Default Recovery Specialist

Fairstone Bank•Toronto, ON

15d•Hybrid

About The Position

The Senior Default Recovery Specialist is responsible for mitigating or eliminating financial losses from delinquent or unpaid mortgage accounts across Canada. Working independently, they manage a national portfolio of impaired accounts, set their own priorities, and operate within established policies. Key duties include ongoing follow-up, coordinating with solicitors, property managers, and real estate agents, and educating mortgagors on the financial and legal consequences of delinquency. They are accountable for meeting both individual and team targets set by Management.

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 degree

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

Benefits

Award-Winning Culture: We’re proud to be recognized as a Great Place to Work Canada 2025 and one of Montreal’s Top Employers 2025 by Canada’s Top 100 Employers.
Work-Life Balance: Enjoy flexibility with our hybrid work model designed to support your lifestyle.
Time to Recharge: Generous vacation based on your role, statutory holidays, plus 6 wellness days to prioritize your well-being.
Compensation Package: Competitive base salary plus an annual incentive bonus tied to performance.
Comprehensive Benefits: Robust health and dental coverage through Manulife, as well as virtual healthcare through Dialogue.
Future-Ready Savings: Group Retirement Savings Plan with up to 7% employer match.
Exclusive Perks: Discounts from top retailers via WorkPerks, plus location-based perks like gym memberships and Toronto Bike Share.
On-Site Fitness: Gym access at our London and Montreal offices.
Continuous Growth: Education Assistance Program and Fairstone Academy for training and skill development.
Family Support: Parental leave top-up program to help you during life’s big moments.
Community Impact: One paid volunteer day to give back to causes that matter to you.