Validation Officer

4 days ago

Hamilton, Canada Scotiabank Full time
Title: Validation Officer - Montreal, QC / Hamilton, ON (Casual)

Requisition ID: 202522

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Purpose

The Validation Officer contributes to the overall success of the Dealer Finance Centre (DFC) in Canada ensuring specific individual goals, plans, initiatives are executed/delivered in support of the team’s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures. The Validation Officer is responsible for completing verification and validation of information contained in approved indirect loan/lease agreements and related supporting documents prior to the release of funds to automotive dealerships.

Accountabilities

Perform all verification activities related to approved Indirect Loans and Leases received for funding:

  • Completing the Contract Message Screen with necessary changes and accepting the details as per the documents provided.
  • Verifying loan and lease documentation to Contract Message to ensure that all documents are included in the funding package from the dealer (application, Bill of Sale, pay stubs or other proof of income, insurance documents, etc).
  • Attaching the documents on the Validation Screen to each tab as required and adding additional documents if necessary (e.g., Proof of Residency/Alternate Payor Form/Proof of Downpayment).
  • Ensuring that any required Lending documents are sent to Lending to review prior to validating and funding the deal as per stip (e.g., Proof of income/Corporate Search).
  • Verifying vehicle insurance coverage and residence as required by the Indirect Retail Lending Policy Bulletin.
  • Verifying the validity and accuracy of Retail Credit Agreement or Retail Lease Agreement in all respects including verifying the collateral description in documents back to the Bill of Sale.

Ensure all lease documents are within Bank guidelines and meet the Bank’s contractual obligations to the Residual Value Insurer:

  • Verifying the validity and accuracy of all financial components that will impact the amortization of the lease on the Bank’s books at the end of the term.
  • Requesting documentation from dealerships to obtain guarantees to cover higher residual values (in excess of standard Insurer-approved residual values) which usually arise out of customer/dealer disputes or dealership staff errors.
  • Ensuring that all lease-end values are within Bank and/or Residual Value Insurer guidelines.
  • Verifying Insurance documentation as per policy.
  • Escalating variances that are outside of Bank and/or Residual Value Insurer guidelines to the dealer and/or Funding Manager or Retail Lending with recommendations for rectification and/or approval prior to funding as needed to control the monetary risk to the Bank.

Resolve all identified discrepancies by:

  • Identifying issues and taking corrective measures where the documents received for funding are not in compliance with the original approval.
  • Communicating with the dealer to make corrections to documentation by returning a deficiency and/or a dealer message.
  • Adhering to Contract Variance Policy Guide.

Champions a customer-focused culture to deepen client relationships and leverage broader Bank relationships, systems, and knowledge by:

  • Responding to requests for information/clarification from dealerships regarding documentation and funding situations in a professional manner and within set service level agreements.
  • Escalating more serious situations/problems to the supervisor as needed for speedy and equitable resolution.
  • Maintaining a positive working relationship with Lending, Accounting, and other DFC Staff in order to quickly and efficiently resolve issues/problems before they result in loss of a dealer’s retail business and negatively impacting the commercial business relationship.

Actively pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to, and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk:

  • Ensuring customer profile fits the information on the document provided, and credit bureau.
  • Reviewing Down payment amount and/or source. Where outside of AML Guidelines, recommend completion of UTR (Unusual Transaction Report) form to DFC Compliance Officer.
  • Justifying a buyer outside of his province of residency or contacting the lending team for a justification.
  • Understanding how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
  • Championing a high performance environment and implementing a people strategy that attracts, retains, develops, and motivates their team by fostering an inclusive work environment; communicating vision/values/business strategy and managing succession and development planning for the team.

Pursuant to a language needs assessment conducted by Scotiabank, the successful candidate will be required to be able to communicate in English & French because they will serve English-speaking clientele.

Location(s): Canada: Ontario: Hamilton || Canada: Quebec: Montreal

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families, and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.

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