In a bank or credit union, a special assets manager serves as a loan recovery officer within a workout group or special assets division. This manager can individually manage, or oversee a group of managers with specialties in one or various types of commercial structures such as corporations, partnerships, and limited liability corporations. Other management specialties include real estate assets, mineral assets, etc.
A loan workout officer or special assets manager monitors the loan parameters and works to ensure that the bank is fully repaid. If it appears that repayment will not happen and foreclosure is imminent, the officer manages the processes of foreclosure, remarketing, sale of the loan at auction, etc.