Default Recovery Specialist

Fairstone Bank•Toronto, ON

9d•CA$55,000 - CA$70,000•Hybrid

About The Position

The Default Recovery Specialist hybrid role is to mitigate and or eliminate financial losses due to delinquent or unpaid balances of all mortgage products offered by Home Trust. Performs independently, setting priorities and scheduling own work in accordance with established and general policies and procedures, requiring little interpretation from Management. Individually responsible for the management of a portfolio of impaired accounts located Nationwide. Continual follow up, instructing solicitors, property managers and real estate agents. Educating mortgagors on both financial and legal repercussions resulting from delinquent accounts. To achieve targets as set by Management, both individually and as a team.

Requirements

University preferred but not required.
Minimum 4 years senior mortgage collection or related legal administrative or paralegal experience
Working knowledge of real estate handling and disposal of asset for lender
Minimum 2 year working knowledge of Mortgage Remedy Law within Ontario and preferably across Canada

Responsibilities

In-depth assessment of customer(s), security, title, and activities in order to mitigate loss and safeguard against any unnecessary out of pocket expense.
Stewardship of all legal enforcement activities ensuring it proceeds as directed based on adherence to payment arrangement(s) and/or outcome of financial assessment.
Recommend and execute successful strategies for marketing security, and recovery against personal covenant for debt while adhering to internal controls and guidelines for both HTC and if applicable, our Insurer(s) involved
Direct Solicitors, property managers real estate agents and all associated agents and all associated Agents to assist with the legal remedies and disposal of real estate within a structured time frame and according to the relevant Provincial Law
Practice continual use of the follow up system to ensure adequate turn-around time to clients, solicitors & authorized 3rd parties.
Incorporate regulatory and compliance requirements into existing business processes and activities to ensure guidelines are met within all aspects of the position.
Provide clear, concise and accurate information, through written or verbal communication, to clients and third parties to ensure there is no jeopardy to Home Trust Company’s legal action.
Ensure the customer is at all times treated with respect and are provided a clear understanding of the enforcement process
Direct and oversee at the loan level all requirements, direction and accountability required by the business partner such as real estate agents, property managers, appraisers, solicitors etc
Develop detailed and concise recommendations for Management, as it relates to workout solutions, legal action or marketing proposals, through a thorough assessment of the client, property and account history.
Through consistent review, follow up and action, meet a target of percentage of files cured on a monthly, quarterly and yearly basis, as an average, in order to achieve expectations on an individual, team and company wide basis, as set out by Management
Allow for minimal escalations due to errors and/or non-compliance with department/company processes.
Ensure documentation, account information and statements are produced accurately, and in a timely manner.
Complete exhaustive reviews of account histories and activities to safeguard against errors resulting in out-of-pocket expenses
Proactive management of a portfolio, resulting in a percentage of accounts under 90+ days in arrears, disposed loans sold with minimal loss exposure , measured monthly, quarterly and yearly, as an average, in order to achieve expectations, as measured through regular portfolio audits and account discussions with Management.
Acts in accordance with HTCs core values, Code of Conduct & all internal policies & standards
Engages in the highest standard of business conduct and ethics
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, for HTC & its stakeholders, in daily operational activities