Mortgage Defaults Officer
Canada's Challenger Bank™
Title: Default Officer
Department: Mortgage Services
Reports To: Sr. Manager, Mortgage Services
Purpose of the Job
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:
- Manage delinquent loans for both commercial and residential portfolios in default stage, take appropriate legal action, including negotiating the sale of property.
- Access and update information on internal systems for loans that are in default or under watchlist.
- Analyze and report regularly on defaulted loans along with recommended resolution strategies to Senior Manager, Vice President, internal and external auditors for loans in default to maximize recovery and mitigate losses.
- Conduct extensive collateral reviews for portfolios, including analysis of valuation of the property, review site inspection report, borrower creditworthiness, lease review, building condition, environmental assessment, and construction liens.
- 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 review/restructure credit and/or repayment terms. The goal is to improve the security or collateral, to attain an equity position, and resolve the default appropriately.
- Conduct workouts with borrowers on all high-risk loans across provinces to mitigate losses within insurer guidelines, and seek approval from management and/or the insurer outside of the guidelines.
- Negotiate the agreement of purchases and sales.
- Work with the property manager to analyze and prepare relevant documentation, including forecasting and budgeting on delinquent properties.
- Prepare and submit proof of claims for bankruptcy, work with trustees where applicable.
- Send appropriate notification regarding returned payments and/or arrears to borrowers.
15% Time Management:
- Actively manage personal portfolio assignments in a timely manner, as per the deadlines provided by management and imposed by provisional legislation.
- Manage the default portfolio to ensure that the portfolio is maintained, and that collections and legal processes are completed in a timely and efficient manner.
- Ensure emails, faxes and voice messages are actioned and documented within the established timelines.
- Perform other duties as assigned by the Senior Manager.
- Prepare critical reports in a timely and accurate manner for Senior Management, including:
- Cost benefit analysis
- Problem loan report
- Quarterly Board level reports as per the criteria set by the Senior Management
- Monthly provision reports for loans in legal action
- Monthly reporting to mortgage insurer regarding delinquencies
- Preparing and Analysis Reconciliation sheet for losses and Foreclosures for Financial reporting purposes.
- Manage collection activity on all accounts upon commencement of legal action until the mortgage is either up to date, is paid out or in possession.
- Ensure all legal files are kept current and active with respect to property insurance, condo fees, utilities, property taxes, and any other property management fees.
- Adhere to department filing policy.
- Process payments to keep loans up to date and process payouts as required.
- Prepare mortgage statements including up-to-date, payouts, notice of sale, demand and discharge statements.
- Diploma preferred in a related discipline.
- 5-7 years’ experience in mortgage default in a financial institution.
- Detailed understanding of commercial and residential power of sale and foreclosure proceedings for all provinces.
- Comprehensive knowledge of mortgage enforcement remedies and foreclosure terminology.
- Strong analytical, troubleshooting, problem solving and negotiation skills.
- High degree of accuracy and strong attention to detail.
- Ability to handle high-pressure situations with tight deadlines.
- Strong organization skills and ability balance multiple priorities simultaneously.
- Superior interpersonal and effective communication skills – written and oral.
- Effectively work in a team environment in an effort to achieve team/volume goals and provide superior customer service.
- Have intermediate to advanced skills using Microsoft applications including Office, Excel and SharePoint.
- Pay Type Salary
- Equitable Bank, 30 St. Clair Ave West, Suite 700, Toronto, Ontario, Canada