Mortgage Default Officer

Join a Challenger Being a traditional bank just isn’t 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 you’re passionate about redefining the future of banking—while having fun—this could be your next big opportunity. Our company continues to grow, and today we serve more than 800,000 customers across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $142 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021. The Work The Mortgage Default Officer is responsible for enforcing the conditions of the mortgage contract on residential and commercial loans in default, while adhering to corporate and departmental policies, as well as provincial and federal regulations. The Officer must diligently manage their assigned portfolio to minimize risk, loss, and costs to the Bank. 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 Bank’s 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 everyone’s diverse experiences and perspectives. In 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 beyond. All 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 can’t wait to get to know you! The Core Responsibilities! Manage loans for both commercial and residential portfolios in enforcement action from the initiation of legal action through litigation, sale liquidation, mortgage insurance transfer and the claim process as required. Actively manage assigned accounts upon commencement of mortgage enforcement (Power of Sale and Foreclosure) until the mortgage is either up to date, paid out, sold, or transferred to the mortgage insurer 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 insurers to obtain best result for the Bank. Ensure all accounts and required activity are completed and documented within the established timelines. Analyze and recommend resolution strategies. This includes, but not limited to, recommendations for provisions, financial loss calculation/reconciliation, and sales approach to maximize recovery and mitigate losses. Conduct extensive collateral reviews for portfolios, including analysis of valuation of the property, site inspection reports, borrower creditworthiness, leases, building condition, environmental assessment, title priorities or issues, tax position, and construction liens. Negotiate the agreement of purchase and sale. Work with the property manager to analyze and prepare relevant documentation, including forecasting and budgeting on delinquent properties. Prepare and submit proofs of claim for bankruptcy for defaulted loans and work with trustees where applicable. Ensure all accounts under mortgage enforcement are kept current and active, where applicable, with respect to property insurance, condo fees, utilities, property taxes, and any fees and costs Prepare, review and approve mortgage statements including up-to-date, payouts, notice of sale, demand etc. Review mortgage closing documents and discharge documents prior to execution. Perform any other duties as required from time to time to support management, reporting, or other business units as it relates to mortgage enforcement accounts. Let's 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 analytical, problem solving, and negotiation skills. High degree of accuracy and strong attention to detail. Ability to manage high-pressure situations with tight deadlines. Strong organization skills and ability to balance multiple priorities. Superior interpersonal and effective communication skills. Provide superior customer service to internal and external partners. Team oriented and collaborative. Have intermediate to advanced skills using Microsoft applications including Office, Excel and SharePoint.

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    {
      "text": "The Core Responsibilities!",
      "content": "\n<li>Manage&nbsp;loans&nbsp;for both&nbsp;commercial&nbsp;and residential&nbsp;portfolios&nbsp;in&nbsp;enforcement&nbsp;action&nbsp;&nbsp;&nbsp;from the initiation of legal action through&nbsp;litigation,&nbsp;sale liquidation, mortgage insurance transfer and&nbsp;the&nbsp;claim process&nbsp;as required.&nbsp;&nbsp;</li>\n<li>Actively manage&nbsp;assigned&nbsp;accounts upon commencement of mortgage enforcement (Power of Sale and Foreclosure) until the mortgage is either up to date, paid out,&nbsp;sold,&nbsp;or transferred to&nbsp;the&nbsp;mortgage&nbsp;insurer and where applicable, the claim is paid by the insurer.&nbsp;</li>\n<li>Liaise with internal and external parties such as lawyers, real estate agents, property managers, and mortgage insurers&nbsp;to&nbsp;obtain&nbsp;best&nbsp;result for the Bank.&nbsp;</li>\n<li>Ensure all accounts and required activity are completed and documented within the established timelines.&nbsp;</li>\n<li>Analyze&nbsp;and&nbsp;recommend resolution strategies. This includes,&nbsp;but not limited to, recommendations for provisions, financial loss calculation/reconciliation, and sales approach&nbsp;to maximize recovery and mitigate losses.&nbsp;</li>\n<li>Conduct&nbsp;extensive&nbsp;collateral reviews for portfolios, including analysis of valuation of the&nbsp;property, site&nbsp;inspection&nbsp;reports, borrower creditworthiness,&nbsp;leases, building condition, environmental assessment,&nbsp;title&nbsp;priorities&nbsp;or issues, tax position,&nbsp;and construction liens.&nbsp;</li>\n<li>Negotiate the agreement of purchase and sale.&nbsp;</li>\n<li>Work with the property manager to analyze and prepare relevant documentation,&nbsp;including&nbsp;forecasting and budgeting on delinquent properties.&nbsp;&nbsp;</li>\n<li>Prepare and submit proofs&nbsp;of claim for bankruptcy&nbsp;for defaulted loans&nbsp;and&nbsp;work with trustees where applicable.&nbsp;</li>\n<li>Ensure&nbsp;all&nbsp;accounts under mortgage&nbsp;enforcement&nbsp;are&nbsp;kept current and active, where applicable,&nbsp;with respect to property insurance, condo fees,&nbsp;utilities, property&nbsp;taxes, and any&nbsp;fees and costs&nbsp;&nbsp;</li>\n<li>Prepare, review and approve&nbsp;mortgage statements including&nbsp;up-to-date,&nbsp;payouts,&nbsp;notice of sale, demand&nbsp;etc.&nbsp;</li>\n<li>Review mortgage&nbsp;closing documents and&nbsp;discharge documents&nbsp;prior to execution.&nbsp;</li>\n<li>Perform any other duties as required from time to time&nbsp;to support&nbsp;management, reporting,&nbsp;or other business units as it relates to mortgage enforcement accounts.&nbsp;</li>\n"
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      "text": "Let's Talk About You!",
      "content": "\n<li>Post-secondary education or equivalent experience financial service industry&nbsp;</li>\n<li>5-7 years’ experience in mortgage default in a financial institution.&nbsp;</li>\n<li>Comprehensive knowledge of mortgage enforcement remedies.&nbsp;</li>\n<li>Strong analytical,&nbsp;problem&nbsp;solving,&nbsp;and negotiation&nbsp;skills.&nbsp;</li>\n<li>High degree of accuracy and&nbsp;strong&nbsp;attention to detail.&nbsp;</li>\n<li>Ability to&nbsp;manage&nbsp;high-pressure situations with tight&nbsp;deadlines.&nbsp;</li>\n<li>Strong organization skills&nbsp;and ability&nbsp;to&nbsp;balance multiple priorities.&nbsp;</li>\n<li>Superior interpersonal and&nbsp;effective&nbsp;communication skills.&nbsp;</li>\n<li>Provide superior customer service&nbsp;to internal and external partners.&nbsp;</li>\n<li>Team oriented and collaborative.&nbsp;</li>\n<li>Have intermediate to advanced skills&nbsp;using Microsoft applications including Office, Excel and SharePoint.&nbsp;</li>\n"
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