Default Specialist
Default Specialist
Posted on :
26-07-2025
Employer Active
1 Vacancy
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Job Description
Join a Challenger
Being a traditional bank just isnt our thing so we challenge ourselves to get creative in providing innovative banking solutions for Canadians.
How do we get there With a talented team of inquisitive and agile challengers that break through the status quo. So if youre passionate about redefining the future of bankingwhile having funthis could be your next big opportunity.
Our company continues to grow and today we serve more than 670000 people acrossCanadathrough Equitable BankCanadasChallenger Bank and have been around for more than 50 years. Equitable Banks wholly-owned subsidiary Concentra Bank supports credit unions acrossCanadathat serve more than six million members. Together we have over$125 billionin combined assets under management and administration with a clear mandate to drive change in Canadian banking to enrich peoples customers have named our EQ Bank digital platform () one of the top banks in Canada on the Forbes Worlds Best Banks list since 2021.
The successful candidate will be responsible for enforcing the conditions of the mortgage contract on residential and commercial loans in default while adhering to policies and procedures of the Mortgage Services department.
50% Arrears/ Legal Action Process
- Proactively managing portfolio of residential and commercial delinquent loans in default for breach of mortgage or loan conditions which may include non-payment tax arrears past matured loans property standards insurance cancellations and any other breach of mortgage that may be identified.; Send appropriate notification regarding returned payments and/or arrears to borrowers; Closely monitor entire portfolio obtain information as required from third parties to determine appropriate arrangements (i.e. Condo Corps Insurance adjusters etc.) while ensuring Equitable 1st Priority is maintained and risks are mitigated. Identify loans requiring further financial assistance.
- Obtain and conduct full review of financial documents and make recommendations for workout while ensuring Bank interest and priority is secured; Closely monitor accounts with active workouts to mitigate losses within guidelines and seek approval from management and/or the insurer where necessary.
- Conduct reviews of portfolios including analysis of valuation of the property review site inspection report borrower creditworthiness lease review building condition environmental assessment; instruct property managers to conduct occupancy check on properties as deemed necessary; where best efforts are unsuccessful take appropriate legal action in timely manner to enforce on the mortgage contract and mitigate losses.
- Analyze and report regularly on defaulted loans along with recommended solutions to management.
- Liaise with mortgagors guarantors and subsequent encumbrances trustees in bankruptcy brokers lawyers and real estate agents; make best efforts to cure defaulted loans; Collaborate with attorneys receivers and internal management to recommend repayment terms.
30% Reporting and Time Management
- Manage portfolio assignments in a timely manner as per the deadlines provided by management and imposed by provisional legislation.
- Ensure all correspondence is responded to and documented within the established timelines.
- Perform other duties as assigned.
- Prepare critical reports as required.
20% Administration
- Manage collection activity on all accounts upon commencement of legal action until the mortgage is either up to date orpaid out.
- Ensure all files are kept current and active with respect to property insurance condo fees utilities property taxes and any other property management fees.
- Ensurepayments and payouts are processed in a timely manner.
- Ensure all statements are accurately completed up to date payout notice of sale and demand.
Lets Talk About You !
- Diploma required in a related discipline.
- 3-5 years experience in mortgage default (not including entry level) (Experience in workouts considered an asset).
- Comprehensive knowledge of mortgage enforcement and foreclosure remedies.
- Strong analytical problem-solving and negotiation skills.
- High degree of accuracy and strong attention to detail.
- Ability to handle tight deadlines.
- Strong organizational skills and the ability to prioritize tasks.
- Effective communication skills.
- Have intermediate to advanced skills using Microsoft applications including Office Excel and SharePoint.
- Working knowledge is required.
What we offer For full-time permanent roles
Competitive discretionary bonus
Market leading RRSP match program
Medical dental vision life and disability benefits
Employee Share Purchase Plan
Maternity/Parental top-up while you care for your little one
Generous vacation policy and personal days
Virtual events to connect with your fellow colleagues
Annual professional development allowance and a comprehensive Career Development program
A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyones diverse experiences and tandem with that commitment we support and encourage our staff to grow not just in their career path but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We cant wait to get to know you!
Required Experience:
Unclear Seniority
Employment Type
Full Time
Key Skills
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