Special Assets Officer, Commercial

About the role

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 At Live Oak Bank, the Special Assets Group manages credits with declining performance and increased risk. As a Special Assets Officer, Commercial, you will work directly with borrowers facing financial distress or transition, applying sound credit judgment and clear communication in high‑stakes, uncertain situations. You will balance borrower engagement with disciplined risk management, navigating difficult conversations and incomplete information while partnering with Credit, Legal, Servicing, and Lending on outcomes ranging from restructures to exits or enforcement when necessary. This is a hands‑on, client‑facing role for professionals comfortable making hard calls, operating under pressure, and protecting the bank's interests with clarity and professionalism. What You'll Do at Live Oak Establish a high level of trust with assigned customers to continually be effective in monitoring changes in the borrower's business and personal level of engagement in the managing operations Responsible for guiding at-risk borrowers through the process of transitioning out of their business, when appropriate, for creating an environment of cooperation and for encouraging open communication Implement workout strategies of large bank exposures in excess of $10MM for commercial credits with management oversight Oversees and/or analyzes current customers' financial status and keeps Special Assets management informed of same Quarterly, a formal Watch/Criticized Report is prepared for presentation to Bank Management and Board Identify collateral that may be difficult to evaluate or liquidate and complete monthly classified impairment assessments and charge-offs recommendations Liaise with internal stakeholders, including Credit, Legal Counsel, Loan Servicing, and Lending teams to ensure effective management and oversight of troubled loan portfolio Responsible for all activities relating to forbearance agreements, modifications, bankruptcy and restructure strategies with oversight of execution Ensure that the servicing and liquidation of problem loan customers is in accordance with Bank, participant, and government program policies and procedures. Engage with loan participant and obtain necessary approval to remain compliant with agreements to prevent a loan participation default Experience with development of strategies that minimize loss to the Bank which may include short term loan modifications and long-term loan restructuring Present any proposed changes to loan terms to Credit Administration for approval Lead the process of document review on serious problem credits to insure enforceability of documents and compliance with all bank policies and procedures Quarterback legal actions taken against loan customers by acting as the Bank's primary contact to inside and/or outside counsel Recommend changes to loan risk ratings as necessary to Credit Administration Identify and recommend loan/lease losses timely to Special Assets Manager Proactively engages in conversations with regular servicing teams to assess risk potential troubled assets and determine if workout strategy is required Ensure problem loan files are current with call memos and correspondence to and from customer 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 determent of money laundering or other unlawful activities Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC Experience That Translates Well to This Role Experience supporting or participating in loan modifications, forbearance agreements, restructures, or risk‑rating changes Background in commercial underwriting, portfolio management, credit administration, or loan review Exposure to problem credits, criticized assets, renewals, covenant monitoring, or borrower performance oversight Required Experience Bachelor's degree or equivalent combination of education and relevant banking experience Strong financial analysis and credit assessment skills, including the ability to analyze borrower performance, collateral, and cash flow Ability to exercise sound judgment, manage competing priorities, and maintain attention to detail in