L. R. SPECIAL ASSETS ASSISTANT The following is provided as informational purposes only to provide the reader some of the duties and task of a Special Assets Assistant. This document shall not be incorporated into any bank’s policy or procedure, but merely a tool for the reader to understand the roll of a Special Assets Assistant. However, some parts of this document, such as the “qualifications” section may be reproduced or copied to establish a guideline for the hiring process of a Special Assets Assistant. This is not a secretary potion. This position is one of major responsibility not only to the Special Assets Department, but the bank itself. The Assistant will be held to the highest standard and must be able to work independently most of the time. The Manager will rely on the Assistant to assist in the daily operation of the department. The qualification for a Special Assets Assistant can vary from institution to institution. However, the basic qualifications are noted below: QUALIFICATIONS: Must be confident and have common sense with a competitive drive; Must be able to communicate effectively with others; Must be able to work independently without constant supervision; Must be able to multi-task and solve problems; Must be able to receive & remember directions; Must be able to make recommendations and be able to support said recommendations; Must be able to work under pressure and meet deadlines; Must be able to navigate through the city, county, and state websites; Must be able to show up for work everyday, on time, and work entire shift; Must be able to work overtime, if required, especially during the end of each quarter; Must be focused on professional development; Must be able to replenish the copier and fax with paper and toner; Must be able to order department supplies and left up to 30 pounds; Must be able to operate all kinds of office equipment without limitations, which includes, but not limited to, manual stapler and remover, calculator, multi-line telephone, manual hole puncher, manual tape dispenser, envelope opener, computer, typewriter, copier, scanner, and fax machine; Must have experience in Microsoft Office Products, including, but not limited to Word, Excel, and Outlook. Must have experience with Loan Documentation Must be able to open Title (preliminary and report) Because of training purposes, most of the time the Assistant is promoted within. Not only does the Assistant have to possess certain qualifications, but it’s a plus to have internal knowledge of the bank’s system and personnel. PULLING REPORT The Assistant must print all the past due report for the Manager on a daily basis or when instructed by the Manager. Other reports may also include, but not limited to, loan maturity report, and the NSF report. The manager will inform the Assistant how frequent these reports need to be printed, if not daily. INVENTORY/FILE LOG IN: When a loan is assigned to the Special Assets Department, the assistant shall enter the loan into the Special Assets Inventory log. Once all the information is entered into the log, a computer folder shall be created. Inventory Log: There should be two inventory logs. An active inventory log and an inactive loan log. The active inventory log are loans that are currently assigned to the Special Assets Department that are recoverable. These loans could be charged off loans that have been assigned to a collection agency or contingency attorney, loans that a workout is pending to loans that are in foreclosure. The log should include, but not limited to, the loan name, loan number, date assigned, department transferred from, and amount transferred. The inactive loan log list should be created for loans that have been charged off with no recovery anticipated and loans that have been transferred back to the center/branch. Similar to the Active, the inactive log should include date inactive and reason why or date assigned back to the center/branch. Computer Folder: In the Special Assets shared drive, there should be one folder created named “Collection/Communication Log.” Inside that folder, there should be two subfolders created. These folders should be named “Active Loans” and “Non-Active Loans.” In the Active Loans subfolder, there should be subfolders with the loan or relationship name that has been transferred. Included in the subfolder should be documents, including a communication log and a boiler plated demand letter in the event it is required to be sent out. The communication log should include borrower and guarantor information, telephone numbers, collateral information. Once the loan has been assigned to the center/branch or deemed uncollectible by the Manager and the Manager has entered the final notes as why the account is uncollectible or has been assigned back top the center/branch, the Assistant must drag the borrower’s Active Loan subfolder to the Non-Active Loans subfolder. MANAGER’S FILE REVIEW Once the loan file(s) are properly logged into the computer and the subfolders have been created, the loan file(s) must be placed on the Manager’s desk along with the Transfer Sheet for a complete file review by the Manager. If there is no transfer sheet, a memo should be attached to the file to provide the Manager important information about the credit, borrower, and/or guarantors. The Transfer Sheet and/or Memo must be completed by the Transferring Officer. FILING OF LOAN FILES All loans assigned to the Special Assets Department must be kept in the department until resolved. Files must be categorized alphabetically, by loan name. It is the Assistant’s responsibility to make sure all loans files are properly accounted for. A tracking of who has the file(s) is required. No file shall be removed from the file cabinet unless the Assistant and/or Manager is aware of the removal and is properly logged out. NOTIFY NOTE DEPARTMENT When a loan is transferred to the Special Assets Department, the Assistant must notify the note department. In most cases, the account will have a warning placed on it. The warning may include: (Manager will advise