Mortgage Default Officer
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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 800000 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$142 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
TheMortgage Default Officer isresponsibleforenforcingthe conditions of the mortgage contract on residential and commercial loans in defaultwhileadhering tocorporateanddepartmentalpoliciesas well asprovincialand federalregulations. The Officer mustdiligently manage their assigned portfolioto minimizerisklossand costs to the Bank.
The Core Responsibilities!
- Manageloansfor bothcommercialand residentialportfoliosinenforcementactionfrom the initiation of legal action throughlitigationsale liquidation mortgage insurance transfer andtheclaim processas required.
- Actively manageassignedaccounts upon commencement of mortgage enforcement (Power of Sale and Foreclosure) until the mortgage is either up to date paid outsoldor transferred tothemortgageinsurer and where applicable the claim is paid by the insurer.
- Liaise with internal and external parties such as lawyers real estate agents property managers and mortgage insurerstoobtainbestresult for the Bank.
- Ensure all accounts and required activity are completed and documented within the established timelines.
- Analyzeandrecommend resolution strategies. This includesbut not limited to recommendations for provisions financial loss calculation/reconciliation and sales approachto maximize recovery and mitigate losses.
- Conductextensivecollateral reviews for portfolios including analysis of valuation of theproperty siteinspectionreports borrower creditworthinessleases building condition environmental assessmenttitleprioritiesor issues tax positionand construction liens.
- Negotiate the agreement of purchase and sale.
- Work with the property manager to analyze and prepare relevant documentationincludingforecasting and budgeting on delinquent properties.
- Prepare and submit proofsof claim for bankruptcyfor defaulted loansandwork with trustees where applicable.
- Ensureallaccounts under mortgageenforcementarekept current and active where applicablewith respect to property insurance condo feesutilities propertytaxes and anyfees and costs
- Prepare review and approvemortgage statements includingup-to-datepayoutsnotice of sale demandetc.
- Review mortgageclosing documents anddischarge documentsprior to execution.
- Perform any other duties as required from time to timeto supportmanagement reportingor other business units as it relates to mortgage enforcement accounts.
Lets Talk About You!
- Post-secondary education or equivalent experience financial service industry
- 5-7 years experience in mortgage default in a financial institution.
- Comprehensive knowledge of mortgage enforcement remedies.
- Strong analyticalproblemsolvingand negotiationskills.
- High degree of accuracy andstrongattention to detail.
- Ability tomanagehigh-pressure situations with tightdeadlines.
- Strong organization skillsand abilitytobalance multiple priorities.
- Superior interpersonal andeffectivecommunication skills.
- Provide superior customer serviceto internal and external partners.
- Team oriented and collaborative.
- Have intermediate to advanced skillsusing Microsoft applications including Office Excel and SharePoint.
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:
Unclear Seniority
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.
