Default Loan Servicing Specialist

Wintrust Financial Corporation•Rosemont, IL

2d•$24 - $34•Hybrid

About The Position

Wintrust Mortgage, part of Wintrust Financial Corporation, is hiring a Default Loan Servicing Specialist to manage a portfolio of delinquent residential loans in foreclosure and bankruptcy. The specialist ensures that cases are processed in compliance with state and federal laws and investor, insurer, agency, and company guidelines. The role also conducts oversight of a third-party subservicer’s bankruptcy and foreclosure work. The position monitors case timelines and regulatory changes; prepares financial figures, reports, memos, audit responses, and remediation plans; and supports appropriate risk ratings and charge-offs. It also helps preserve collateral during foreclosure and bankruptcy, coordinates the transfer of foreclosed collateral to the bank’s other real estate owned department, supervises approved attorneys’ work through the court process, reviews invoices, and collaborates with collectors and loss mitigation specialists on restructuring options. The role may involve site visits, appraisals, and coordination of property maintenance and repairs. Wintrust describes its culture as entrepreneurial, inclusive, and supportive of career development and internal advancement. The role is eligible for an annual bonus. The estimated hourly salary range is $24.04–$33.65; actual pay may vary based on qualifications, skills, and experience.

Requirements

At least 7 years of extensive knowledge of residential bankruptcy law, including all chapters, and the foreclosure process.
Excellent verbal and written communication skills.
Strong analytical and customer service skills.
Bachelor’s degree or equivalent.
Proficiency with Microsoft Office products, including advanced Excel knowledge.

Nice To Haves

Prior work experience in collections, loss mitigation, a workout group, or a law firm.

Responsibilities

Manage a portfolio of delinquent residential loans in foreclosure and bankruptcy, following regulatory and company guidelines.
Monitor case timelines to ensure compliance with state and investor requirements, and review changes to laws and policies for new regulatory requirements.
Prepare financial figures for counsel and follow department checklists throughout the foreclosure and bankruptcy process.
Discuss account status with borrowers.
Prepare memos and obtain approvals for risk-rating changes and charge-offs as appropriate.
Monitor litigation involving mechanic liens and building code violations, and collaborate with the construction-to-permanent loan team to resolve litigation issues and finalize draws.
Prepare monthly and quarterly problem-loan reports and management updates on defaulted populations.
Conduct monthly oversight reviews of third-party subserviced loans, monitor exceptions and audit responses within applicable service-level agreements, and identify process improvements.
Preserve and maintain collateral during foreclosure and bankruptcy, including conducting routine site visits, ordering appraisals, and coordinating maintenance and repairs as needed.
Coordinate transfer of collateral to the bank’s other real estate owned department after foreclosure.
Review and compile responses to internal and external audits, and work with management on remediation plans as needed.
Supervise approved attorneys and ensure timely, accurate movement of cases through the court process.
Review invoices and prepare them for payment.
Coordinate with department collectors and loss mitigation specialists to evaluate restructuring options for past-due loans.
Monitor the foreclosure inbox and image necessary documents related to defaulted loans.