Assistant) “All Payments Must Be Approved By Special Assets” “All Communications Through Special Assets” “Collateral In Foreclosure” “BK-7, 11, 13” Case Number BK-99-999-99999-LS” There are times when a stoppage of billing and notices are required, the acceptance of payments restricted, and only communications through Special Assets required. Unless notified otherwise, the Assistant does not have the authority to approve the acceptance of payments or approve any correspondences being mail. COLLECTION/REMINDER CALLS: The Manager may have the Assistant make collection/reminder telephone calls to borrowers that are past due, not to exceed 30 days. The Manager will not have the Assistant make calls to borrowers that may subject the Assistant to verbal aggravation by the borrower. REPORTS: The assistant will be required to assistant the Manager in completing a variety of reports. These reports may be due weekly, bi-weekly or monthly. However, the bulk of the reports, which are called the Problem Loan Report, are due quarterly. Monthly: The monthly reports may include, but not limited to the Reportable Loans List (all loans that are 30+ days at the end of the month), Credits of Interest (Loans assigned to Special Assets that may have a high risk of loss, Loans in Foreclosure Report, and the OREO Report. Quarterly: In additional to the aforesaid reports, the quarterly reports, also know as the Problem Loan Reports (“PLR”) or SAD Quarterly Reports must be completely. The Quarterly Report are required for all loans classified as Special Mention, Substandard, and/or Doubtful. This is one of a few critical task assigned for the Assistant to complete. First, the Assistant must obtain a list from the Manager of all classified loans. The list should include the name of the loan(s), loan number(s), the current risk rating, and the account officer responsible. The Assistant than must make sure a PLR has been created in the respective computer drive. At most institutions, the assigned loan officers complete the bulk of the report, such as completing the borrower’s and guarantor’s information, entering the collateral information and values information, and all the comments, which may include, reason for upgrade or downgrade, cause of business breakdown, current comments, and grade triggers. The Assistant will be responsible to make sure all the totals and dates are on each report at the end of the month and/or quarter. Totals may include, but not limited to, principal balance, interest balance, and late fee balance. Dates may include, but not limited to, date principal and interest is paid to, date last paid, date insurance and the UCC-1 expires. Other information the Assistant is required to enter into the report are the property tax information (current or delinquent). If delinquent, the Assistant must notify the account officer to have them make contact with their customer. The account officer must subsequently update the PLR. The Manager will provide the account officers with a drop date that all PLR’s must be preliminary completed for review. Once that date has past, the Assistant will be responsible to make sure that all report are printed and copies provided to the Manager and any other designated officer(s). Reportable Loans: A reportable loan is any loan that is 30 or more days past due at the end of each month. January: There are 31 days this month. Therefore, any loan that is due for January 1st and prior is considered reportable February: February is not an exception to the 30 days. A normal February has 28 days in it. Therefore, loans that are due for January 29th and prior is considered reportable. However, Leap Year has 29 days in the month. Therefore, any loan due for the January 30th payment and prior is considered reportable. March: There are 31 days this month. Therefore, any loan that is due for March 1 st and prior is considered reportable April: There are 30 days this month. Therefore any loan that is due for March 31st and prior is considered reportable. May: There are 31 days this month. Therefore, any loan that is due for May 1st and prior is considered reportable June: There are 30 days this month. Therefore any loan that is due for May 31st and prior is considered reportable. July: There are 31 days this month. Therefore, any loan that is due for July 1st and prior is considered reportable August: There are 31 days this month. Therefore, any loan that is due for August 1st and prior is considered reportable September: There are 30 days this month. Therefore any loan that is due for August 31st and prior is considered reportable. October: There are 31 days this month. Therefore, any loan that is due for October 1st and prior is considered reportable November There are 30 days this month. Therefore any loan that is due for October 31st and prior is considered reportable. December: There are 31 days this month. Therefore, any loan that is due for December 1st and prior is considered reportable Report Retention: The Assistant must create a hard folder or file for all approved and submitted reports. The Assistant shall not destroy any reports, unless instructed to do so by the Manager. Monitor Rehabilitated Loans: When a loan has been placed in the rehabilitation category, the assistant will be required to monitor the loan to ascertain if any adversities occur. This may include slow or late payments. If any adversities occur, the Assistant must notify the Manager of such. Open Title Work: There will be times when the Manager is completing a workout of a loan and the condition of the workout is the borrower and/or guarantor pledge additional collateral. When that occurs, the manager must ascertain what, if any, liens are on the property. In order to determine such, a Preliminary Title Report must be ordered from the Title Company. The Assistant will be responsible to make contact with the designated title company and order a preliminary title report. Once received, it must be forwarded to the Manager. If the Manager has any questions, the Assistant will be responsible to inquire to the title