Default Loan Servicing Specialist

About the role

Wintrust Mortgage was founded in 1981 to help customers achieve the American dream of homeownership and has since successfully navigated the ever-changing real estate market. As a full-service, federally chartered lender with offices located across the country, we're dedicated to providing customers with a wide range of mortgage products and have the capability to lend in all 50 states.

To complement the basic conventional, FHA, and VA loan programs, we are uniquely positioned to meet the needs of the continually evolving market. Wintrust Mortgage is part of Wintrust, a financial services company with more than $66 billion in assets.

What You'll Do

The Default Loan Servicing Specialist will manage the bankruptcy & foreclosure portfolio from referrals through dismal/discharge or sale to ensure that the population is processed in compliance with all state and federal laws while maintaining compliance with investor, insurer, agency, and company guidelines. In addition, the loan servicing specialist will conduct oversight for our third party subservicer, to ensure compliance within bankruptcy and foreclosure guidelines.

• Continued monitoring to ensure that all timelines are met within, State and Investor guidelines.
• Review new additions to any change of law policies to ensure capture of new regulations.
• Prepare financial figures as needed by counsel.
• Follow department checklist throughout the foreclosure & bankruptcy process.
• Monitor litigation for Mechanic Liens & Building Code Violations.
• Collaborate with construction to permanent (CtoP) loan team to resolve litigation issues and finalize draws.
• Deliver monthly & quarterly problem loan reports for senior management.
• Prepare memos for potential charge and/or risk rating changes per financial requirements.
• Conduct Oversight reviews for subserviced loans from our 3rd party vendor.
• Review audits with department AVP & generate responses or remediation plans as needed

Manage a portfolio of delinquent residential loans in foreclosure & bankruptcy.

• Follow regulatory and company guidelines on the management of the portfolio of delinquent loans in bankruptcy or foreclosure.
• Discuss account status with borrowers.
• Process memos and approvals needed to appropriately risk rate and charge-off loans as needed.
• Complete monthly & quarterly problem loan reports for senior management.

Conduct monthly Oversight reviews for subserviced loans from our 3rd party vendor.

• Monitor exceptions and audit responses within applicable SLA's.
• Prepare updates for management as required on defaulted populations.
• Look for ways to enhance processes throughout oversight.

Ensure collateral is preserved and maintained during the foreclosure/bankruptcy process.

• This may include routine site visits, ordering appraisals and coordinating maintenance and repair work.
• Coordinate the transfer of collateral into the bank's other real estate owned department (OREO) at the conclusion of the foreclosure process.

Review and compile responses for internal & external audits.

• Monitor exceptions and work with management to provide remediation plans as needed.

Supervise approved attorneys and ensure timely and accurate movement through the court process.

• Review invoices and prepare for payment.

Additional information

Coordinate with the department collector and loss mitigation specialist to evaluate restructuring options for past due loans.

• Monitor Foreclosure inbox & image necessary documents related to defaulted loans.

Qualifications

• 7 plus years of extensive knowledge of residential bankruptcy law, all chapters and the foreclosure process are required.
• Excellent verbal and written communication skills.
• Strong analytic and customer service skills.
• Prior work experience in collections, loss mitigation, workout group or law firm preferred.
• Bachelor's degree or equivalent
• Proficient in Microsoft Office family of products, with advanced knowledge of 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 hourly salary range for this role is $24.04-$33.65, 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-Hybrid