Senior Manager, Default Recovery - Legal Action & Real Estate

Fairstone Bank•Toronto, ON

7d•Hybrid

About The Position

The Senior Manager, Default Recovery is an expert in mortgage enforcement and leads the end-to-end recovery strategy for a nationwide portfolio of delinquent and non-performing residential and small commercial mortgages. This role is responsible for maximizing recoveries, reducing losses, and ensuring all recovery activities comply with regulatory and internal policies. The position oversees internal teams responsible for the end-to-end recovery process, including legal enforcement, asset disposal, and portfolio management, as well as external partners. The role drives data-informed decisions and continuous process improvements.

Requirements

University degree in finance, Business Administration, Economics or a related field of business or discipline
8 -12 years of experience in Residential and Commercial Mortgage lending, collections, recovery, credit risk or related financial services roles
Proven leadership experience managing teams and external vendors
Strong understanding of debt recovery regulations, legal processes and compliance requirements
High level of expertise in Mortgage Administration and Servicing
Demonstrated ability to use data and analytics to drive decision making
Experience with recovery systems, collection platforms and performance metrics
Strategic thinking and problem-solving
Strong leadership and team development skills
Excellent communication and stakeholder management
High attention to detail and risk awareness
Well-developed negotiation, influencing skills
Ability to prioritize and quickly adhere to market trends and other changes that impact valuations and potential loss exposure

Nice To Haves

Additional relevant accreditation(s), certification(s) are a strong asset

Responsibilities

Developing and implementing recovery strategies, and providing reporting to senior leadership
Oversee external partners such as solicitors, property managers, real estate agents, and appraisers, related costs and SLA’s as applicable
Lead, coach and manage recovery teams to achieve performance targets
Oversee the instructing solicitors and managing legal remedies according to provincial laws
Executing strategies for the sale of security(property) and recovery of debt against personal covenants
Manage litigation, bankruptcy and settlement processes where applicable
Champion technical and process enhancements, working with key stakeholders both internal and external
Promote a culture of compliance, accountability, and customer-centric recovery
Acts in accordance with Fairstone Bank’s core values, Code of Conduct & all internal policies & standards
Engages in the highest standard of business conduct and ethics
Ensure and incorporate regulatory & Compliance requirements into existing business processes & activities
Identifies opportunities to mitigate potential risk and to strengthen compliance activities for Fairstone Bank and it’s stakeholders, in daily operational activities
Collaborate with risk, legal, finance and Operations to align recovery strategies with business objectives
Monitor portfolio performance, analyze recovery trends, and implement optimization initiatives
Meet or exceed monthly, quarterly and yearly target for cured files and loss reduction
Prepare and deliver performance reports to senior leadership to display results for impaired loans, including provisions, forecasts, trends, early warning indicators and KPI/KRI’s