Default Loan Specialist

Wintrust Financial Corporation•Rosemont, IL

8d•$42,000 - $55,000•Hybrid

About The Position

The Default Loan Specialist is primarily responsible for managing and collecting on past due Community Banking Commercial Loans (CBCL) within the Managed Assets Division. This role plays a critical part in mitigating risk and reducing losses for the bank by implementing effective loss mitigation strategies, maintaining detailed records, and ensuring compliance with regulatory standards. This position involves regular communication with delinquent borrowers, negotiation of repayment plans, and coordination with internal stakeholders and external counsel.

Requirements

High school diploma or GED
Minimum 3 years’ collections and /or loss mitigation experience
Comprehensive understanding of collections, loss mitigation, and bankruptcy laws
Excellent verbal and written communication skills
Strong judgment, problem-solving capabilities, and customer service skills, with the ability to handle complex, non-routine financial matters
Proficient in Microsoft Office applications (specifically Excel)

Responsibilities

Make daily collection calls on delinquent small business loans
Maintain records of contacts and attempted contacts, as well as recording of any payment arrangements
Resolve any borrower concerns or issues and work to resolve the delinquency with the borrower
Meet (virtual or in-person) with borrowers to formulate loss mitigation plans and perform site visits to inspect collateral as needed
Enforce bank’s legal rights and remedies, working directly with outside counsel and third-party professionals as necessary in litigation
Coordinate with Team Lead/Loan Officers on potential account concerns/issues
Some travel and site visits may be required