Director, Special Loans and Restructuring
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Posted on:
2 days 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 780000 customers 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$138 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
TheDirectorSpecial Loans and Restructuringis responsiblefordirect oversightofthe Commercialarrears anddefault managementprocess on assigned loanswith a focus on mitigating financial loss to the incumbent will leadandmentora team of professionals inmanaging and resolvingCommercial defaultsassigneddelinquenciescertain loans designated as problemloansenforcing the conditions of the mortgage contractimplementation and development of recovery strategies (including applicablecredit reviews/assessments)andsupportCommercial oncomplexbreaches/mattersas andmanagementincludescommercial product types and asset classesacrossCanadawhileadhering to the Companys established policies and Director will also be responsible for managing their own commercial default files and problem accounts.
Key responsibilities includeestablishing implementing and overseeing procedures to ensure thatdefault/credit risk is thoroughly assessed and within the Banks risk appetite. The Director will manage supervise and mentor the team to ensure individual/departmentalresponsibilities are being completed in accordance with Company policies procedures and will monitor theloansas assignedunder theWatchcallreportresolution ofdelinquencies/collectionmanage workflowand recommendand/or approve credit submissionsonfacilities according to assigned delegation ofauthority(as applicable).
Additional credit related and administrative duties are also required to support Senior Management. Theincumbentis responsible for communicating and co-operating with external contacts as well as internalcontacts/departments.
The core parts of your role would be to:
- The incumbentwilloverseeandmanage as assignedtheadministrationand/orexecution ofdelinquentandcertainproblemloanswhile minimizing lossesto the Bank. Includingsupporting the team innegotiatingacceptablearrangements/settlementsto resolve breachesand/orforbearancesagreementsto avoid enforcementwhilelimitingany risk to the Bank.
- Manage and/or administer complex delinquent and problem commercial mortgages and conduct full financial review prior to recommendations to Senior Management
- Assessand execute onoptimalworkoutstrategy with theteam whenprocessingloans for legal actionbased onmortgage enforcementremedies by law(includingnon-paymentnon-renewalstax arrears bankruptcies/liensothermaterialbreachesor adverse changesetc.)
- Provide support byliaisingwith mortgagors guarantors and subsequent encumbrances trustees in bankruptcy brokers lawyers and realtorstomake best efforts to cure defaulted loansornegotiatecreditenhancementsto allow extended repaymentterms while protecting lossesincludingrestructuring of covenants andearning feesor step-up interest when applicable.
- Ensurelegal remediesare presented toSenior Managementwithcomplete full reviewssubmittedprior to providing instructions to thesolicitorand pivotinglegalaction as requiredto maximize recovery.
- Lead and overseethe monthlydelinquentarrears process forCommercialensuringthecoordination ofcollection effortswith Commercial/Mortgage Servicesincluding appropriaterisk ratingchanges supported by the appliablecredit submissions classification of technical arrearsandreview/completion of reporting toFinancewithinstrict timelines.
- Coordinate andreviewmonthly and quarterly reporting for Risk Management Financeand Regulatory reporting
- Overseeprocess and procedure changes for the department
- Prepare materials and responses for internaland external audits and quality assurance reviews
- As may be required provide direct oversightonloan(s)held by the Bank for the purpose of managing operations while ensuring further losses to the Bank are not incurred when applicable.
- Ensure activemonitoring ofhigh risk andproblematicloans(undertheWatchcallreport)areproactively addressed andany increasedriskleading to potentialfuture default/enforcementis mitigated promptly.
- Reviewrecommend and/orapprove commercial credit facilities ratingdowngradesorupgrades accordance withdelegated authority limits.
- Ensuretimely preparationand submissionof arrears and default related reports required by Senior Management (monthly risk rating/arrears reports).
- Reviewing and determiningmonthly specific reservesand loan losses as applicable.
- Ensure the teamprovidesupdates andapplicablerestructuring strategies including go forward action plan(s) andresolutionattheWatchcallmeetings with Senior Managementfor assigned loans.
- Provide support guidance and ongoing training totheteam(manager and underwriter) identifying their specific needs and devising plans to ensure all staff are adequately trainedand motivated to execute on their roles.
- Develop and maintain strong workingrelationshipswithinthe Bankas well as our partners to provide optimal serviceand resolutionto our clientswhile mitigating losses.
- Provide support and guidance to theCommercial portfolioteams to support the Banks financial objectives.
- Buildindustryrelationships andmaintainrelevantknowledge to changes ininsolvencylegislationand/or other factorsaffecting the Banks ability to realize on their security.
- Liaise with CMCA team Portfolio Management Mortgage Services
- Review controls processes and procedures for risks gapspossible efficiencies
- Assist with department projects or company initiatives where needed.
Lets Talk About You!
- Have a minimum of10-15yearsmortgage experienceor related
- 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
- Demonstratestrongleadership skills
- Effective analytical andproblem-solvingskills
- Sound multi-tasking skills with strong attention to detail when handling multiple competing priorities under tight timelines
- Proven ability to thrive in a constantly changing environment and to perform well in a high intensity environment
- Established and meticulous time management and organizational skills
- Sound technical knowledge of secured lending and factors affecting the commercial mortgage market
- Developed andeffective negotiationandcommunication skills both oral and written
- Excellent presentation skills and abilitytoprofessionally communicatewith SeniorManagement andother stakeholders (both internal and external)
- Proficient inMS 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 todemonstrate the ability tomakesound decisions as efficiently as possible. The incumbent should be prepared to manage files of greater complexity at times. The incumbent is required to follow corporate policiesproceduresand regulatory requirementsand ensure recommendations or decisions arerationalized. The incumbent will also experience the common day to day challenges that come withdefault management.
- The position requires the incumbent to be a self-starter withthe ability to prioritize workflow and allocate resources incumbent shall possess strong cognitive skills and professional judgement to properly assess andmitigaterisk with a goal of providing innovative solutions to complex transactions. Theinsolvency andcommercial real estate lending industry is subject to the forces of various external factors. The incumbent should be able to understand these factors anticipate the impact to the business/industry and adjust therecovery and/orunderwriting approach accordingly. The individual should have the ability to coach/motivate employeesmanaging challenging portfoliosto consistently develop and achieve departmental targets.
- The incumbent will be working in a fast-paced environment where accuracy and speed of execution are criticalto mitigatinglosses andprovidingreasonable customerexperiencebased on the recovery scenario. Accordingly the incumbent will need to ensure that timelines are being adhered to while regularly reviewing theteams accounts as assignedto ensure that high priority deliverables are being addressed. The complex nature ofdefault and recoverytransactions combined with tight turnaround times often results in the need to make decisionsand negotiatepotential cure optionswith limited and/or incomplete information. The incumbent will be relied upon to coach the team in dealing with ambiguity and to leverage judgement and experience to arrive at reasonable supportable conclusions and recommendations.
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
Professional development and 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:
Director
Key Skills
- Dhcp
- Food Technology
- AIX
- Equity Research
- Audio Visual
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.
