Mortgage Default Specialist
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Key skills for this role
About the Role
Questrade Financial Group seeks a Mortgage Default Specialist to manage the default process for residential and commercial mortgage loans. The role involves preparing legal instructions, overseeing litigation, managing property sales, and ensuring compliance.
Key Skills for This Role
Responsibilities
- Initiate Community Trust Company’s default process for residential and commercial mortgage loans
- Prepare instructions for legal action to approved Solicitors to commence proceedings for delinquent accounts
- Conduct internal audit to validate correct servicing and early collection activity of loan
- Interact with Collection team, Lawyers, Customers to ensure resolution of accounts
- Monitor the various stages of legal action and respond to updates and inquiries
- Order inspections and determine valuations, including evaluation of damage to assets
- Recommend appropriate enforcement action to management
- Provide clear direction to property managers for properties in possession
- Re risk grade loans based on review of payment history and/or breaches
- Prepare reporting of loans in default, monitored loans, properties in possession
Requirements
- Minimum of 2 years of related experience in mortgage administration and/or servicing and/or collections within financial services
- Post Secondary Education preferred
- Working knowledge of financial regulatory requirements on registered products, AML, and Compliance is an asset
- Effective organizational and time management skills
- Strong analytical skills
- Detail oriented with acute attention to accuracy
- Solid written and verbal business communication skills
Full Job Posting
Job Overview
- Questrade Financial Group provides securities, investments, mortgages, and financial services.
- The Mortgage Default Specialist is responsible for initiating Community Trust Company’s default process for residential and commercial mortgage loans.
Responsibilities
- Acts in accordance with CTCs core values, Code of Conduct & all internal policies & standards.
- 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.
- Prepare instructions for NOS action or SOC to solicitors to commence proceedings for delinquent accounts.
- Conduct internal audit to validate the correct servicing and early collection activity of loan.
- Post corresponding legal and property inspection fees and arrears letter to Mortgagors and Guarantors.
- Refer to Team Lead, Senior or Management any unusual audit findings.
- Interact with Collection team, Lawyers, Customers to ensure resolution of accounts.
- Prepare statements for arrears, solution letters, discharge and information purposes.
- Manage and respond to external parties (lawyers, property management, Condo and Strata corporations).
- Provide timely updates on listed properties, review and audit pricing valuations.
Qualifications
- Minimum of 2 years of related experience in mortgage administration and/or servicing and/or collections within financial services.
- Post Secondary Education preferred.
- Working knowledge of financial regulatory requirements on registered products, AML, and Compliance is an asset.
- Effective organizational and time management skills.
- Interpersonal and relationship building skills.
- Solid written and verbal business communication skills.
- Strong analytical skills.
- Detail oriented with acute attention to accuracy.
- Bi lingual French is an asset.
- Positive, can do attitude.
- Strong, collaborative team player.
- Ability to work in a dynamic and fast paced environment.
Compensation Information
- Base salary range: CAD 55,000 CAD 70,000.
- Final compensation package commensurate with experience, skills, and geographic location.
- Includes comprehensive benefits plan and competitive incentive (bonus) program for Full Time Permanent roles.
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