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Bilingual Defaults Specialist

Equitable Bank, 30 St. Clair Ave West, Suite 700, Toronto, Ontario, Canada Req #866
Friday, November 22, 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.

Title:                   Defaults Specialist, Bilingual

Department:      Mortgage Services

Reports To:        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.

 

Main Activities:

 

50% Arrears/ Legal Action Process:

  • Manage delinquent loans for residential portfolios in default stage, take appropriate legal action to enforce on the mortgage contract
  • Complete full review of loans being referred for Breach due to non-payment, tax arrears, past matured loans, property standards, insurance cancellations and any other breach of mortgage that may be identified
  • Contact borrowers to secure arrangements for breach of mortgage or loan conditions
  • Send appropriate notification regarding returned payments and/or arrears to borrowers.
  • Closely Monitor condo liens and obtain information as required from third parties to determine appropriate arrangements and maintain EQB’s 1st priority rank
  • Closely monitor files with active insurance claims (i.e. fire damage, flood etc.;) to minimize risks and mitigate loss to the bank.
  • Instruct property managers to conduct occupancy check on properties as deemed necessary
  • 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 Management 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.
  • 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 recommend 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 guidelines, and seek approval from management and/or the insurer on outside of the guideline decisions.

 

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 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 Manager.

15 % Reporting:  

  • Update SharePoint App to maintain, and track all files sent legal and update loan status
  • Prepare critical reports in a timely and accurate manner for Management, including:
    1. Cost benefit analysis
    2. Problem loan report

 

20% Administration:

  • 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.

 

Knowledge/Skill Requirements:

 

  • Diploma preferred in a related discipline
  • 3-5 years’ experience in mortgage default in a financial institution
  • Bilingual (French and English)
  • Detailed understanding 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

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