Mortgage Default Specialist

Questrade Financial Group•Toronto, ON

1d•CA$55,000 - CA$70,000•Hybrid

About The Position

Questrade Financial Group (QFG) is a financial services company offering a range of services including investments, managed portfolios, mortgages, and real estate services. They utilize cutting-edge technology and a blend of human-centric collaboration with AI-driven innovation to enhance customer experiences and empower their teams. QFG is seeking a Mortgage Default Specialist to join their diverse, inclusive, and hybrid workplace. This role is responsible for initiating the default process for residential and commercial mortgage loans, collecting unpaid payments, and resolving defaulted accounts. The specialist will also handle internal client inquiries, prepare and instruct legal action, administer litigation processes, and oversee asset sales. The role requires a focus on operational excellence, compliance, and superior customer service.

Requirements

Minimum of 2 years of related experience in mortgage administration and/or servicing and/or collections and registered products within the financial services industry or a related role
Demonstrate effective organizational and time management skills
Demonstrate interpersonal and relationship building skills
Solid written and verbal business communication skills
Strong analytical skills
Detail oriented with an acute attention to accuracy
Bring a positive, can-do attitude to our organization, using creative solutions to solve problems
Strong, collaborative team player who motivates others to achieve group success
Establish and build on healthy working relationships with your team and peers
Have a desire to succeed
Use open communication and collaboration to solve problems and manage deliverables
Demonstrate flexibility and provide assistance where required
Work well in a dynamic and fast paced environment with the ability to navigate through organizational change
Attention to detail with an ability to multitask

Nice To Haves

Post-Secondary Education preferred
Working knowledge of financial regulatory requirements on registered products, AML, and Compliance is an asset
Bi-lingual French is an asset

Responsibilities

Initiating Community Trust Company’s (“CTC”) default process for residential and commercial mortgage loans.
Collection of all unpaid and/or returned mortgage payments and resolution of all accounts in default.
Responding to internal client inquiries and contributing to department goals.
Preparing and instructing legal action to approved Solicitors to commence proceedings for delinquent accounts, including all pertinent information and documentation.
Handling all legal matters and administering and overseeing the litigation process with approved external law firms and Property management company.
Reviewing loan servicing history and documentation for errors or deficiencies and recommending resolutions.
Interacting and coordinating with solicitors and internal departments.
Overseeing the sale of assets and any risk associated with deterioration to asset value or Title risk.
Overseeing the finalization of sales and reporting on potential losses to the organization due to depreciation in asset valuation.
Acting in accordance with CTCs core values, Code of Conduct & all internal policies & standards.
Understanding the regulatory & compliance requirements applicable to scope of responsibility.
Incorporating regulatory & compliance requirements into existing business processes & activities.
Identifying opportunities to mitigate potential risk and to strengthen compliance activities.
Preparing instructions for NOS action or SOC to solicitors to commence proceedings for delinquent accounts including all pertinent information and documentation.
Conducting internal audit to validate the correct servicing and early collection activity of loan, escalating identified errors as required prior to initiating Legal action.
Posting corresponding legal and property inspection fees and arrears letter to Mortgagors and Guarantors, if required, once NOS/SOC is issued.
Referring unusual audit findings and other exceptional items that will impact the Legal teams’ Collection and Legal process to Team Lead, Senior or Management.
Interacting with Collection team, Lawyers, Customers to ensure resolution of accounts with action in transition or on hold due to reinstatement discussions with customers.
Preparing statements for arrears, solution letters, discharge and information purposes as required.
Managing and responding to external parties (lawyers, property management, Condo and Strata corporations) in a timely manner.
Providing timely updates on listed properties, reviewing and auditing pricing valuations to determine if expected valuation is in line with market conditions, preparing for senior management SLPA’s to identify Risk to the organization and any potential Loss requiring approval.
Monitoring the various stages of legal action and responding to updates and inquiries for external parties and law firms within 24 hours.
Monitoring the progression of the legal action and responding and following up to ensure all stages of action are proceeding without delay.
Ordering inspections and determining valuations, including evaluation of damage to assets to determine recommendations for remediation approval to management.
Recommending appropriate enforcement action to management and/or the Special Handling Committee.
Responsibility for the completion of all specific loans provision analysis, including the recommendation of reserves or provisions.
Providing clear direction to property managers for properties in possession, to ensure an expeditious sale.
Processing any manual ad-hoc mortgage payments in response to collected default payments as required.
Re-risk grading of loans based on review of payment history and/or breaches occurred.
Preparing reporting of loans in default, monitored loans, properties in possession and accounts in chronic arrears due to pending legal action.
Processing all transactions with a high degree of accuracy within the established service level agreement and in accordance with CTC’s corporate and department policies and procedures.
Maintaining accurate electronic record keeping of client accounts in accordance with department procedures.
Providing recommendations for process improvements to Senior Manager, Mortgage Servicing and Team Lead, Mortgage Servicing, as appropriate.
Following all AML policies and procedures with client accounts with an emphasis on “Know Your Client” rules.
Proactively identifying actual and potential violations of AML regulatory requirements, internal policies and procedures or other AML/ATF risk situations at an early stage.
Conducting appropriate inquiries and investigations in relation to any such situation and ensuring that corrective actions and/or risk mitigation actions are implemented in a timely manner or escalated appropriately.
Reviewing accounts thoroughly to ensure course of action taken is the best course to mitigate loss. Identifying workout solutions where applicable (Cure remedies, reinstatements, Early renewals etc).
Identifying and following the correct course of action based on title, property and client.
Providing a thorough recap to ensure due diligence is completed and legal action is warranted.
Adhering to compliance and operational risk controls in accordance with the company's policies and procedures.
Maintaining reports and tracking to include but not limited to inventory reports, detailed notes within utilized CRM’s appropriate documentation received and stored.
Performing additional ad hoc duties as required by management.
Assisting the Default team in processing payments when required.
Filing of insolvency claims.