Specialist, Default Recovery & Appraisal - RFA Bank of Canada

RFA•Toronto, ON

9d•Hybrid

About The Position

The Specialist, Default Recovery & Appraisal is responsible for the management, resolution, and risk oversight of non-performing and higher risk single family residential mortgages. This Second Line of Defense role ensures that practices for problem loans and collateral valuation are effective, aligned with the organization’s risk appetite and regulatory requirements and is critical in mitigating credit risk. The ideal candidate will have a strong background in default mortgage management, risk management, and appraisals.

Requirements

Bachelor’s degree in finance, Business Administration, Risk Management, or a related field or equivalent work experience.
7+ years of experience in residential mortgage credit risk, special loans, problem loan management, preferably uninsured within a regulated financial institution.
Strong knowledge of residential mortgage products and risk drivers, collateral valuation methodologies, and regulatory requirements including Guideline B-20
Working knowledge of enforcement and recovery processes, including power of sale
Excellent written and verbal communication skills for preparing reports and presenting to senior committees.

Nice To Haves

Hands-on-experience reviewing residential appraisals and collateral valuations is an asset.
Knowledge of risk analytics, stress testing, and portfolio monitoring.
Excellent analytical, problem-solving, and decision-making skills.
Possess effective organizational and time management skills
Sound judgement and clear communication and interpersonal skills.
Strong attention to detail and control mindset.

Responsibilities

Lead the identification, assessment, and ongoing management of problem loans including vulnerable borrowers, delinquent, impaired and workout exposures for residential mortgage loans ensuring timely escalation and resolution strategies
Oversee and challenge the Servicer’s activities related to loan workouts, restructuring, and forbearance strategies to ensure alignment with risk appetite, policy and regulatory requirements.
Develop and monitor key portfolio trends, emerging risks and concentrations within problem loan exposures as well as collateral valuation trends.
Ensure timely revaluations of collateral for higher‑risk exposures and when material changes in borrower risk or market conditions occur.
Apply provisioning methodologies to determine Stage 3 expected credit loss (ECL), ensuring accuracy and consistency.
Facilitate transparent communication with Servicers to ensure they present options that enable the Bank to make well‑informed decisions.
Document key decisions, actions taken, challenges, and recommendations for audit and regulatory purposes.
Analyze and recommend a decision on actions from Servicers for non-performing files.
Establish and maintain standards for the commissioning, review, and acceptance of appraisals, ensuring independence, competency, and adherence to internal policy and applicable professional standards.
Review exception residential appraisal assumptions, methodologies, and conclusions for reasonableness, consistency, and alignment with market conditions, particularly in stressed or distressed scenarios.
Monitor the Banks approved appraiser lists to ensure appraisal firms and the appraisers within the firm are in good standing with the AIC
Monitor early risk indicators for timely identification of deteriorating credit quality and propose proactive monitoring strategies.
Perform portfolio trend analysis on problem loans migration to identify concentrations, valuation volatility and other elevated risks.
Contribute to a culture of continuous improvement and professional development
Ensure adherence to credit risk management frameworks, appraisal standards, and enterprise risk policies and regulatory requirements including Guideline B-20
Recommend enhancements to relevant policies and procedures based on observed gaps or regulatory developments.
Escalate material risk concerns and recommend mitigating actions.