Securitization Accounting Analyst
Canada's Challenger Bank™If you're looking for a workplace where employees are passionate about their work environment, then read on. What sets Equitable Bank apart from other companies is its culture. We celebrate and embrace the fabric of diversity, the employee engagement process and collectively take pride in our business successes. Our commitment to our customers, our partners and our employees creates a stimulating and exciting atmosphere that generates innovative products and outstanding service quality.
Equitable Bank is Canada's ninth largest independent Schedule I bank, serving Canadians coast to coast. It offers a diverse suite of residential lending, commercial lending and savings solutions, including high-interest savings products and GICs. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $31 billion in assets under management. In 2016, Equitable Bank launched a digital banking operation, EQ Bank, and introduced the EQ Bank Savings Plus Account. Equitable Bank currently employs over 750 employees across the country.
Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada, while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing ("CMHC") administered National Housing Act.Equitable Bank also offers a range of deposit products including short-term, long-term and Cashable GICs, available in non-registered or Tax Free Savings Account ("TFSA") across Canada. And it offers a High Interest Savings Account, available from authorized investment advisors through the FundServ network.
Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group. It was founded in 1970 as The Equitable Trust Company.
Job Title: Securitization Accounting Analyst
Reports To: Senior Manager, Securitization
Purpose of Job
The Securitization Accounting Analyst will be responsible for assisting with the effective and efficient administration and reporting of the Bank’s securitization programs. Responsibilities will include assisting with the execution of new securitization issuances and ongoing administration, preparing monthly investor reports, accounting, and financial analysis. This role requires the individual to possess well developed interpersonal and communication skills. The role will require comprehensive skills to interpret and analyze financial data.
The Securitization Accounting Analyst will work closely with internal and external stakeholders including the Bank’s Accounting group, Capital Markets and Treasury departments, CMHC, Computershare, strategic business partners, third party service providers, and the Bank’s external auditors. Strong organization and multi-tasking skills are a must. The individual should be able to work independently, take initiative, and have good attention to detail.
The main activities of this position will be focused around the administration, accounting, reporting, and financial analysis of the Bank’s securitization activities.
- Assist with the creation, issuance, and settlement of new NHA MBS utilizing mortgageHUB software
- Prepare monthly CMHC 2840 investor reporting and payments to the CPTA
- Develop an understanding of and adhere to the Bank’s policies and procedures as it relates to compliance with CMHC’s NHA MBS and CMB Guidelines
- Responsible for daily cash tracking and balancing including bank reconciliations
- Develop an understanding of securitization profit calculations and accounting. Follow established accounting practices to ensure that the financial and operating reports accurately reflect the condition of the securitization business in accordance with accounting standards.
- Key contributor to the financial statement close process through the preparation of monthly accounting schedules
- Assist in the preparation of month-over-month variance analysis in financial results and program profitability
- Support compliance interactions with government agencies and external auditors, including reviews, audits and other communications
- Support new securitization initiatives by working closely with Capital Markets and other relevant stakeholders
- Interact with other departments and external stakeholders
Internal interactions may include but are not limited to:
- Accounting group
- Capital Markets
- Prime Single Family and Commercial Lending
- Compliance and Internal Audit
- IT, BA and Project Management
- Financial Planning and Analysis
- Financial Operations
External interactions may include but are not limited to:
- Strategic partners and service providers
- External auditors
- University/College undergraduate degree in Business Administration/Commerce, Accounting focus preferred
- A minimum of 2 years of experience in accounting or financial reporting at a financial institution
- Knowledge of/experience with CMHC sponsored NHA MBS and CMB securitization programs would be an asset
- Strong technical aptitude, with an understanding of cash flow modeling
- The ability to work independently and engage across the organization
- Experience in the mortgage industry and securitization preferred
- Experience in reconciliation of general ledger accounts
- Experience with data management and reporting systems
- Possesses strong analytical abilities and very detailed oriented
- Outstanding interpersonal skills with ability to build solid relationships with other members of Finance department, business unit representatives, and internal and external stakeholders
- Excellent verbal and written communication skills, with the ability to communicate clearly and concisely
- Strong organizational skills with the ability to prioritize multiple tasks and meet tight deadlines within a fast-paced environment
- Independent thinker and self-starter who will be able to work independently and exercise good professional judgment
- Proficient computer skills (advanced Microsoft Excel, Access, Word, and accounting systems)
Equitable Bank is an equal opportunity employer and encourages applications from all qualified candidates. Accommodations are available on request for candidates taking part in all aspects of the selection process. 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.
- Pay Type Salary
- Equitable Bank, 30 St. Clair Ave West, Suite 700, Toronto, Ontario, Canada