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Default Loan Specialist
2 months ago
Job Summary
The Senior Account Manager, Special Loans and Restructuring will be responsible for managing and administering complex delinquent and problem commercial mortgages, while minimizing losses to the Bank. This role will involve processing loans for legal action, conducting financial reviews, and recommending legal remedies to Senior Management.
Key Responsibilities
- Manage and/or administer complex delinquent and problem commercial mortgages, minimizing losses to the Bank.
- Process loans for legal action, including past maturities, tax arrears, insurance cancellations, bankruptcies/liens, etc.
- Conduct full financial reviews prior to recommending appropriate legal remedies to Senior Management.
- Manage legal action loans and enforce remedies/conditions as warranted, ensuring compliance with established default/workout strategies.
- Liaise with key stakeholders, both internal and external, to determine and negotiate successful workout strategies.
- Perform, review, and correlate all aspects of underwriting, including collateral analysis and valuation, for defaulted loans and problem accounts.
- Ensure that each submission addresses heightened risk elements, as identified, including monitoring and ensuring risk ratings on default loans are updated timely and reported to the appropriate internal stakeholders.
- Work closely with the Mortgage Services team to manage, monitor, and/or resolve commercial delinquencies and certain default loans deemed to be non-performing.
- Provide timely updates to Senior Management as warranted.
- Assist in providing direct oversight on properties that are held by the Bank for recovery purposes.
- Ensure timely preparation of various reports required by Senior Management, the Board of Directors, and external regulators.
- Participate in and/or launch ad hoc projects, establish new policies and procedures, and/or other related initiatives to deliver superior service to all stakeholders.
Requirements
- Minimum of 5-7 years of commercial mortgage experience or related, with previous default experience preferred.
- Business degree or a related discipline, and/or a CPA or similar professional designation or equivalent work experience.
- Understanding of mortgage enforcement remedies and foreclosures across Canada.
- Effective analytical and problem-solving skills.
- Sound technical knowledge of secured lending and factors affecting the commercial mortgage market, with strong understanding of end-to-end processes.
- Established and meticulous time management and organizational skills.
- Sound multi-tasking skills with strong attention to detail when handling multiple competing priorities under tight timelines.
- Proven ability to thrive in a constant changing environment and ability to perform under a high-intensity environment.
- Self-starter with the ability to work independently.
- Developed and effective negotiation and communication skills, both oral and written.
- Excellent presentation skills and ability to professionally communicate with Senior Management and other stakeholders (both internal and external).
- Proficient in MS Office.
- Possess a valid driver's license. Ability to travel within the provinces, with some overnight travel required from time to time.
Job Complexities/Thinking Challenges
- The position requires the incumbent to demonstrate the ability to make sound decisions/recommendations accurately and efficiently with often limited information available in a timely manner.
- The incumbent shall possess strong cognitive and professional judgment upon which they can rely in the ongoing management of their portfolio.
- The incumbent is required to follow corporate policies, procedures, and regulatory requirements in order to work through files and rationalize the recommendations or decisions made.
- The incumbent will also experience the common day-to-day challenges that come with default management and will be required to be a quick learner and strategic thinker to ensure timely resolution on problem loans, while managing multiple defaults, many of which are time-sensitive and unique in nature.
- The incumbent will need to draw on market knowledge to assess suitable solutions.
