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					                                        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:


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.

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.


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


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

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

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


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.


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

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.


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

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.

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 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

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
Expense Tracking
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.


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.


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)

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.


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.


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

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.


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.


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.

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

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

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.


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.


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

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

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


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

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


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

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
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

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.