Residential Mortgage Specialist

3 weeks ago

Kitchener, Ontario, Canada MCAP Full time

About the Role

This position is responsible for making decisions by assessing and processing modifications to keep the loan performing, the homeowner in their home, and to prevent the costs and risks associated with a foreclosure. This position impacts the ability to satisfy investor audits while ensuring compliance with insurers and meeting regulatory requirements. This role is critical to MCAP's report card in the save category from the Mortgage Insurers.

Key Responsibilities

  • Review loan files referred from Collections when a special payment arrangement is not sufficient to resolve the arrears.
  • Assess if a loan restructure or payment assistance is viable.
  • Collect data by calling the homeowner to collect additional information, performing in-depth and sensitive probing and investigating to understand the needs of the homeowner, and obtaining a credit bureau, a current market valuation of the property, and a title search.
  • Review data for restructure solutions by verifying information on the analysis worksheet and with the credit bureau to ensure accuracy, verifying information to ensure it meets MCAP, lender/investor, and insurer guidelines, and adjudicating information received and addressing any discrepancies or inconsistencies.
  • Document and accurately update the system to support the recommendation for approval.
  • Document the conditions required for approval.
  • Evaluate possible solutions based on an understanding of the information gathered.
  • Negotiate in the best interest of MCAP, the Lender/Investor, the Insurer, and the homeowner.
  • Recommend approval by preparing an analysis and recommendation to the manager for approval and/or decline if outside the Loan Restructure Specialist's authority.
  • Process the loan restructure by posting entries to capitalize interest, re-amortize the loan, re-calculate the principal and interest portions in a timely and accurate manner, setting up the loan restructure fee for collection from the homeowner, and sending out a letter to the homeowner outlining changes to the loan and including a new amortization schedule.
  • Track approvals/declines by tracking the data and type of loan restructure to determine if the solution provided was successful in preventing the loan from being referred for legal action and the overall performance of the team.

Requirements

  • Knowledge of mortgage default and collection experience.
  • Knowledge of MCAP, Lender, and mortgage insurer default policies and procedures.
  • Understanding of credit reports and real estate valuations to assess appropriate solutions for borrowers.
  • 3 years' experience in the Residential Mortgage industry.
  • Underwriting experience is an asset.
  • Excellent oral and written communication skills.
  • Excellent organizational and time-management skills.
  • Ability to multi-task in a fast-paced environment.
  • Strong analytical and problem-solving skills.
  • Proven ability to foster relationships.
  • Strong customer service skills.
  • Self-driven, motivated with the ability to work independently and in a team environment.
  • Carries out duties with integrity and takes responsibility for actions.
  • Proven track record of being a self-starter and self-motivated.
  • Must be flexible and approachable.
  • Sound decision-making ability and results-oriented.
  • Detail-oriented with the ability to see the 'big picture.'
  • Strong work ethic, reliable, dependable.
  • Ability to work with limited supervision.
  • Ability to think outside the box.
  • Proficient in MS Office applications (Excel, Word).
  • Bilingual French and English is required for this role.

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