company. LEGAL When a borrower is unable or unwilling to adhere to the terms and condition of the loan documents, the Manager may deem that only alternative to recoveries is to proceed with legal action. If that occurs the Manager may request the assist to copy certain loan documents, printout of the loan/payment history, and copy the communication log. The Manager will commence the legal action, but will require the Assistant to follow up with certain drop dates. At times, the Assistant will be requested to complete a Legal Engagement Letter for the attorney to execute. This letter is primarily executed for files that the attorney has agreed to complete the legal matter on a fixed fee basis. However, if any adverse action is filed, the fixed fee matter is converted into an hourly rate. The letter will indicate the discounted hourly rate. Legal Notices: There are many forms of legal notices. This could range from, but not limited to, and Bankruptcy Notice, Subpoena for the production of document, Complaints, Government Levy, and/or Grand Jury Subpoena. Once received, the Assistant must notify and provide the received legal document to the Manager immediately. The Manager may have the Assistant scan the document and e-mail it to counsel designated by the Manager. The Assistant must cc the Manager when e-mailing so that they both can respond to each other as it relates to the legal matter. CORRESPONDENCES The Assistant will be requested to draft, complete, and send many letters. Letters may include, but not limited to, Delinquency Letters, Demand Letters, Legal and Appraisal Engagement Letters, Escrow Payoff Letters, Subpoena Notification Letters to requesting party, and Notice to Dispose of Collateral to borrowers. When a letter, notice, or demand is sent from the Special Assets Department, it must be approved by the Manager and a copy of such document must be filed in the respective loan file. Delinquency Letters: The Manager may ask the Assistant to send a 10, 20 or 30 day delinquency letter to the borrower from time to time on loans that have been somewhat rehabilitated. Subpoena Notification to Requesting Party: When the bank is served with a Subpoena to provide copies of business records, the Manager may have the Assistant send out various letters, such as a notice to the customer that the bank has received such Subpoena, a letter to the servicing party of the receipt of the Subpoena, and an invoice as permitted under Evidence code 1563(b)(1). Escrow Payoff Letters: Most of the time, these letters are sent from the Note Department. However, when the account is flagged as being assigned to Special Assets, there may be additional fees and costs that the Note Department is unaware. Therefore, the Note Department will ask the Special Assets Department to complete the Escrow Payoff Letter or assist in providing additional information so that any and all fees and cost are recovered. Demand Letters: Demand letter are one of the easiest documents that the Assistant can complete when they are boiler plated. Demand letters should be sent to the borrower at the address noted on the note or latest Change in Terms, collateral address (Deed of Trust or UCC-1 filing), and/or the address where the statements are mailed to, if different from aforesaid. If there are any guarantors on the loan, a copy of the demand letter must be mailed to each one. The address of each guarantor can be located on each Guaranty or Tax Return. As noted, the Demand Letter should be boiler plated. The only information is really needs to be acquired by the Assistant is the following: Note Date- Must know if there are any Change in Terms Date of Deed of Trust, the filing date, and instrument number Drop date given by Manager The default rate located in the body of the Note. Each demand letter should be sent via First Class and Certified Mail. Although certified mail is not a requirement most of the time, it is best to make sure you have a signed document that somebody from that address received the demand letter. Ordering Assets Searches: There will be times when the Manager will have the Assistant complete an Asset Search Request Form. Most of the time, the Manager will have an asset search company that (s)he has used prior. The Manager will provide the form to the Assistant for completion and submittal to the asset search company. The Assistant will be given a turn around time when it will be completed. The Assistant must notify the manger of the date with a follow up. Repossession of Collateral (Automotive): When the Manager determines that the only way to post any recoveries is to repossess the automotive collateral, the Assistant will aid the Manager in the required procedures to accomplish the task. Automotive collateral may include, but not limited to, a Car, Truck, Motorcycle, Boat, RV, and Tractor/Trailer. Also, these may be referred to as “Units.” Once the Manager has determined what repossession company to utilize, the Assistant will complete the required forms to initiate the repossession process. Generally, the repossession company will have the bank complete and sign the Order for Repossession and the Hold Harmless Agreement. Both documents along with a copy of the title should be scanned and e-mailed or faxed to the repossession company. Once the Assistant sends the documents, a follow up call to the repossession company to ascertain if it was receive is highly recommended. Once confirmed, the Assistant should calendar a follow up call every two days to the repossession until the unit is repossessed. It is recommended that all units that are repossessed be sent to the auction company’s yard for storage, unless otherwise instructed by the Manager. Once the unit is repossessed, the Assistant must notify the Manager immediately. A Notice of Disposition must be sent to the borrower giving the borrower a certain amount of days to redeem or reinstate the unit or it will be disposed at auction. This may be completed by the Assistant but signed by the Manager. The Assistant must make sure to calendar the drop date for the