Default Specialist
The Core Responsibilities!
50% Arrears/ Legal Action Process:
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Proactively managing portfolio of residential and commercial delinquent loans in default for breach of mortgage or loan conditions which may include non-payment, tax arrears, past matured loans, property standards, insurance cancellations and any other breach of mortgage that may be identified.; Send appropriate notification regarding returned payments and/or arrears to borrowers; Closely monitor entire portfolio, obtain information as required from third parties to determine appropriate arrangements (i.e. Condo Corps, Insurance adjusters etc.) while ensuring Equitable 1st Priority is maintained and risks are mitigated. Identify loans requiring further financial assistance.
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Obtain and conduct full review of financial documents and make recommendations for workout while ensuring Bank interest and priority is secured; Closely monitor accounts with active workouts to mitigate losses within guidelines and seek approval from management and/or the insurer, where necessary.
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Conduct reviews of portfolios, including analysis of valuation of the property, review site inspection report, borrower creditworthiness, lease review, building condition, environmental assessment; instruct property managers to conduct occupancy check on properties as deemed necessary; where best efforts are unsuccessful, take appropriate legal action in timely manner, to enforce on the mortgage contract and mitigate losses
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Analyze and report regularly on defaulted loans along with recommended solutions to management.
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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.
30% Reporting and Time Management:
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Manage portfolio assignments in a timely manner, as per the deadlines provided by management and imposed by provisional legislation.
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Ensure all correspondence is responded to and documented within the established timelines.
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Perform other duties as assigned.
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Prepare critical reports as required.
20% Administration:
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Manage collection activity on all accounts upon commencement of legal action until the mortgage is either up to date or paid out.
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Ensure all files are kept current and active with respect to property insurance, condo fees, utilities, property taxes, and any other property management fees.
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Ensure payments and payouts are processed in a timely manner.
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Ensure all statements are accurately completed up to date, payout, notice of sale, and demand.
Let's Talk About You!
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Diploma required in a related discipline.
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3-5 years’ experience in mortgage default (not including entry level) (Experience in workouts considered an asset).
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Comprehensive knowledge of mortgage enforcement and foreclosure remedies.
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Strong analytical problem solving and negotiation skills.
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High degree of accuracy and strong attention to detail.
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Ability to handle tight deadlines.
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Strong organizational skills and the ability to prioritize tasks.
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Effective communication skills.
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Have intermediate to advanced skills using Microsoft applications including Office, Excel, and SharePoint.
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Working knowledge is required.
