Senior Manager, Special Accounts Management Unit
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Job Location:
Monthly Salary:
Posted on:
6 hours ago
Vacancies:
1 Vacancy
Job Summary
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 Work
The Senior Manager Special Accounts Management Unit is responsible for managing commercial default files certain commercial loans designated as problem accounts which include but are not limited to conventional insured and construction facilities while adhering to underwriting standards and the Companys policies and procedures (including AML requirements as applicable). The incumbent is responsible for enforcing the conditions of the mortgage contract on facilities in default as directed by Management while providing proactive and efficient resolutions/work out strategies to avoid legal action when feasible while minimizing losses to the Bank. The incumbent will act as the key primary contact for communicating and co-operating with both internal and external stakeholders (such as legal counsel real estate agents brokers partners and other internal departments within the Bank) and representing the Bank in the professional community to ensure transactions are processed in a timely and efficient manner.
The Senior Manager Special Accounts Management Unit will support the Director Special Loans and Restructuring and/or AVP Special Loans and Restructuring by performing a variety of functions associated with default management including underwriting/credit analysis portfolio management/monitoring reporting projects and initiatives and other administrative duties which may include ad hoc requests by Senior Management. As well as providing training guidance and support to other members of the team.
In addition the incumbent will assist with completing site inspections as required for portfolio management purposes and/or default loans.
The core parts of your role would be to:
- The incumbent will manage and/or administer complex delinquent and problem commercial mortgages (generally loans exceeding $10MM) while minimizing losses to the Bank process loans for legal action for non-payment (including past maturities tax arrears insurance cancellations bankruptcies/liens etc.) and conduct full financial review prior to recommending appropriate legal remedies to Senior Management manage legal action loans and enforce on remedies/conditions as warranted while ensuring compliance with established default/workout strategies are implemented in a timely and efficient manner. Liaising with key stakeholders both internal and external will be a key responsibility and forms part of determining and negotiating successful workout strategies.
- The incumbent is responsible for performing reviewing and correlating all aspects of underwriting (including collateral analysis and valuation) for defaulted loans and problem accounts while ensuring that each submission addresses heightened risk elements as identified including monitoring and ensuring risk ratings on default loans are updated timely and reported to the appropriate internal stakeholders.
- The incumbent will work closely with the Mortgage Services team and provide assistance to manage monitor and/or resolve commercial delinquencies and certain default loans deemed to be non-performing while providing timely updates to Senior Management as warranted.
- There may be circumstances where the incumbent will assist in providing direct oversight on properties that are held by the Bank for recovery purposes.
- The incumbent will also be responsible to ensure timely preparation of various reports and reviews required by Senior Management the Board of Directors and external regulators (such as quarterly reviews bi-monthly problem loan watchlist reports monthly arrears monitoring reports provisioning reports loan monitoring reporting etc.) including ad hoc reporting or analysis as required by Management.
- On a daily basis the incumbent must lead their team by providing support guidance and mentoring. The incumbent will be the first point of contact for Senior Management and will be responsible for ensuring that their team adheres to company policy and guidelines as well as regulatory requirements. The incumbent will also be the person responsible for resolving day to day department challenges assess individual staff member training needs and ensure that they are met so that the individual is able to perform his/her job effectively
- The incumbent will actively work with Senior Management to continuously strive for operational efficiency and implement improvement measures to ensure departmental requirements are met on a timely and effective manner. This may include participating and/or launching ad hoc projects establishing new polices and procedures and/or other related initiatives to deliver superior service to all stakeholders.
Lets Talk About You!
- Have a minimum of 5-10 years of commercial mortgage experience or related
- Minimum 2-5 years defaults experience
- Business degree or a related discipline and/or a CPA or similar professional designation or equivalent work experience
- Understanding of mortgage enforcement remedies and foreclosures across Canada
- Effective analytical and problem solving skills
- Sound technical knowledge of secured lending and factors affecting the commercial mortgage market with strong understanding of end to end processes
- Established and meticulous time management and organizational skills
- Sound multi-tasking skills with strong attention to detail when handling multiple competing priorities under tight timelines
- Proven ability to thrive in a constant changing environment and ability to perform under a high intensity environment
- Self starter with the ability to work independently
- Developed and effective negotiation and communication skills both oral and written
- Excellent presentation skills and ability to professionally communicate with Senior Management and other stakeholders (both internal and external)
- Experience and ability to lead a team to execute on deliverables and provide training/guidance as needed
- Proficient in MS Office
- Possess a valid drivers license. Ability to travel within the provinces with some overnight travel required from time to time.
Job Complexities/Thinking Challenges
- The position requires the incumbent to demonstrate the ability to make sound decisions and recommendations accurately and efficiently with often limited information available in a timely manner. The incumbent shall possess strong cognitive and professional judgement upon which they can rely in the ongoing management of their portfolio and any direct reports. The incumbent is required to follow corporate policies procedures and regulatory requirements in order to work through files and rationalize the recommendations or decisions made. The incumbent will also experience the common day to day challenges that come with default management and will be required to be a quick learner and strategic thinker to ensure timely resolution on problem loans while managing multiple defaults many of which are time sensitive and unique in nature. The incumbent will need to draw on market knowledge to assess suitable solutions.
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
The incumbent will be working hybrid and in office time will be spent working from Equitable Banks additional office space located at 2200-25 Ontario Street Toronto ON.
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:
Senior Manager
Key Skills
- Finance Control
- Account Management
- Conveyancing Paralegal
- Drafting
- BIM
- Air Compressors
About Company
At Equitable Bank, we specialize in providing branchless financial services that meet the unique needs of all Canadians. Our range of mortgages, savings accounts and investment options are designed to offer the right solutions to match any unique circumstance.
