Mortgage Default Specialist

What’s in it for you as an employee of QFG? Health & wellbeing resources and programs  Paid vacation, personal, and sick days for work-life balance Competitive compensation and benefits packages Work-life balance in a hybrid environment with at least 3 days in office Career growth and development opportunities Opportunities to contribute to community causes Work with diverse team members in an inclusive and collaborative environment   This job posting is for an existing vacancy.   We’re looking for our next Mortgage Default Specialist. Could It Be You? Reporting to the Manager Default Recovery, the Mortgage Default Specialist is responsible for initiating Community Trust Company’s (“CTC”) default process for residential and commercial mortgage loans. The Mortgage Default Specialist is responsible for collection of all unpaid and/or returned mortgage payments and resolution of all accounts in default. This role is responsible for responding to internal client inquiries and contributes to the success of the department achieving their goals while remaining focused on operational excellence, compliance, and delivery of superior customer service. The mandate is to prepare and instruct legal action to approved Solicitors, to commence proceedings for delinquent accounts, to include all pertinent information and documentation. You will handle all matters Legal and administer and oversee the litigation process with our approved external law firms and Property management company. The scope of this role ranges from a thorough review of the loan servicing history and documentation for errors or deficiencies and recommend resolutions, as required, to prevent contested or impaired legal action; prepare and instruct legal action to approved Solicitors, to commence proceedings for delinquent accounts, to include all pertinent information and documentation; interact and coordinate with solicitors and internal department as required. To achieve targets as set by Management, both individually and as a team. Oversee the Sale of assets and any Risk associated with any deterioration to asset value or Title risk identified. Oversee the finalization of sales and reporting on potential losses to the organization due to depreciation in asset valuation.   Need more details? Keep reading… In this role, responsibilities include but are not limited to:  Risk Management and/or Compliance (15%) Acts in accordance with CTCs core values, Code of Conduct & all internal policies & standards; engages in the highest standard of business conduct and ethics. Understands the regulatory & compliance requirements applicable to scope of responsibility. Incorporates regulatory & compliance requirements into existing business processes & activities. Identifies opportunities to mitigate potential risk and to strengthen compliance activities, for HTC & its stakeholders, in daily operational activities. File Preparation for Legal Action (65%) Prepare instructions for NOS action or SOC to solicitors to commence proceedings for delinquent accounts including all pertinent information and documentation. Conduct internal audit to validate the correct servicing and early collection activity of loan, escalate identified errors as required prior to initiating Legal action. Prepare instructions for NOS action or SOC to solicitors to commence proceedings for delinquent accounts including all pertinent information and documentation. Once NOS/SOC is issued, post corresponding legal and property inspection fees and arrears letter to Mortgagors and Guarantors, if required. Refer to Team Lead, Senior or Management any unusual audit findings and other exceptional items that will impact the Legal teams’ Collection and Legal process. Interact with Collection team, Lawyers, Customers to ensure resolution of accounts with action in transition or on hold due to reinstatement discussions with customers. Prepare statements for arrears, solution letters, discharge and information purposes as required. Manage and respond to external parties (lawyers, property management, Condo and Strata corporations in a timely manner. Provide timely updates on listed properties, review and audit pricing valuations to determine if expected valuation is in line with market conditions, prepare for senior management SLPA’s to identify Risk to the organization and any potential Loss requiring approval. Monitor the various stages of legal action and respond to updates and inquiries for external parties and law firms within 24 hours. Monitor the progression of the legal action and respond and follow-up to make sure all stages of action are proceeding without delay. Ordering inspections and determining valuations, including evaluation of damage to assets to determine recommendations for remediation approval to management. Recommending appropriate enforcement action to management and/or the Special Handling Committee. Responsibility for the completion of all specific loans provision analysis, including the recommendation of reserves or provisions. Providing clear direction to property managers for properties in possession, to ensure an expeditious sale. Processing any manual ad-hoc mortgage payments in response to collected default payments as required. Re-risk grading of loans based on review of payment history and/or breaches occurred. Preparing reporting of loans in default, monitored loans, properties in possession and accounts in chronic arrears due to pending legal action. Processing all transactions with a high degree of accuracy within the established service level agreement and in accordance with CTC’s corporate and department policies and procedures. Maintaining accurate electronic record keeping of client accounts in accordance with department procedures. Providing recommendations for process improvements to Senior Manager, Mortgage Servicing and Team Lead, Mortgage Servicing, as appropriate. Following all AML policies and procedures with client accounts with an emphasis on “Know Your Client” rules. Proactively identifying actual and potential violations of AML regulatory requirements, internal policies and procedures or other AML/ATF risk situations at an early stage. Conducting appropriate inquiries and investigations in relation to any such situation and ensuring that corrective actions and/or risk mitigation actions are implemented in a timely manner or escalated appropriately. Know Your Client, Title & Property (15%) Review accounts thoroughly to ensure course of action taken is the best course to mitigate loss. Identify workout solutions where applicable (Cure remedies, reinstatements, Early renewals etc). Identify and follow the correct course of action based on title, property and client. Provide a thorough recap to ensure due diligence is completed and legal action is warranted. Adhering to compliance and operational risk controls in accordance with the company's policies and procedures. Additional Administrative Duties (5%) Maintain reports and tracking to include but not limited to inventory reports, detailed notes within utilized CRM’s appropriate documentation received and stored. Perform additional ad hoc duties as required by management. Assist the Default team in processing payments when required. Filing of insolvency claims.   So are YOU our next Mortgage Default Specialist? You are if you… Have a minimum of 2 years of related experience in mortgage administration and/or servicing and/or collections and registered products within the financial services industry or a related role Have a Post-Secondary Education preferred Have a working knowledge of financial regulatory requirements on registered products, AML, and Compliance is an asset Demonstrate effective organizational and time management skills Demonstrate interpersonal and relationship building skills Have solid written and verbal business communication skills Have strong analytical skills Are detail oriented with an acute attention to accuracy Are bi-lingual French is an asset Bring a positive, can-do attitude to our organization, using creative solutions to solve problems Are a strong, collaborative team player who motivates others to achieve group success Establish and build on healthy working relationships with your team and peers Have a desire to succeed Use open communication and collaboration to solve problems and manage deliverables Demonstrate flexibility and provide assistance where required Work well in a dynamic and fast paced environment with the ability to navigate through organizational change Have attention to detail with an ability to multitask   Compensation Information: Base salary range: $55,000 - $70,000 The final compensation package will be commensurate with the successful candidate's experience, skills, and geographic location (Canada). It includes a comprehensive benefits plan and a competitive incentive (bonus) program for Full-Time Permanent roles.   Sounds like you? Click below to apply! #LI-NK1 #LI-Hybrid