Director, Special Loans and Restructuring

EQ Bank | Equitable Bank • Toronto, ON

70d • Hybrid

About The Position

Join a Challenger

Being a traditional bank just isn’t our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians.

How do we get there? With a talented team of inquisitive and agile challengers that break through the status quo. So, if you’re passionate about redefining the future of banking—while having fun—this could be your next big opportunity.

Our company continues to grow, and today we serve more than 780,000 customers across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $138 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

The Work

The Director, Special Loans and Restructuring is responsible for direct oversight of the Commercial arrears and default management process, on assigned loans, with a focus on mitigating financial loss to the Bank. The incumbent will lead and mentor a team of professionals in managing and resolving Commercial defaults, assigned delinquencies, certain loans designated as “problem loans”, enforcing the conditions of the mortgage contract, implementation and development of recovery strategies (including applicable credit reviews/assessments) and support Commercial on complex breaches/matters as applicable. Portfolio under leadership and management includes commercial product types and asset classes across Canada while adhering to the Company’s established policies and procedures. The Director will also be responsible for managing their own commercial default files and problem accounts.
Key responsibilities include establishing, implementing and overseeing procedures to ensure that default/credit risk is thoroughly assessed and within the Bank’s risk appetite. The Director will manage, supervise and mentor the team to ensure individual/departmental responsibilities are being completed in accordance with Company policies, procedures and priorities. The Director will monitor the loans, as assigned, under the Watchcall report, resolution of delinquencies/collection, manage workflow and recommend and/or approve credit submissions on facilities according to assigned delegation of authority (as applicable).
Additional credit related and administrative duties are also required to support Senior Management. The incumbent is responsible for communicating and co-operating with external contacts as well as internal contacts/departments.

The core parts of your role would be to:
The incumbent will oversee and manage, as assigned, the administration and/or execution of delinquent and certain problem loans while minimizing losses to the Bank. Including supporting the team in negotiating acceptable arrangements/settlements to resolve breaches and/or forbearances agreements to avoid enforcement while limiting any risk to the Bank.
Manage and/or administer complex delinquent and problem commercial mortgages and conduct full financial review prior to recommendations to Senior Management
Assess and execute on optimal workout strategy with the team when processing loans for legal action based on mortgage enforcement remedies by law (including non-payment, non-renewals, tax arrears, bankruptcies/liens, other material breaches or adverse changes etc.)
Provide support by liaising with mortgagors, guarantors and subsequent encumbrances, trustees in bankruptcy, brokers, lawyers and realtors, to make best efforts to cure defaulted loans or negotiate credit enhancements to allow extended repayment terms while protecting losses including restructuring of covenants and earning fees or step-up interest, when applicable.
Ensure legal remedies are presented to Senior Management, with complete full reviews submitted prior to providing instructions to the solicitor and pivoting legal action as required to maximize recovery.
Lead and oversee the monthly delinquent arrears process for Commercial ensuring the coordination of collection efforts with Commercial/Mortgage Services, including appropriate risk rating changes, supported by the appliable credit submissions, classification of technical arrears, and review/completion of reporting to Finance, within strict timelines.
Coordinate and review monthly and quarterly reporting for Risk Management, Finance, and Regulatory reporting
Oversee process and procedure changes for the department
Prepare materials and responses for internal and external audits and quality assurance reviews
As may be required, provide direct oversight on loan(s) held by the Bank for the purpose of managing operations, while ensuring further losses to the Bank are not incurred, when applicable.
Ensure active monitoring of high risk and problematic loans (under the Watchcall report) are proactively addressed and any increased risk leading to potential future default/enforcement is mitigated promptly.
Review, recommend and/or approve commercial credit facilities i.e. risk rating downgrades or upgrades etc. in accordance with delegated authority limits.
Ensure timely preparation and submission of arrears and default related reports required by Senior Management (monthly risk rating/arrears reports).
Reviewing and determining monthly specific reserves and loan losses, as applicable.
Ensure the team provides updates and applicable restructuring strategies including go forward action plan(s) and resolution at the Watchcall meetings with Senior Management for assigned loans.
Provide support, guidance and ongoing training to the team (manager and underwriter), identifying their specific needs and devising plans to ensure all staff are adequately trained and motivated to execute on their roles.
Develop and maintain strong working relationships within the Bank as well as our partners to provide optimal service and resolution to our clients while mitigating losses.
Provide support and guidance to the Commercial portfolio teams to support the Bank’s financial objectives.
Build industry relationships and maintain relevant knowledge to changes in insolvency legislation and/or other factors affecting the Bank’s ability to realize on their security.
Liaise with CMCA team, Portfolio Management, Mortgage Services
Review controls, processes and procedures for risks, gaps, possible efficiencies
Assist with department projects or company initiatives, where needed.

