Credit Union 1 · 1 day ago
Commercial Workout & Default Specialist
Lombard, IL
Full-time
Onsite
Entry, Mid Level
$30/hr - $38/hr
2+ years expCredit Union 1 is recognized as a top workplace and is seeking a Commercial Workout & Default Specialist. This role is responsible for managing distressed commercial loans, negotiating restructuring terms, and collaborating with stakeholders to mitigate risk and minimize loss.
FinanceBankingFinTechCreditFinancial Services
Responsibilities
Lead the resolution of troubled commercial loans through restructuring, forbearance, liquidation, or other workout strategies
Analyze borrower financial condition, collateral position, and repayment capacity to determine appropriate action plans
Coordinate with Loan Officers, Credit Analysts, Legal Counsel, and external advisors to develop and implement workout solutions
Monitor and manage loans in default or at risk of default, ensuring timely and accurate reporting
Prepare and present workout proposals and recommendations to senior management and credit committees
Maintain detailed documentation of all workout activities, borrower communications, and decision rationale
Adheres to Credit Union 1’s MBL policies and procedures; stays abreast of regulations that impact lending and credit granting
Participate in legal proceedings, including foreclosure, bankruptcy, and litigation support as needed
Support internal and external audits by providing documentation and explanations related to defaulted loans
Stay current on industry trends, regulatory changes, and best practices in commercial loan workouts
Promote CU1’s core values of Be Great, Be Engaged, Be Open, Be Nice
Perform other duties and assist other employees, as assigned
Qualification
Required
Bachelor's degree in Business Administration, Finance, Accounting, Economics or related field of study. Will accept any suitable combination of education, experience, and/or training
2–4 years of experience in commercial loan servicing, credit analysis, or workout/default management
Familiarity with commercial loan documentation, legal processes, and regulatory compliance
Requires strong organizational skills, professional appearance, and attitude
Ability to operate independently and use sound judgement
Benefits
Get paid for NOT working 14 holidays each year!
Paid Time Off (PTO) begins accruing day one of employment
Tuition reimbursement for approved courses (after 1 year)
Free Employee Assistance Program (EAP)
Livongo Diabetes Management Program
Excellent benefits packages including:
Medical PPO insurance
High Deductible Health Plan (HDHP) and Health Savings Account (HSA)
Dental & vision insurance
Life, AD&D, short and long-term disability insurance (100% company paid)
401(k) retirement and profit-sharing plan (must be 20 years old)
Free Teledoc 24/7 Physician Services
Pet Insurance
Paid Family Medical Leave (When FMLA Eligible)
Company
Credit Union 1
Credit Union 1 helps people with the services such as banking, savings, loans, financial support, and services.
201-500 employees
Funding
Current Stage
Growth StageTotal Funding
$20.5M2023-02-14Debt Financing· $20.5M
Leadership Team
Todd Gunderson
CEO/President
Recent News
The Philadelphia Inquirer
2025-12-24
The Philadelphia Inquirer
2025-12-22
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