reinstatement or redemption period. The day the expiration period ends, the Assistant must notify the Manager. The Manager, most likely, will notify the Assistant to have the unit sold at auction. At that point, the Assistant will notify the auction company, where the unit is being stored, to proceed with the auction. During the reinstatement/redemption period, there may be factors that the Assistant should be aware of. The borrower may elect to redeem or reinstate the unit, which, at that point, the Manager should coordinate with the borrower; The auction company may notify the bank of DMV tags that are past due and must be paid, which may have an impact on the recovery; and/or of an incident that occurred at the auction company yard that affected the unit. Once the unit is sold at auction, the Notice of Deficiency is sent to the borrower, detailing the deficiency balance. From that point, the Manager will direct the Assistant as to other alternatives for recoveries, such as assigning it to a collection agency or contingency attorney. Foreclosure: When it is required for the Manager to commence with the foreclosure of real estate collateral, the Manager will request the Assistant to obtain bids from the foreclosure companies approved by the Manager. The Assistant should send out bids to the Foreclosure Companies with a short drop date, provided by the Manager. The day after the drop date, the Assistant should provide the Manager with all the bids received. The Manager will review the bids and select the foreclosure company. When the Manager selects the company, the Assistant is required to copy and provide the foreclosure company with the required documentation to commence with the foreclosure. The documents will include be, but not limited to, the foreclosure companies Request for Foreclosure that will inform the foreclosure company of the past due amount, date paid through, any advances, and other pertinent loan information, including other addresses that may be used for billing and the addresses to the guarantor(s). Also a copy of the Note, Change in Terms Agreement (if any), Deed of Trust, any Modifications (if any), and all Agreements. Once filed, The Assistant will need to add the foreclosure to the SAD Report (Loans in Foreclosure). Within a week of the filing, the Assistant should receive a copy of the NOD and the Trustee Sale Guaranty (“TSG”). Once those documents are received, they must be forwarded to the Manager for review. Once the Manager has reviewed the documents and there are no issues with said documents, they must be filed in the loan file. Scanning may be required. The Assistant must track the process and notify the Manager of any adversities. The first stage in the NOD process is the Notice Stage. This is the time period from when the NOD is recorded to it expiration, generally 90 days from the date the NOD is recorded. Prior to the expiration of the 90 days the Manager/Assistant should receive, from the foreclosure company, an Authorization to Publish request form. This form should preliminarily be completed by the Assistant and reviewed and approved by the Manager. Once completed and received by the foreclosure company, the next stage is called the Publication Stage. This is when the Notice of Trustee Sale is filed. This stage will generally to complete in approximately 21 days. When the Trustee sale is drawing near, the foreclosure company will request bidding instruction. The Assistant should check with the Manager for this information. Bidding instruction is what is known as a Credit Bid. The Credit Bid is usually the Appraised Value, less a cost of sale, between 8% to 12%, depending on the type of property. Other factors may exists, therefore the Manager must complete this form. The Assistant must provide the Manager with a loan history. If the property is not sold to a third party at the Trustee Sale and it reverts back to the bank, the property is now OREO. Transferring OREO The Manager will complete the OREO transfer form. The Assistant will make sure it is forwarded and received by the required department(s) and/or employees for processing. OREO: When the property reverts back to the lender by means of foreclosure, deed in lieu of foreclosure, exchange, or when a real estate asset owned (“REO”) by the bank is no longer required for bank purposes, the property is called Other Real Estate Owned (“OREO”). OREO is an asset of the bank that needs to be disposed of for maximum amount in the least amount of time to avoid any value deterioration and expensive carrying costs, such as, but not limited to, care & preservation, insurance, property taxes, and association dues. As the Special Assets Assistant, you will work closely with the Manager in disposing of the OREO. When property is expected to become OREO, the Assistant must create an OREO File. The Assistant is in charge of file maintenance, which is a very important task. File Maintenance: The Special Assets Assistant must create a file for each property. The tabs in the file may vary depending on the property. Below are the common tabs for an OREO file: TSG/Title Policy, Trustee’s Deed Upon Sale, and Insurance Insurance Claims Listing Agreement(s) Offer(s) and Counter Offer(s) Escrow and Closing Statements Disposal Plan and Report Transfer Form and Write Downs Appraisal and Environmental Legal/Police Reports Property Taxes Rental Agreements Income Tracking Bids Expense Tracking Correspondences Making of an OREO File: First you need to locate a folder with dividers. Get the correct number of dividers out, generally 15 of them. Make your labels for the folder, which is the property address. From that point make your labels for the dividers. Once you have created the tabs for the dividers, it’s best to save them, as a word document, as you will need to print them again as you receive more OREO’s. The next step is cut your labels to fit the tabs and stick them on. Once you finish the labels and tabbing the required tabs, the next step to make copies of required documents. OREO Reporting: The reports should include, the