Commercial Workout & Default Specialist

CREDIT UNION 1•Lombard, IL

12d•$31 - $39•Onsite

About The Position

The Commercial Workout & Default Specialist is responsible for managing distressed commercial loans and coordinating workout strategies to mitigate risk and minimize loss. This role involves evaluating borrower financials, negotiating restructuring terms, and collaborating with internal and external stakeholders to resolve default situations effectively and in alignment with regulatory and policy requirements.

Requirements

Bachelor’s degree in Business Administration, Finance, Accounting, Economics or related field of study. Will accept any suitable combination of education, experience, and/or training.
2–4 years of experience in commercial loan servicing, credit analysis, or workout/default management.
Familiarity with commercial loan documentation, legal processes, and regulatory compliance.
Requires strong organizational skills, professional appearance, and attitude.
Ability to operate independently and use sound judgement.

Responsibilities

Lead the resolution of troubled commercial loans through restructuring, forbearance, liquidation, or other workout strategies.
Analyze borrower financial condition, collateral position, and repayment capacity to determine appropriate action plans.
Coordinate with Loan Officers, Credit Analysts, Legal Counsel, and external advisors to develop and implement workout solutions.
Monitor and manage loans in default or at risk of default, ensuring timely and accurate reporting.
Prepare and present workout proposals and recommendations to senior management and credit committees.
Maintain detailed documentation of all workout activities, borrower communications, and decision rationale.
Adheres to Credit Union 1’s MBL policies and procedures; stays abreast of regulations that impact lending and credit granting.
Participate in legal proceedings, including foreclosure, bankruptcy, and litigation support as needed.
Support internal and external audits by providing documentation and explanations related to defaulted loans.
Stay current on industry trends, regulatory changes, and best practices in commercial loan workouts.
Promote CU1’s core values of Be Great, Be Engaged, Be Open, Be Nice.
Perform other duties and assist other employees, as assigned.

Benefits

Get paid for NOT working 14 holidays each year!
Paid Time Off (PTO) begins accruing day one of employment
Tuition reimbursement for approved courses (after 1 year)
Free Employee Assistance Program (EAP)
Livongo Diabetes Management Program
Career growth opportunities it's our philosophy to promote from within whenever possible.
Credit Union 1 is committed to your success and professional development.
Medical PPO insurance
High Deductible Health Plan (HDHP) and Health Savings Account (HSA)
Dental & vision insurance
Life, AD&D, short and long-term disability insurance (100% company paid)
401(k) retirement and profit-sharing plan (must be 20 years old)
Free Teledoc 24/7 Physician Services
Pet Insurance
Paid Family Medical Leave (When FMLA Eligible)
Being part of a team providing services with the goal of improving the ongoing economic well-being of our members.
Exclusive interest rate reduction for qualifying loan products.