Senior Default Recovery Specialist - Legal & Real Estate

Fairstone Bank•Toronto, ON

8d•CA$60,000 - CA$75,000•Hybrid

About The Position

The Senior Default Recovery Specialist role is responsible for mitigating and/or eliminating financial losses due to delinquent or unpaid balances of all mortgage products offered by Home Trust. This role involves independent work, setting priorities, and scheduling tasks in accordance with established policies and procedures, requiring minimal interpretation from management. The specialist will manage a portfolio of impaired accounts nationwide, involving continuous follow-up, instructing solicitors, property managers, and real estate agents. They will also educate mortgagors on the financial and legal repercussions of delinquent accounts and are responsible for achieving targets set by management, both individually and as a team. This is a temporary 12-month contract role.

Requirements

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

Nice To Haves

University preferred but not required.

Responsibilities

In-depth assessment of customer(s), security, title, and activities to mitigate loss and safeguard against unnecessary out-of-pocket expenses.
Stewardship of all legal enforcement activities, ensuring they proceed as directed based on adherence to payment arrangements and/or the outcome of financial assessments.
Execute successful strategies for marketing security and recovery against personal covenant for debt, adhering to internal controls and guidelines for both HTC and, if applicable, their Insurer(s).
Direct Solicitors, property managers, real estate agents, and all associated agents to assist with legal remedies and disposal of real estate within a structured timeframe and according to relevant Provincial Law.
Practice continual use of the follow-up system to ensure adequate turn-around time for clients, solicitors, and authorized third parties.
Incorporate regulatory and compliance requirements into existing business processes and activities to ensure guidelines are met in all aspects of the position.
Provide clear, concise, and accurate information, through written or verbal communication, to clients and third parties to ensure no jeopardy to Home Trust Company’s legal action.
Ensure the customer is at all times treated with respect and provided a clear understanding of the enforcement process.
Direct and oversee at the loan level all requirements, direction, and accountability required by business partners such as real estate agents, property managers, appraisers, solicitors, etc.
Develop detailed and concise recommendations for Management regarding workout solutions, legal action, or marketing proposals, through a thorough assessment of the client, property, and account history.
Meet a target of a percentage of files cured on a monthly, quarterly, and yearly basis, as an average, to achieve expectations on an individual, team, and company-wide basis, as set 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.
Review and approve Default Recovery Specialist discharge statements and complete system postings.
Provide portfolio coverage and support as needed, adapting to fluctuating workload volumes.
Provide reporting backup and conduct reviews to ensure management receives accurate and timely information.
Serve as a subject matter expert, developing and facilitating training initiatives that cultivate talent and enhance workforce capabilities.
Draft and submit approval documents for senior leadership, adhering to established guidelines and regulatory requirements.
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, to achieve expectations, as measured through regular portfolio audits and account discussions with Management.
Champion HTC’s core values, Code of Conduct, and all internal policies and standards, setting a benchmark for ethical leadership and integrity across the team.
Model and enforce the highest standards of business conduct and ethics, fostering a culture of trust and accountability.
Maintain expert knowledge of regulatory and compliance requirements relevant to portfolio management, proactively adapting to evolving industry standards.
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.