Senior Loan Workout Manager, Loan Workout & Recovery, South Bend, IN

1st Source Corporation; South Bend (IN); On-site; USD 90,000 - 130,000; Full time

Job summary

1st Source Corporation is seeking a senior professional to lead the Loan Workout & Recovery department. You will manage complex problem loans, guide a team, and coordinate with legal, tax and regulators to maximize recoveries while controlling costs.

The role emphasizes sophisticated negotiations with borrowers and stakeholders, development of recovery plans, and reporting on portfolio performance to sustain credit quality.

Qualifications

• Eight (8) years of experience preferred or equivalent in a related field.
• Minimum of six (6) years loan workout experience in banking, real estate or other financial institution.
• Management and supervisory skills required.
• Experience overseeing auctions and the liquidation of collateral.
• Experience with bankruptcy, real estate, and state collection laws.
• Experience with foreclosures, managing and selling real estate.
• Working knowledge of banking regulations, credit approvals, loan documentation, collateral valuation, and banking policy.
• Strong analytical skills to assess financial conditions and identify viable restructuring solutions.
• Effective negotiation abilities are essential.
• Understands loan accounting systems.
• Self-starter, good organization.
• Ability to meet specific deadlines.
• Ability to handle multiple tasks in a fast-paced environment.
• Analytical and problem-solving skills with attention to detail.
• Strong written and verbal communication skills.

Responsibilities

• Lead and supervise loan workout specialists and guide less experienced staff.
• Collaborate with bank personnel to review and restructure credit and repayment terms.
• Develop and implement customized recovery plans, forbearance agreements, and loan restructurings for complex relationships.
• Engage with borrowers, guarantors and lenders to secure repayment and maximize recovery.
• Coordinate with tax, legal, audit, policy, and regulatory officials as needed.
• Monitor loan expenses and report performance metrics to identify risks.
• Develop strategies to reduce non-performing assets and maintain portfolio quality.
• Ensure compliance with applicable laws and internal policies.

Skills

Loan workout

Supervisory skills

Negotiation

Analytical skills

Communication

Time management

Attention to detail

Banking regulations

Education

Bachelor's Degree (Business)

Tools

Microsoft Word

Microsoft Excel

PowerPoint

Loan accounting systems

Job description

Job Category: Credit

Requisition Number: SENIO004430

• Posted : October 14, 2026
• Full-Time
• On-site

Locations

Showing 1 location

Description

POSITION SUMMARY

Responsible for managing the Loan Workout & Recovery department. This includes managing and restructuring large, complex and adversely-graded problem loans as well as assisting the Workout Team in managing all the loans and repossessed assets assigned to the Workout department. The primary focus is to minimize losses (charge-offs) for the Bank while keeping expenses well managed. Entails a focus on delinquency, NPA’s and Special Attention loans to support the Banks’ goals and targets for strong credit metrics.

ESSENTIAL REQUIREMENTS

• Manages and provides guidance to less experienced loan workout specialists.
• Collaborates with various Bank personnel to review and restructure credit and repayment terms.
• Engages with loan workout officers, lending officers, credit personnel and borrowers to develop and implement customized recovery plans, forbearance agreements, and loan restructurings for complex financial relationships including enhancing collateral security as protection against potential charge offs and offer guidance and support for loans in default.
• Leads high-stakes negotiations with borrowers, guarantors, private equity sponsors, and other lender groups to secure repayment.
• Responsible for successfully collaborating with borrowers and internal stakeholders to reach favorable outcomes that protect the bank’s interests.
• Coordinates with tax, legal, audit, credit/loan policy, and regulatory officials as needed and works to maximize recovery of nonperforming and charged-off loans. Controls, monitors and recovers loan expenses.
• Responsible for development and implementation of strategies to reduce non-performing assets and maintain portfolio quality.
• Regular reporting and analysis of loan performance metrics to identify trends and proactively address emerging risks within the portfolio.
• Responsible for the supervision of assigned staff and exercises the usual authority of a manager concerning staffing, performance appraisals, promotions, salary recommendations, and terminations.
• Regular and predictable attendance is an essential requirement of the position.
• Responsible for the completion of all compliance training related to the position.
• Must understand all applicable laws and regulations that apply to the position and comply with the requirements.

NON-ESSENTIAL FUNCTIONS

Performs all other duties as assigned.

EXPERIENCE/SKILLS

• Eight (8) years of experience preferred or equivalent experience in a related field preferred.
• Minimum of six (6) years loan workout experience in banking, real estate or other financial institution required.
• Management and supervisory skills required.
• Experience overseeing auctions and the liquidation of collateral.
• Experience with bankruptcy, real estate, and state collection laws.
• Experience with foreclosures, managing and selling real estate.
• Working knowledge of banking regulations, credit approvals, loan documentation, collateral valuation, and banking policy.
• Strong analytical skills to assess financial conditions and identify viable restructuring solutions.
• Effective negotiation abilities are essential.
• Understands loan accounting systems.
• Computer user proficiency with Microsoft Office (Word, Excel, Power Point).
• Self-starter, good organization.
• Ability to meet specific deadlines.
• Ability to handle multiple tasks in a fast-paced environment.
• Analytical and problem-solving skills with attention to detail.
• Strong written and verbal communication skills.

EDUCATION

Bachelor’s Degree preferred; concentration in business preferred.

TRAVEL REQUIREMENTS

Ability to travel to all locations as well as ability to travel overnight, as needed for meetings, projects, seminars, etc.

PHYSICAL DEMANDS

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.Reasonable accommodations may be made to enable individuals to perform the essential functions.

While performing the duties of this job, the employee is required to sit, stand and walk; use hands and fingers to operate keyboard and other office equipment; reach with hands and arms; and talk or hear. The employee is occasionally required to stoop or kneel. The employee may occasionally lift and/or move up to 10 pounds.

EQUIPMENT

MS Office PC, fax, phone and standard office equipment.

EQUAL OPPORTUNITY EMPLOYER/PROTECTED VETERANS/INDIVIDUALS WITH DISABILITIES

This employer is required to notify all applicants of their rights pursuant to federal employment laws.For further information, please review the Know Your Rights notice from the Department of Labor.