property address and the APN, Description of the property, OREO date, Appraised Value, Date Appraised, and the name of Appraiser, Carrying book value, Listing Broker Information and date listing expires, Listing Price, Total write downs, property tax information, Insurance information, Accumulated Expenses information, Total Rental Income Collected, and comments. For a sample copy of the report should be located in the Template Section of this website. The Assistant should be able to complete most of the report, except for the carrying book value, Total Write Downs, and comment section. All other information, the assistant should have knowledge of. Below are the common tabs for the OREO file and how the Assistant is utilized by aiding the Manager in overseeing and disposing of the OREO: TSG/Title Policy/Trustee’s Deed Upon Sale/Insurance Trustee’s Deed Upon Sale: The Trustee Deed Upon Sale is proof of ownership. It is similar to a Grant Deed. An unrecorded copy is acceptable to be placed in the OREO file if the property just reverted back. After a few weeks, a recorded copy will be required to be placed in the OREO file. The unrecorded copy is obtained by the foreclosure company with the recorded copy being mailed to the bank from the county. TSG: The TSG is in essence, a title policy reflecting the institution being in senior position, or the position expected, through the foreclosure process is acceptable. There is no need for the institution to order an updated title policy as long as the TSG is reflecting the correct position anticipated. Insurance: Once the real estate becomes the property of the bank, insurance is required. Proof of insurance is required to be placed in the OREO. Some institution has a blank policy while other have individual policies. Check with your Manager for additional direction. Insurance Claims (Title or Property) Property: At times, there may be a need to file an insurance claims because of property damage or theft. When required, a copy of the claim or claim information should be located in the file. Title: When there is a defect in title, generally discovered by reviewing the TSG, the Manager will file a claim with the original title company. Despite the claim, the Assistant may be required to follow up on all claims. Listing Agreements Once the manager has retained a Real Estate Broker and has executed the Listing Agreement, a copy of the listing agreement from the broker should be placed in the file. This will provide the auditors with proof that the property is being actively listed. Offers/Counter Offers Auditors like to see offers on OREO properties, no matter how low they are. No activity tells the Auditors that the property is listed too high. It’s best to never reject an offer, but to counter all offers, no matter how ridiculous the offer. If the potential buyers do not respond or rejected the counter-offer, a brief memo should be attached to the offer with the reason why the negotiating stopped. “Buyer elected not to pursue this property because their best offer was X.” The Assistant must keep track of all offers and counter offers submitted to the Manager and follow up as the Manager may be overwhelmed. Escrow/ Closing Statements When an agreed upon purchase price had been negotiated and an escrow is open, copies of all escrow documents should be placed in the file for the auditors to review. When the property closes escrow and the bank receives the wire, a copy of the closing statement along with a copy of the wire should be placed in this section. Also, it’s best to have a copy of the recorded Grant Deed in the file to provide the Auditors that title has been transferred from your institution to the new owner. Disposal Plan/Reports Disposal Plans are action plans for the OREO property. It provides a written document to the Auditor that your institution has a plan to dispose of the property. A copy of a Disposal Plan is located in the Template section on this website. The Assistant is able to complete most of the report. Also, copies of your Monthly or Quarterly Board or Loan Committee Report should be placed in the file for Auditors to review. This provides information to the Auditors on what is occurring with the property and the progress that your institution is making in disposing of the OREO property. Transfer Forms/Write Downs When real estate collateral is foreclosed upon and it reverts back to the bank, a Transfer Form must be completed detailing the information about the property and how the transfer value was determined. Auditors always require to review this document. A copy of a OREO Transfer Sheet is located in the Template Section on this website. Any OREO Write Downs, aka OREO Charge Off, must be documented. Your institution must explain the reason for the write down and the amount of the write down. A copy of an OREO Write Down is located in the Template section on this website. Transfer Forms and Write downs are completed by the Manager. The Assistant must make sure a copy of the Transfer and any write downs are located in the file. Appraisal/Environmental This section is pretty much self explanatory. An appraisal not to exceed 6-10 months old should be placed in the OREO. If the OREO property is one that required an Environmental Report, that will need to be placed in the file as well. Legal/Police Reports All legal documents must be placed in this section. If an Unlawful Detailer Action is required, a copy of the complaint must be placed in this section for the Auditors to review. If other legal action is taking place, copies of the legal documents of said action should be available inside this section. Generally, information pertaining to any legal action should be found on your institution’s Monthly or Quarterly Board or Loan Committee Report that the OREO manager completes. However, if the information is not located in those reports, it should be located in memos located in this section. At times, OREO is subject to vandalism or other criminal activities. A police report may be filed. If once is filed, a copy of said report should