Senior Manager, Commercial Credit Policy

5 days ago

Toronto ON, 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.
As part of a growing and dynamic commercial team, the Senior Manager, Commercial Funding is a key member of the Commercial Department, responsible for managing and supervising the Commercial Funding staff to ensure conventional direct and partner transactions, CMHC-insured transactions, construction financing, and Specialized Finance transactions are closed in a timely manner while meeting all regulatory and internal requirements. Strong leadership is paramount to ensure that the Funding Team is adequately trained and motivated and is working efficiently and effectively to ensure all transactions meet optimum and timely service to all stakeholders while adhering to the Bank policies and procedures and AML compliance requirements. The Senior Manager, Commercial Funding is also responsible for supporting the Director, Commercial Funding and Administration with decision-making and planning related to new funding strategies, which includes but is not limited to development and implementation of new procedures in connection with funding of new commercial product lines, drafting and/or amendment of legal documentation, and appropriate communication of such changes to internal and external stakeholders.
Compliance and Risk Management – Pre-Funding and Funding Stages
Daily, the incumbent will manage, delegate, empower and supervise the Commercial Funding team to ensure that they follow through with their individual responsibilities. More specifically, the Senior Manager is responsible for the following:
Instructions to solicitors and property insurance consultants in direct transactions are in conformity with the Bank’s approved standards and delivered in a timely manner.
Security documentation for all real-estate and non-real-estate transactions meets Credit’s requirements, adheres to the Bank’s credit, risk and AML policies and procedures, Ontario Business Corporations Act (OBCA), Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), Personal Information Protection and Electronic Disclosure Act(PIPEDA), and other regulations or guidelines that concern the Bank’s security and operations
Transactions are AML compliant, and where applicable, solutions and recommendations to the CAMLO’s Office or Business Unit Compliance Officer (BUCO)are brought forward to deal with AML matters and findings
Internal and external stakeholders are engaged and updated with respect to transaction flows to guarantee the proactive resolution of AML concerns and legal matters.
Compliance and Risk Management – Post Funding Stage
The incumbent will maintain effective processes within the Commercial Funding team, and where applicable, will create new processes or amend the existing ones to promote efficiency and accommodate changes in the Bank’s policies and procedures, AML regulations and legal requirements. As a result, the incumbent will provide guidance to Management within the Commercial department and facilitate training within the Funding team to implement the required process improvements.
~ Drafting and/or Amendment of the Bank’s Commercial Legal Documentation

The incumbent is fully accountable for drafting and negotiating legal documentation for commercial real estate and non-real-estate transactions under the direction of the Director, Commercial Funding and Administration. The incumbent will be responsible for amending Commercial Commitment Letters and the Bank’s commercial legal suite of documentation ensuring compliance with the Bank’s practices and standards. When necessary, the incumbent will collaborate with the Legal Department and internal key stakeholders.
~ Projects and Strategy

The incumbent will assist the Director, Commercial Funding and Administration in the development and implementation of policies and procedures within the Commercial Department, which includes but is not limited to, setting up processes to facilitate closings for new partnered business and/or new types of transactions (both mortgage and non-mortgage lending), ensuring that the documentation is drafted and in place to meet the Bank’s standards and comply with the Bank’s lending and regulatory requirements (i.and contributing to special projects and product development. The incumbent will work with the Project Management team and internal key stakeholders to develop and build product and service offerings.
JD, Bachelor of Laws, Paralegal Certificate, or similar.
~7-10 years’ relevant legal background in commercial real estate with experience with complex commercial real estate
~ Real estate, business and contract law - solid working knowledge of practices in multiple jurisdictions across Canada including Quebec.
~ Commercial property insurance requirements and practices.
~ In-depth knowledge of the legal documentation required to close real estate and non-real estate transactions, including direct transactions, partner transactions (servicing agreements with each partner) and CMHC securitized transactions
~ Highly developed verbal and written communication skills with the ability to communicate to Senior Management in a clear, concise and professional manner
~ Strong analytical and risk assessment skills.
~ Good working knowledge of MS Office (primarily Word and Excel) and PPLUS

What we offer [For full-time permanent roles]
#Market leading RRSP match program
#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.

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