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
Loss Mitigation Specialist plays a critical part in minimizing financial loss and maximizing recovery by overseeing the liquidation of distressed assets, including real estate and equipment. It ensures assets are valued correctly, legally compliant, and sold through effective negotiations and vendor coordination. By managing asset sales and tracking performance, the role enhances operational efficiency, mitigates risk, and ensures the organization recovers maximum value from defaulted assets, directly impacting profitability and stability.
What You'll Do:
- Manage Asset Liquidation – Oversee the process of liquidating distressed or defaulted assets, including real estate, equipment, and other tangible and intangible assets in order to maximize recovery and minimize losses
- Manage ORE Property - Managing ORE (Other Real Estate) bank-owned property involves overseeing the property's maintenance, marketing, legal compliance, and eventual sale or disposition to maximize its value and minimize losses for the bank
- Legal and Compliance Oversight – Ensure all asset liquidation activities comply with relevant laws and regulations, including foreclosure and bankruptcy procedures
- Asset Valuation and Sales – Supervise and review the valuation of distressed assets and manage their sale through appropriate methods to ensure correct values and reserves are properly set
- Vendor and Third-Party Coordination – Work with external partners such as auction houses, real estate agents, appraisers, and legal counsel to support the sale of assets and ensure smooth operations
- Documentation and Reporting – Maintain accurate records of the liquidation process, including sales reports, asset valuations, and compliance documentation, for transparency and accountability
- Negotiate Asset Sales – Engage in negotiations with potential buyers, brokers, or service providers to achieve favorable sale prices and recover value for the organization
- Monitor Portfolio Performance – Track the status of liquidated assets, providing regular updates on recovery results, timelines, and the efficiency of liquidation efforts
- Utilize Your Expertise in Asset Valuation and Sales – Use your experience to assess the value of distressed assets and choose the best approach for their sale. You’ll apply your knowledge to set realistic goals and determine appropriate sales methods
- Adhere to Legal and Regulatory Guidelines – Follow established legal processes related to asset recovery, working with legal teams to ensure compliance with necessary procedures and filings
- Collaborate with External Partners – Work closely with auction houses, brokers, legal professionals, and appraisers to ensure efficient and transparent asset sales
- Leverage Technology and Tools – Use asset management systems and tracking tools to monitor progress, document sales, and report results. Maintain accurate records of asset values and compliance
- Negotiate Strategically – Use your negotiation skills to maximize the value of asset sales and achieve the best outcomes, whether negotiating with buyers or vendors
- Maintain Clear and Accurate Reporting – Ensure all liquidation activities are clearly documented and reported, providing transparency and regular updates to management
- Optimize Recovery Rates – Apply analytical skills to track and improve liquidation outcomes, refining strategies to improve recovery rates and minimize risk
- Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC
Required Experience:
- Tangible Asset Liquidation – Experience in liquidating a range of tangible assets (real estate, equipment, vehicles, etc.) related to distressed loans or defaulted accounts
- Legal Process Expertise – Understanding of the legal procedures involved in asset liquidation, including foreclosure, repossession, and bankruptcy processes
- Asset Valuation – Ability to assess the value of distressed assets and manage their sale effectively
- Risk and Compliance Management – Knowledge of the regulatory requirements surrounding asset liquidation and compliance with banking regulations
- Negotiation Skills – Experience negotiating with buyers, auction houses, legal teams, and other stakeholders to secure favorable outcomes
- Vendor Management – Experience working with third-party vendors, such as auction houses, appraisers, and legal counsel
- Reporting and Documentation – Strong attention to detail in maintaining accurate records of asset liquidation activities
Preferred Experience:
- Education - A bachelor’s degree in finance or business
- Experience - A minimum of 5 years of experience in commercial lending, servicing, or underwriting with a focus on SBA is preferred. Familiarity with commercial real estate transactions, including property valuation and sales processes
- Advanced Legal Knowledge – Understanding of advanced legal processes, such as bankruptcy and creditor claims, that may affect asset sales
- Auction and Sale Experience – Experience with coordinating or managing asset sales through auctions or other sales methods
- Financial Statement Interpretation – Ability to interpret financial statements to determine the appropriate approach to asset liquidation
- Project Management Skills – Experience managing multiple projects and ensuring deadlines and compliance requirements are met
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.