be placed in this section of the OREO file. Rental Agreement(s) At times, the bank will foreclose on income producing property. If the property is just a few units, the Manager and the Assistant should be able to oversee the property. Copies of the rental agreement(s) should be placed in the OREO file. Income Tracking: When the OREO is income producing property and there is no property manager, the Manager must make sure all rents/lease payment are being collected. When the Assistant receives a check from any tenant, it must be given to the Manager for review and acceptance. Once accepted, the assistant should make a copy of the check and forward the original to the finance department for processing. The Assistant should entered the income on the Income log. Attach a copy of the Income log to the check and file it in the OREO file. The Assistant should update the OREO to reflect the income. Property Taxes The Manager and the Assistant should be aware of any delinquent property taxes prior to the property becoming OREO by the completion of the Special Assets Report. Once the property reverts to OREO, the Assistant should contact the tax collector’s office to request a duplicate tax bill. Most of the time, they can be obtained on-line and printed out. Once the Assistant has the copy, either by on-line or by U. S. Mail, it must be forward to the Manager for approval to pay. Property Value Re-Assessed: Once the Tax Assessor’s office has change the ownership to the property, the Assistant must complete an application to change assessment, in a deteriorating real estate market. Each county has their own form. Therefore, contact the respective county of visit their website for additional information and instructions how to complete the task. Bids OREO properties always require some type of maintenance or service. If required, the Assistant may be asked to assist the Manager in obtaining bids to complete the work. Once the bids have been received, they should be given to the Manager for review and acceptance. All the bids must be placed in the OREO file for the Auditors to review. The Assistant may locate vendors by either referrals, search engine, professional trade website, or by phone book. Correspondences: Each letter or e-mail sent or received that pertains to the subject OREO property should be placed in the file. Property Management: If the OREO property is an office building or any type of income producing property, always retain a professional property management company to manage the property. Daily, Weekly, or Monthly reports must be placed in this section. Always pick a property management company that has been recommended to you by another lender or one that is well known. BPO’s: The Special Assets Manager will generally have a list of brokers that specializes in the disposition of the certain properties. This can include, but not limited to, residential, commercial, retail, hotel/motel, construction projects, and churches. Request for BPO When requesting a Broker’s Pricing Opinion (“BPO”) or Broker’s Opinion of Value (“BOV”), which they both are the same (used interchangeably) the Manager should supply the Assistant with name of Broker specializing in that type of property. If the Manager is unable to provide the Assistant with a list of Brokers and the Assistant must locate one. The best way to locate a broker is through the state Department of Real Estate website in which the property is located. The Assistant must know what type of property the “BPO” is going to be ordered. (residential, commercial, retail, hotel/motel, construction project, or church.) From that information, the Assistant will type in, for example “commercial real estate broker in the city of Stars” A list of Brokers should appear. From there, the Assistant should pick at least four. Make contact with the broker to make sure they are still in business. The Assistant should let the Broker know that they are calling on behalf of the Manager and are requesting a “BPO” or “BOV.” The assistant must confirm that they are free. The Assistant will be asked for the property address, APN, type of property, lot square footage, building square and if multi-tenant each until square footage, layout of the building The easiest way to avoid typing in all the above information is provide a copy of certain pages of the appraisal report to the broker(s). Generally the Summary of Fact, the Construction Specification Page, and the Floor Plan page. Without that information, the broker will not be able to provide you an accurate opinion of value. Scheduling Broker’s Presentations: The Assistant should have access to the Manager’s outlook calendar so that Broker’s presentation can be scheduled. The Assistant should discuss with the Manager, prior to scheduling appointments, any preferred dates and have the brokers work around those dates. The Broker should be given, at the most, 30 minutes to present their marketing strategy and provide information as it relates to their conclusion on the listing and sale price. Disposal Plan: When the Manager has completed the site visit, communication to the Assistant is important to complete the Disposal Plan. The Assistant should be able to aid the Manager in the completion of the Disposal Plan. The information that can be completed by the Assistant is, but not limited to, the property information, Locksmith, Cleaning, Repair, and Lawn Services, and Handy Telephone Numbers. The information that must be completed by the Manager is the Legal, Environmental, Auctioneer, Property Management, and real Estate Broker. There may be other sections added in a Disposal Plan, depending on the type of property. The Manager will discuss with the Assistant as needed. Establishing Utilities: The Special Assets Assistant should make contact with the required utility company to establish service. This will include, but not limited to, electric and water service. The Assistant may have to make contact with the respective city to ascertain what services are provided by the city and what services are outsourced. Services