Default Recovery Officer - Real Estate

Fairstone Bank • Toronto, ON

10d • CA$50,000 - CA$70,000 • Hybrid

About The Position

The Default Recovery Officer – Real Estate provides administrative support to the Default Recovery Real Estate Specialists, enabling them to focus more on recovery and loss mitigation portfolio management. This role involves completing administrative tasks such as statement preparation, fund approval and application, discharge processing for mortgage and Equity-line VISA accounts, account reconciliation using waivers, write-offs, and GL fund transfers, payment of invoices to external business partners, completion of capital loss forms, Writ of Seizure and Sale determination and requests, and providing reporting back-up. The officer will also interact with solicitors, property managers, and internal departments to complete tasks, operating in accordance with established SLAs and general policies and procedures.

Requirements

• Post-secondary degree or diploma in business, finance or related discipline.
• 3-5 years of experience in a mortgage or accounts receivable related environment preferred.
• Min. 3 years in an administrative role.
• Working experience with Microsoft applications; specifically, Excel, Access Database, Teams.
• Strong problem-solving, research & analysis, and reconciliation skills.
• Superior organizational and time-management skills.
• Solution-focused, takes the initiative to work effectively and efficiently within established guidelines.
• Excellent written / verbal communication and professional maturity.
• Proven ability to work both independently and collaboratively within a team environment.
• Able to multi-task and flourish in a fast paced, deadline-driven work environment.
• Strong interpersonal relationship building and listening skills.
• All candidates considered for hire must successfully pass a criminal background check, credit check, and validation of their work experience to qualify for hire.

Nice To Haves

• Experience within a collection or recovery department ideal, specifically in mortgages, is an asset.
• Working knowledge of SAP/S4 and / or Techcom an asset.
• Bilingualism is an asset.

Responsibilities

• Preparation of statements in support of recovery action; information, arrears, discharge, sales and deficiencies.
• Approval and application of incoming funds for account arrears, client/3rd party payout and lender sales.
• Reconciliation and adjustment of account balances; using waiver, write-off and GL transfer functions.
• Preparation of Capital Loss forms for release by Business Support Analyst to Credit (ERM) department representatives, as applicable.
• Review and assess client profile and account details to determine necessity and scope of Writ of Seizure and Sale filing.
• Communicate with solicitor offices in connection to writ filing, holdbacks, final invoicing, bankruptcies and unsecured proof of claim filing, and other recovery related activities as needed.
• Invoice review and processing for payment to third party business partners such as property managers, municipalities, appraisers, solicitors, etc.
• Communicate with property managers in relation to invoicing for final billing and file closure.
• Monitor and manage queue for workflow assignments, including assignment of status codes for volume and performance tracking purposes.
• Assist Business Support Analyst with monthly account IN/OUT reporting.
• Determine through review and assessment of account details file closure applicability, and action any pending tasks required for file completion.
• Ensure appropriate record retention by documenting notes in clear, concise detail and uploading all related documentation to applicable repository.
• Adhere to specified SLAs depending on assigned task.
• Respond in a timely, professional manner to requests either from internal business partners or external, within a specified time frame, to avoid potential for delays or escalation.
• Support the Real Estate team with any additional ad-hoc tasks, related to account clean-up, data tracking, documenting new or updating existing processes.
• Provide backup support to department Business Support Analyst for specified tasks, as needed.
• Identify areas for improvement, recommend departmental efficiencies, and support implementation of same.
• Provide support in scenario creation/testing/validation activities as required.
• Participate in change management activities related to new or updated processes, and system updates and / or integration as required.
• Acts in accordance with Fairstone Bank/Home Trust’s core values, Code of Conduct and all internal policies & standards.
• Engages in the highest standard of business conduct and ethics.
• Ensure mandatory corporate training is completed within assigned deadlines.
• Understands the regulatory & compliance requirements applicable to scope of responsibility.
• Demonstrating superior accuracy and attention to detail to ensure risk mitigation in statement preparation and discharge processing (including waivers, write-offs and GL transfers).
• Identifies opportunities to mitigate potential risk and to strengthen compliance activities, for Fairstone Bank/Home Trust & It’s stakeholders, in daily operational activities.
• Monitor and escalate to management where third-party business partners are not in adherence to quality and mandated service level agreements (SLAs).
• Adhere to specified SLAs depending on assigned task.
• Respond in a timely, professional manner to requests either from internal business partners or external, within a specified time frame, to avoid potential for delays or escalation.
• Identify areas for improvement, recommend departmental efficiencies, and support implementation of same.
• Provide support in scenario creation/testing/validation activities as required.
• Participate in change management activities related to new or updated processes, and system updates and / or integration as required.
• Support the Real Estate team with any additional ad-hoc tasks, related to account clean-up, data tracking, documenting new or updating existing processes.
• Provide backup support to department Business Support Analyst for specified tasks, as needed.

Benefits

• Generous vacation based on your role, statutory holidays, plus 6 wellness days
• Competitive base salary plus an annual incentive bonus tied to performance.
• Robust health and dental coverage through Manulife, as well as virtual healthcare through Dialogue.
• Group Retirement Savings Plan with up to 7% employer match.
• Discounts from top retailers via WorkPerks, plus location-based perks like gym memberships and Toronto Bike Share.
• Gym access at our London and Montreal offices.
• Education Assistance Program and Fairstone Academy for training and skill development.
• Parental leave top-up program
• One paid volunteer day

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Associate degree