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Funding Officer

2 months ago


Toronto, Ontario, Canada MCAP Full time
About the Role

The Funding Officer is a critical member of the MCAP team, responsible for ensuring the smooth processing of conventional residential and commercial construction loans, inventory loans, and equity mezzanine loans. This role requires a high level of attention to detail, strong organizational skills, and excellent communication abilities.

Key Responsibilities
  • Loan Processing: Review and verify loan documentation, including Commitment Letters, Investor Minutes of Approval, Loan Summaries, and external deposit insurer's commitments.
  • Loan Set-up: Perform full set-up of construction loans to the loan management system, internal shared drives, and investor portal.
  • Documentation Coordination: Mandate external consultants and third parties to co-ordinate receipt of documentation, including Mortgage Security, Anti-Money Laundering forms, Insurance Consultant Opinion, Appraisals, Quantity Surveyor, ESA, etc.
  • Pre-Funding Requirements: Coordinate with internal/external parties to ensure correct documentation/searches are in place prior to funding. Collect, review, and verify loan documentation and funding information from various stakeholders and third parties.
  • Loan Terms and Holdbacks: Review loan terms, holdback releases, and request of funds.
  • Investor Approvals: Ensure that all Investor approvals are in place for each advance and that the mortgage security is/remains in place maintaining the lender's priority position.
  • Loan Administration: Ensure accurate loan set-up on the loan administration management system and adherence to department's quality control measures.
  • Financial Transactions: Post all financial and non-financial transactions on Precision LM and diarize and update mortgage system, PPSA, Notes & Events, and follow-up items (undertaking/action items) for audit within the established timelines.
  • Letter of Credit Transactions: Request Letters of Credit via BMO Trade Finance or the associated financial institution depending on Investor. Process Letters of Credit Amendments and post transactions on loan administration management system during the life cycle of the loan.
  • Loan Payment Processing and Cash Management: Post loan payments, fees, and other financial transactions on the System of Record. Confirm receipt of direct or wire deposit funds into MCAP's Bank Account. Reconcile received closing proceeds with the respective partial or final discharge statement(s).
  • Risk Management and Compliance: Identify any material items such as existing mortgages, PPSA, liens to ensure all pre-funding requirements are met or waived by appropriate authorities in time for the established funding date. Review corporate documentation of relevant entities, legal documentation to the transaction and Corporate/Individual Verification Forms to ensure that all funding and AML criteria have been satisfied.
Requirements
  • Commercial Banking Experience: Two years commercial banking experience.
  • Legal Background: Previous legal background is considered an asset.
  • Commercial Mortgage Knowledge: Strong understanding of commercial mortgages, funding procedures, and legal mortgage terms.
  • Interpersonal Skills: Ability to work independently and as a member of a team. Strong interpersonal skills with the ability to work independently and as a member of a team (cross coverage may be required).
  • Organizational and Time Management Skills: Excellent organizational and time management skills, ability to prioritize.
  • Attention to Detail: Strong attention to detail with the ability to work well under pressure in a fast environment where priorities and tasks are often subject to change.
  • Problem-Solving Skills: Proven ability to prioritize, strong organizational and time management skills with the demonstrated ability to handle multiple tasks within tight deadlines.
  • Communication Skills: Exceptional verbal and written communication and reasoning skills.
  • Analytical Skills: Highly analytical with great attention to detail.
  • Customer Service Skills: Strong customer service skills with proven professionalism.
  • Language Skills: English, Bilingual is an asset.
  • Education: University degree or College Diploma in Finance, Business or Equivalent.