that are outsourced, the city employee should be able to provide a telephone or website to establish service. GENERAL DUTIES (BOTH) Reporting For Work: When reporting for work, the Assistant should log in and commence with the daily activities. There may be allowances to have a beverage or snack at the desk during the day. However, if that is the case, the Assistant must have the beverage and/or snack prior to logging in for the day or after lunch. There will be allowance time-to-time when there is a social function that the Assistant may want to attend. However, the Assistant should not take advantage of such. (Note: this section is rarely utilized, but remains for employees who abuse the kindness of the Manager by clocking in and spending 30 minutes talking before work.) Answering Telephone Calls: The Assistant is responsible in answering the department telephone line, as well as the Manager’s telephone line. With time, the Assistant must be familiar with a solicitor versus a business related call. If the Manager is busy, the assistant must take a hand written message for all sales calls, unless otherwise instructed. Do not transfer the call to voicemail. If a business related call is received and the Manager is busy in a meeting, mostly like, the telephone call should be transferred to voicemail if it will be a very detailed message being left. The Assistant should mostly take hand written messages. Mail: Unless the letter is marked “Personal and Confidential” or otherwise instructed not to, the Assistant must open all mail, U. S. Mail, Express Mail, and Internal Mail for the department and the Manager. The Assistant must stamp the mail as to the date received and place it in the Managers “In-Box.” Any mail that appears to be of importance, such as legal documents must be place on top or handed to the Manager immediately. There will be many times when the Manager will have the Assistant send out Certified Mail, Express Mail, or by Carrier Pickup. The Assistant will complete all necessary slips and/or cards to affect this service. E-Mails The Assistant must open e-mails the first thing when logging into the computer for important e-mails that require immediate attention that was received overnight, during lunch, or on any breaks. As e-mails arrive throughout the day, they must be open immediately for important e-mails that require immediate attention. The Assistant should make sure when responding to any e-mails that the e-mail received was not that of a BCC (Blind). Please double check. General Filing: The Assistant will be responsible for all general filing of documents. This includes, but not limited to, making sure the document(s) are filed in the appropriate file. Files include, but not limited to, credit/loan files, OREO files, vendor files, and any file or overflow file. Scan & E-mail Documents: There will be times when the Manager will have the Assistant Scan and E-mail certain documents to various recipients. This may include, but not limited to, scanning loan documents, letters, subpoenas, and/or notices and e-mailing them to counsel; scanning counter offers to real estate brokers; application for service to cities and utilities companies. Making Photo Copies: The Assistant will be responsible in making all photo copies for the department. This includes but not limited to, all loan files, letters, appraisal reports, contracts, and every document that the Manager is requesting photocopied. Replenish Copier & Fax Paper and Toner Each morning when the Assistant arrives for work, one of the first duties is to check and fill the copier and fax machine with paper. When the toner is getting low or is out, the Assistant, must change the toner. When leaving at night, the Assistant must replenish the fax machine with paper. Ordering Department Supplies: Each week or when needed, the Assistant must order department supplies. These supplies may include, but not limited office supplies and equipment supplies. Prior to turning in the supply request, it must be reviewed and approved by the Manager. Expense Tracking (Excludes Legal): Once an invoice is received, the Special Assets Assistant should review the invoice to ascertain what property it belongs to and the accuracy of the invoice. Once the assistant had a chance to review the invoice for any possible errors, it must be given to the Manager for review and approval. It is recommended that all invoices be compared to prior invoices to ascertain if there is a fluctuation in amount owed. Once reviewed and approved, the Assistant shall make a copy of it and forward the original to the accounts payable department with instruction to send a copy of the check to the Assistant. When the Assistant receives a copy, it should be attached to the invoice, entered into the tracking log, and then filed in the Loan or OREO file under “Expenses.” If the Manager has questions or believes the invoice an inaccurate, the Assistant will make contact to the vendor for a better explanation of the charge(s). Tracking Legal Expenses: In each computer loan or OREO Folder should be a document named “Legal Expense Tracking” when legal action is required. That document should have Legal Expense Tracking with the Loan or OREO Name under it. It also should have the attorney’s name, name of law firm, address, city, state, zip and phone number, scope of engagement, and the hour rate and/or fix fee arrangement. Under that information, should have columns as to the date of the invoice, amount of the invoice, and columns that break down legal costs and actual legal fee. Once the invoice is received, the Special Assets Manager must review the invoice line by line to make sure the charges are appropriate. There have been times where attorney firms have mistakenly entered the wrong file number and billed the bank for a matter not associated with the current invoiced case. Once the Special Assets Manager has reviewed and approved and/or made any corrections, the Special Assets Assistant shall enter the amounts in the appropriate columns, such as legal fees column and cost column. As