Mortgage Broker Intern

4 weeks ago

Toronto, Ontario, Canada EQ Bank | Equitable Bank Full time
Being a traditional bank just isn't our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what's possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. Overall we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform ( eqbank.ca ) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.
The Reverse Mortgage Specialist is responsible for assessing new mortgage applications, issuing mortgage commitments, and collecting required documentation for taking transactions to the funding stage in a timely and prudent manner within established guidelines. Daily, incumbents must promptly review received applications, verify the supporting documentation to ensure accuracy and legitimacy, approve, decline, or refer the applications for approval.
The incumbent will follow up with brokers daily on issued mortgage commitments to ensure that funding volumes are maximized.
The incumbent will review documentation for accuracy and legitimacy placing a strong emphasis on anti-money laundering (AML) and anti-terrorist financing (ATF) requirements, including but not limited to, income and down payment verification.
Daily, be the main point of contact and provide underwriting and mortgage fulfillment expertise to mortgage brokers, direct-to-client representatives, and aid co-workers when required to meet the corporation's service levels
The incumbent will make diligent use of reports to track and manage the flow of all deals funding for their pipeline.
Assess an applicant's fit with EQB's Reverse Mortgage criteria, specifically credit worthiness and legal ability to assume a mortgage. Perform activities like, but not limited to title searches, property maintenance affordability calculators, review property appraisal and borrower documentation to meet internal policy and procedure, regulatory and file-specific requirements.
Post-secondary education in business or finance.
Minimum of 2 years' mortgage experience, with preference given to reverse mortgage exposure.
Reverse mortgage lending or single family residential mortgage lending experience is an asset/plus
Sound knowledge of AML & ATF practices, and fraud risk in the mortgage industry and the ability to address concerns relating to suspected misrepresentation is required
In-dept knowledge of mortgage funding, QA, and underwriting guidelines is an asset.
Experience in underwriting mortgages for properties located in different provinces is an asset.
Proficient in MS Office (MS Word and Excel).
What we offer [For full-time permanent roles]
Medical, dental, vision, life, and disability benefits
Generous vacation policy and personal days
Virtual events to connect with your fellow colleagues
A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
Equitable Bank is deeply committed to inclusion. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire.

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