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Specialist, Defaults

Equitable Bank, 30 St. Clair Ave West, Suite 700, Toronto, Ontario, Canada Req #793
Tuesday, October 29, 2019

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:             Default Specialist             

Department:      Mortgage Services

Reports To:        Director, Mortgage Services


 

Purpose of Job

                                                                                                                                                               

The incumbent is responsible to enforce the conditions of the mortgage contract on residential and commercial loans in default while ensuring policies and procedures of the department are adhered to.

 

Main Activities:

 

  1. Arrears/ Legal Action Process (70%)
  • Have detailed understanding of commercial and residential power of sale and foreclosure proceedings in all provinces
  • Administer delinquent accounts while minimizing losses;
  • Prepare and forward  loans for legal action for non-payment, tax arrears, past matured loans,  insurance cancellations, bankruptcies and liens, grow-ops;
  • Discuss and recommend appropriate legal remedy with management; 
  • Complete full review and investigation of the file prior to providing  instructions to the solicitor;
  • Instruct solicitor to commence the legal action;
  • Have effective e-mail and phone communication with lawyers, brokers and agents at all times; 
  • Prepare mortgage statements (up-to-date, notice of sale, demand  and discharge statements); 
  • Monitor legal action status on a daily basis; 
  • Obtain appraisals and list the property as required;
  • Obtain updates from agent until property is sold;
  • Negotiate the Agreement of Purchase and Sale;
  • Ensure that claims to CMHC/Genworth are submitted in timely and accurate manner.
  • Identify ways to mitigate losses while preserving properties during legal action.
  1. Reporting (10%)
  • The incumbent is responsible for updating the Legal Action Status Report on a daily basis
  • Update the Appraisal Report on a as needed basis:
  • Must possess the ability accurately prepare various critical reports in a timely and accurate manner for Senior Management.
    1. Examples of such include but are not limited to:

     

    • Foreclosed Report
    • Specific Reserves Report
    • Single Family Reports
    • Fees Analysis

     

    • Review thoroughly reports prepared by Team Lead when necessary to ensure accuracy.
    • Ability to adapt and produce new reports on demand.
    • Correlate with and understand reporting of other department such as finance, underwriting, payments, etc.
    • Prepare and update weekly default summaries for commercial files

     

    1. Administration (20%)

    The incumbent is responsible for ensuring that all legal files are kept current and active with respect to: property insurance, condo fees, utilities and property tax, and any other property management fees.

        

     

    Knowledge/Skill Requirements:

     

    • Complete a diploma program in a related discipline or 5-7 years’ experience in mortgage default within a financial institution
    • Strong analytical skills
    • Strong problem solving and negotiating skills
    • Comprehensive knowledge of mortgage enforcement remedies and foreclosure terminology
    • Strong attention to detail
    • Ability to meet tight deadlines
    • Ability to balance multiple priorities simultaneously
    • Strong organization skills
    • Superior interpersonal and communication skills – written and oral
    • Team oriented
    • Computer literate (MS Outlook, MS Word, MS Excel)

    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.

    Other details

    • Pay Type Salary
    • Equitable Bank, 30 St. Clair Ave West, Suite 700, Toronto, Ontario, Canada