note, fixed fee arrangement excludes hard costs paid for by attorney. Finally, the Special Assets Assistant will forward the invoice to the Accounts Payable Department for processing. Prior to the check being sent, the Special Assets Assistant must receive a copy of the check and attach it to the invoice. Both the invoice and check must be filed in the loan file under “Expenses”. Updating Reports General: When the Department receives updated information, such as, but not limited to, an update on the insurance expiration date, payment of property taxes, and/or updated UCC information, the Assistant must update any/all reports associated with that information prior to filing the document. OTHER DUTIES AS ASSIGNED Meetings: As the department activity increases and/or to have the Assistant get familiar with the Manager’s approach, the need to have regular meetings is essential. At times, there could be weekly meetings or bi-weekly meetings to discuss and review the status of the delinquent loans, accounts that are in foreclosure, accounts assigned to legal, OREO properties, monthly and quarterly reports status, and any other matters that the Manager needs to address. This is a perfect forum for the Assistant and Manager to have a one-on- one to address any issues, such as other departments, unresponsive attorneys, or other vendors. On-Going Monitoring: The Assistant must constantly monitor various expiration and follow up dates. These dates include, but not limited to, dates when items must be received by the bank (checks & payments, appraisals, invoices), when service is to be commenced (clean up, utilities, legal, repossession, foreclosure), If items have been paid and check cleared There may be many other duties the Assistant is asked to complete. The list below is just a few of them that may be required as part of the job function Scheduling: The Manager should provide the Assistant access to the outlook calendar. The Assistant may be required to schedule many appointments based on the availability of the Manager. This is where the communication between the Manager and Assistant to important. Restaurant Reservations: From time-to-time, the Assistant will be asked to make restaurant reservation so that the Manager will be able to meet with vendors and/or clients. The Manager will always inform the Assistant which restaurant and the number of people. Once the Assistant make such reservation, it should be e-mailed to the Manager of the confirmation and who the assistant spoke with at the restaurant. Travel Plans: At times, the Manager will be required to travel. The Assistant should be able to make all travel arrangement, Airlines, Rental Car, and Hotel. If required, dinner reservations. Expense Reimbursement Tracking: Managers are very busy and may need assistance in maintaining their expense reimbursement log. The Assistant should create a computer folder that should be name “Manager Expense Reimbursement Forms” Mileage: The Manager will provide the Assistant as to the location to any visits conducted, meetings, court appearances, or seminars attended. The Manager will inform the Assistant of the mileage. The Assistant will complete the line item on the mileage reimbursement form for the Manager. Receipts: The Manager, from time-to-time, either with a personal credit card or company credit card, make purchases for business related purposes. The Assistant will enter the transaction on the reimbursement form. At the end of each month or when instructed by the Manager, the Assistant will give the completed Expense Reimbursement Form to the Manager for his review and signature. Once the Manager signs the Form, the Assistant will make a copy of the form and all receipts. The original is sent to the appropriate department and the Assistant will create a hard folder for the copies. Special Events Distribution At times, there will be special events, such as birthdays & anniversaries. Cards are generally distributed. The Assistant should retain the distribution of the cards and personally hand them to the Manager and follow up with the execution of said distribution. Special Events: At times, there may be a bank functions that require the Assistant to assist in the organization with various other department. If requested, the Assistant should participate. Also, when there is a birthday or anniversary within the department, the Assistant may be asked to purchase a card and/or supplies, not at the expense of the Assistant, but the Manager. Follow ups: The Assistant must make sure a calendar is created for all follow ups. This includes, but not limited to updates from counsel, real estate brokers, borrowers, and other departments/centers. Also, the Assistant may have to make contact with, but not limited to, other departments, brokers, attorneys, courts, and property management companies. Court contact may be required to ascertain trial dates or status of trial date in the event the attorney is unresponsive and the Manager requires immediate information. Traveling Directions: There will be times when the Manager is pressed for time and will rely on the Assistant to provide travel directions to site visits. Also, there will be times when the Manager will be required to conduct multiple visit that may be out of the area. The Manager may reply on the Assistant to provide the most provide travel plans so that backtracking is avoided. Original Draft Created: 03/23/11 Originally Published: 03/23/11 Last Revised: N/A In closing, the Assistant must learn from the Manager. The Assistant shall not have a close mind to learning. A good Assistant should be able to master the responsibility in the shortest period of time, with an understanding that each day should be a learning experience and one day closer to achieving the professional development goals. On the other hand, just like the Manager, they can be replaced if the Assistant is not performing or the both Manager and Assistant do not connect. The Assistant should always remember, the Manager is the one in charge of the department and what the Manager says goes.