Default Loan Servicing Specialist

Wintrust•Rosemont, IL

22h•Hybrid

About The Position

Wintrust Mortgage is hiring a Default Loan Servicing Specialist to manage residential loans in bankruptcy and foreclosure from referral through discharge, dismissal, or sale. The role ensures compliance with applicable state and federal laws and investor, insurer, agency, and company guidelines, while also overseeing a third-party subservicer. The specialist monitors timelines and regulatory changes, prepares financial figures and management reporting, reviews audits, and develops responses or remediation plans for exceptions. The position also supports litigation and collateral management during foreclosure and bankruptcy, including preserving properties, coordinating appraisals and repairs, and transferring collateral to the bank’s other real estate owned department when foreclosure concludes. The specialist coordinates with attorneys, collectors, loss mitigation, and construction-to-permanent loan teams; communicates with borrowers about account status; reviews invoices; and helps evaluate restructuring options for past-due loans. Wintrust describes its culture as entrepreneurial, inclusive, and supportive of career development and upward mobility. The position is eligible for an annual bonus. The estimated hourly salary range is $24.04–$33.65, with actual pay dependent on qualifications, skills, and experience.

Requirements

At least 7 years of experience and 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 knowledge of Excel.

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 from referral through dismissal, discharge, or sale.
Ensure loans are processed in compliance with state and federal laws and investor, insurer, agency, and company guidelines.
Oversee a third-party subservicer and conduct monthly oversight reviews of subserviced loans.
Monitor foreclosure and bankruptcy timelines and exceptions, ensuring they are addressed within applicable service-level agreements and guidelines.
Review changes to laws and policies to ensure new regulations are captured.
Prepare financial figures for counsel and follow department checklists throughout foreclosure and bankruptcy processes.
Monitor litigation involving mechanic liens and building code violations.
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.
Prepare memos for potential charge-offs and risk-rating changes, and process required approvals.
Review audits, compile internal and external audit responses, and develop remediation plans as needed.
Preserve and maintain collateral during foreclosure and bankruptcy, including conducting site visits, ordering appraisals, and coordinating maintenance and repairs.
Coordinate transfer of collateral to the bank’s other real estate owned department after foreclosure.
Supervise approved attorneys and ensure timely, accurate progress through the court process.
Review invoices and prepare them for payment.
Coordinate with collectors and loss mitigation specialists to evaluate restructuring options for past-due loans.
Discuss account status with borrowers.
Monitor the foreclosure inbox and image documents related to defaulted loans.
Identify opportunities to improve oversight processes.