Vice President, Residential Underwriting

2 weeks ago

Toronto, Canada RFA Bank of Canada, RFA Mortgages Corp. Full time

RFA’s residential mortgage lending business is operated by RFA Mortgage Corporation and RFA Bank of Canada, a federally regulated Schedule I Bank. RFA Mortgage Corporation specializes in Prime lending (Insured, Insurable, Uninsurable), while RFA Bank of Canada is a balance sheet based Alternative mortgage lender (Alt-A and B lending). Combined, RFA offers mortgage brokers a one-stop shop with our full suite of competitive Prime and Alternative mortgages.

RFA’s strategic vision is to be a long-term leader in the residential lending segment by offering a value proposition beyond just rate and compensation. Through building a competitive broker experience and solutions-oriented product suite, RFA’s goal is to be recognized and recommended by our mortgage broker partners, mortgagors, and other strategic partners, for our financing solutions and broker/client experience.

The Opportunity

Reporting to the SVP, Credit Operations the VP, Residential Underwriting will be responsible for overseeing the management of the day-to-day operations of the Uninsured Single Family, Credit Operations group. Responsibilities will include leading multiple teams of broker-facing underwriters, fulfillment officers and funders for the Bank’s Alt-A residential mortgage product. The VP, Credit Operations will ensure the success and growth of the team through coaching, planning, hiring staff and making sure the needs of team members, internal and external business partners are met while ensuring the team is executing within the Bank’s strategic plans.

**Accountabilities include but are not limited to**: oversight and reporting on the Residential Underwriting team’s performance from both volume and risk perspectives; development and implementation of governance; consideration and development of residential lending systems; staff development; and ensuring all activities are operating within the Bank’s stated risk tolerance.

Operational Leadership
- Lead the Residential Underwriting team in achieving set objectives as it pertains to origination and underwriting of residential alternative mortgage lending.
- In conjunction with Enterprise Risk Management, development and implementation of policies pertaining to new originations and acquired assets.
- Establish and maintain appropriate residential underwriting guidelines and procedures that are aligned with the Bank’s credit, AML and compliance policies and Risk Appetite Framework while maintaining competitive position in the marketplace.
- Adjudicate higher risk activities (as it pertains to variance from the Guidelines and large loan amounts) for both Bank originated and acquired loans.
- Resolve the escalation of customer complaints and requests including adjudicating existing client change requests via the Bank’s internal customer service group or through servicers.
- Provide oversight and guidance on the loan acquisition program.
- Handle difficult interactions and unpopular decisions, balancing business partner satisfaction with quality standards established by the Bank.
- Lead and manage relationships with third party service providers employed by the Bank’s Credit Operations, including monitoring their performance.
- Foster and maintain a collaborative environment with the internal sales team and mortgage brokers while ensuring risk management controls are adhered to and monitored.
- Maintain a continuous improvement mindset within the Residential Underwriting team when it comes to process and system related changes.
- Leadership and execution in change management activities to ensure Bank sponsored projects and initiatives are delivered to achieve benefits and operational improvements.
- Perform other responsibilities and assist with special projects, as required.

Risk Management
- Participate in analysis of Quality Assurance reviews and provide feedback to people managers to support the risk objections of RFA Bank of Canada.
- Consult with Quality Control, AML, and Credit Risk teams to ensure loan quality and best practices while ensuring service levels are not compromised.
- Ensure timely and compliant residential mortgage funding with co-ordination of internal and external stakeholders.
- Consult with ERM for internal assessments including, but not limited to: Risk Control Self Assessments; Regulatory Risk Assessments; Compliance Testing.

People Management
- Motivate and coach team members of various levels to assist them in exceeding their objectives through training and development.
- Develop staffing plans anticipating short, medium, and long-term needs.
- Lead and participate in annual performance reviews, addressing areas of strength and improvement.
- Recruit and retain top talent as needed.

Autonomy
- Due to their direct relationship with the executive team, a VP has the autonomy to make definitive decisions and independently lead initiatives. You are in charge of directing the company's operations to make sure it achieves its objectives effect

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