Delinquency Recovery & Loss Mitigation 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

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.