prior to their assignment to Special Assets; restructures loans in accordance with bank’s credit policy.   
  • Manage other real estate and assets owned by the bank, as assigned.   
  • Conduct and negotiate recovery/restructure activities of specific assets identified as potential for loss, or require special attention.   
  • Coordinate effective collection efforts in concert with other Bank employees on selected, non-assigned credits.   
  • Perform regular property inspections on problem assets to evaluate property condition and current market conditions.   
  • Develop and maintain working relationships, consults and advices with SBA, attorneys, bankruptcy courts and other agencies, as required.   
  • Within assigned levels of authority, approves and controls outside counsel legal expenses.   
  • May prepare and/or assist with various management reports, as requested and needed.   
  • Keeps abreast of trends and developments within banking and related industries, as well as economic and regulatory changes.   
  • May assist with the evaluation of the Bank’s loan portfolio and determining appropriate loan loss allowances for GAAP and the Bank.    



  • Bachelor’s Degree in Business Administration with emphasis in Finance, Accounting and/or Business Management – required.   
  • 5 years recent experience, which includes commercial lending, credit and financial analysis experience in collections and/or commercial workout, demonstrating strong negotiation and creative thinking skills for the development of appropriate workout options and solutions – required.   
  • Equivalent combination of education, training and experience may be considered.   
  • This position may require National Mortgage Licensing System and Registry (NMLS) registration under the terms of the SAFE Act of 2008. Continued employment in this position with Heritage Bank is contingent upon successful registration and annual re-registration thereafter   
  • Provides quality service to internal/external customers, responding to customers' questions and concerns in an accurate, effective, and timely manner.   
  • Working knowledge and understanding of the fundamentals of real estate lending, workout, U.S. Bankruptcy laws and liquidation procedures, loan documentation and processing.   
  • Strong business knowledge and acumen, credit underwriting, structuring and credit judgment skills, with strong accounting and financial analysis experience. 
  • Effective listening, verbal, written, interpersonal and telephone etiquette business communication skills, including effective questioning strategies, influencing, negotiation and presentation skills; with the ability to negotiate in both cooperative and hostile environments.   
  • Ability to read, write, speak and understand English well, and prepares and presents correspondence, meetings and/or instructions.   
  • Strong analytical, problem solving, organizational, and time management skills, with the ability to manage multiple assignments and goals, ensuring that priorities are set and commitments and deadlines are met; demonstrating a strong sense of urgency and ability to execute quickly, timely and efficiently, with minimal direction and/or supervision.   
  • Ability to work independently while understanding the necessity for communicating and coordinating work efforts with other employees and departments.   
  • Demonstrated ability to quickly focus on key issues and make decisions under pressure of time constraints and/or incomplete information.   
  • Understands, applies and adheres to principles, procedures, compliance requirements, state/federal regulations, and policies related to assigned area.   
  • Unquestionable integrity in handling sensitive and confidential information required.   
  • Proficient PC experience using MS Office products (Word, Excel, Outlook) and retrieval of date; working knowledge of automated financial and accounting systems and analysis software, with the ability to learn and adapt to new technologies quickly.    

Work Environment/Conditions:    

  • Climate controlled office environment.   
  • Work involves being able to concentrate on the matter at hand, under sometimes distracting work conditions and frequent interruptions during the day.   
  • Work requires regular attendance, punctuality and adherence to agreed-upon schedule(s) with willingness to work a flexible schedule, extended hours and/or assisting at other locations, as needed.   
  • May be exposed to outside climate conditions and/or required to wear protective devises during site and property visits/inspections.    

Physical Demands:    

  • Work may involve the constant use of computer screens, reading of reports, and sitting throughout the day.   
  • Ability to operate a computer keyboard, multi-line telephone, photocopier, scanner and facsimile which often requires dexterity of hands and fingers with repetitive wrist and hand motion.   
  • Typically sitting at a desk or table; intermittently standing, stooping, bending at the waist, climbing, kneeling or crouching to file materials and/or site/property inspections.   
  • Occasional lifting 5 – 10 lbs. (files / boxes).    

Travel Time: Occasional travel may be required to participate in, but is not limited to, inspections, court appearances, meetings, and document signings; valid driver’s license, proof of insurance, and access to reliable transportation; or the ability to access and utilize an alternative method of transportation, when needed, to carry out job-related essential functions.   

The above statements are intended to describe the general nature and level of work being performed and are not an exclusive list of all qualifications for this position.  

Heritage Bank is an Equal Opportunity Employer  

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran status, disability, or any other basis protected by applicable law.   

Job applicants have certain legal rights. Please click here for information regarding these rights.  

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