Requirements

• Have a minimum of 10-15 years’ mortgage experience or related
• Business degree or a related discipline, and/or a CPA or similar professional designation or equivalent work experience
• Understanding of mortgage enforcement remedies and foreclosures across Canada
• Demonstrate strong leadership skills
• Effective analytical and problem-solving skills
• Sound multi-tasking skills with strong attention to detail when handling multiple competing priorities under tight timelines
• Proven ability to thrive in a constantly changing environment and to perform well in a high intensity environment
• Established and meticulous time management and organizational skills
• Sound technical knowledge of secured lending and factors affecting the commercial mortgage market
• Developed and effective negotiation and communication skills, both oral and written
• Excellent presentation skills and ability to professionally communicate with Senior Management and other stakeholders (both internal and external)
• Proficient in MS Office
• Possess a valid driver’s license.
• Ability to travel within the provinces, with some overnight travel required from time to time.

Responsibilities

• Oversee and manage, as assigned, the administration and/or execution of delinquent and certain problem loans while minimizing losses to the Bank.
• Support the team in negotiating acceptable arrangements/settlements to resolve breaches and/or forbearances agreements to avoid enforcement while limiting any risk to the Bank.
• Manage and/or administer complex delinquent and problem commercial mortgages and conduct full financial review prior to recommendations to Senior Management
• Assess and execute on optimal workout strategy with the team when processing loans for legal action based on mortgage enforcement remedies by law (including non-payment, non-renewals, tax arrears, bankruptcies/liens, other material breaches or adverse changes etc.)
• Provide support by liaising with mortgagors, guarantors and subsequent encumbrances, trustees in bankruptcy, brokers, lawyers and realtors, to make best efforts to cure defaulted loans or negotiate credit enhancements to allow extended repayment terms while protecting losses including restructuring of covenants and earning fees or step-up interest, when applicable.
• Ensure legal remedies are presented to Senior Management, with complete full reviews submitted prior to providing instructions to the solicitor and pivoting legal action as required to maximize recovery.
• Lead and oversee the monthly delinquent arrears process for Commercial ensuring the coordination of collection efforts with Commercial/Mortgage Services, including appropriate risk rating changes, supported by the appliable credit submissions, classification of technical arrears, and review/completion of reporting to Finance, within strict timelines.
• Coordinate and review monthly and quarterly reporting for Risk Management, Finance, and Regulatory reporting
• Oversee process and procedure changes for the department
• Prepare materials and responses for internal and external audits and quality assurance reviews
• Provide direct oversight on loan(s) held by the Bank for the purpose of managing operations, while ensuring further losses to the Bank are not incurred, when applicable.
• Ensure active monitoring of high risk and problematic loans (under the Watchcall report) are proactively addressed and any increased risk leading to potential future default/enforcement is mitigated promptly.
• Review, recommend and/or approve commercial credit facilities i.e. risk rating downgrades or upgrades etc. in accordance with delegated authority limits.
• Ensure timely preparation and submission of arrears and default related reports required by Senior Management (monthly risk rating/arrears reports).
• Reviewing and determining monthly specific reserves and loan losses, as applicable.
• Ensure the team provides updates and applicable restructuring strategies including go forward action plan(s) and resolution at the Watchcall meetings with Senior Management for assigned loans.
• Provide support, guidance and ongoing training to the team (manager and underwriter), identifying their specific needs and devising plans to ensure all staff are adequately trained and motivated to execute on their roles.
• Develop and maintain strong working relationships within the Bank as well as our partners to provide optimal service and resolution to our clients while mitigating losses.
• Provide support and guidance to the Commercial portfolio teams to support the Bank’s financial objectives.
• Build industry relationships and maintain relevant knowledge to changes in insolvency legislation and/or other factors affecting the Bank’s ability to realize on their security.
• Liaise with CMCA team, Portfolio Management, Mortgage Services
• Review controls, processes and procedures for risks, gaps, possible efficiencies
• Assist with department projects or company initiatives, where needed.

Benefits

• Competitive discretionary bonus
• Market leading RRSP match program
• Medical, dental, vision, life, and disability benefits
• Employee Share Purchase Plan
• Maternity/Parental top-up while you care for your little one
• Generous vacation policy and personal days
• Virtual events to connect with your fellow colleagues
• Professional development and comprehensive Career Development program
• A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience

What This Job Offers

• Job Type: Full-time
• Career Level: Director