Default Loan Specialist

Wintrust Financial Corporation; Illinois; On-site; USD 42,000 - 55,000; Full time

Benefits offered by this job

Medical Insurance

Dental

Vision

Life insurance

401(k) with company match

Parental Leave

FSA

Employee Stock Purchase Plan

Job summary

Wintrust Financial Corporation in Rosemont, IL seeks a Default Loan Specialist to manage and collect on past-due Community Banking Commercial Loans within the Managed Assets Division. The role emphasizes loss mitigation and regulatory compliance, with strong coordination across internal teams and outside counsel.

You will perform daily collection calls, document contacts and payment arrangements, meet with borrowers, inspect collateral as needed, and support enforcing the bank’s rights.

Qualifications

• 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.
• Proficient in Microsoft Office applications (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

Skills

Collections experience

Loss mitigation experience

Communication skills

Education

High school diploma or GED

Tools

Microsoft Excel

Job description

## Default Loan SpecialistApplylocations: Rosemont, ILtime type: Full timeposted on: Posted Todayjob requisition id: 261495Wintrust provides community and commercial banking, specialty finance and wealth management services through its 16 bank charters and nine non-bank businesses. Wintrust delivers the sophisticated solutions of a large bank while staying true to the relationship-focused, personalized service of our community banking roots. We serve clients in all 50 states with more than 200 branch banking locations in Illinois, southwestern Florida, northwestern Indiana, west Michigan and southern Wisconsin and commercial banking offices in Chicago, Denver, Milwaukee, Grand Rapids, Mich., and in key branch banking locations throughout Illinois. Our people are the heart of our business and we are proud to rank consistently as a top place to work. Wintrust is a $66 billion financial institution based in Rosemont, Illinois, and listed on the NASDAQ Global Select Market under the symbol “WTFC.”**Why join us?*** An award-winning culture! We are rated a Top Workplace by the Chicago Tribune (past 12 years) and Employee Recommended award by the Globe & Mail (past 6 years)* Competitive pay and annual discretionary bonus eligible* Comprehensive benefit package including medical, dental, vision, life, a 401k plan with a generous company match and tuition reimbursement to name a few* Family-friendly work hours* Promote from within cultureThe **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.**What You’ll Do*** 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**Qualifications*** 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)**Benefits**Medical Insurance • Dental • Vision • Life insurance • Accidental death and dismemberment • Short-term and long-term Disability Insurance • Parental Leave • Employee Assistance Program (EAP) • Traditional and Roth 401(k) with company match • Flexible Spending Account (FSA) • Employee Stock Purchase Plan at 5% discount • Critical Illness Insurance • Accident Insurance • Transportation and Commuting Benefits • Banking Benefits • Pet Insurance**Compensation**The estimated salary range for this role is $42,000 to $55,000 annually, along with eligibility to earn an annual bonus. Actual salaries may vary based on several factors, such as a candidate’s qualifications, skills, and experience. #LI-AC1