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Toronto, Canada MCAP Full timeJoin to apply for the Mortgage Administrator role at MCAPGet AI-powered advice on this job and more exclusive features.As one of the MCAP Group of Companies, MCAP Financial Corporation (“MCAP”) originates and services commercial mortgages loans on behalf of its investors. Reporting to the Manager, Loan Servicing this role is responsible for post-funding...
Mortgage Administrator
2 weeks ago
Mortgage Administrator - CommercialMCAP at a GlanceJoining MCAP means you will be a part of our diverse workforce of highly talented individuals who are recognized for their expertise and success At MCAP, your professional expertise, commitment to teamwork and passion for service excellence are recognized and rewarded with competitive total rewards offering, a career with continuous learning and development (formal & informal training), and exciting opportunities in a dynamic, entrepreneurial environment.The RoleAs one of the MCAP Group of Companies, MCAP Financial Corporation ("MCAP") originates and services commercial mortgages loans on behalf of its investors. Reporting to the Manager, Loan Servicing this role is responsible for post-funding activities on our commercial CMHC-Insured and Conventional Mortgages per the terms of our loan agreements, investor servicing agreements and established policies and procedures.This is a functional role across the portfolio with a key focus and understanding of municipal tax processing and commercial mortgage legal documentation. Additional responsibilities include payment processing, PPSA renewals, mortgage amendment processing and other functions as assigned while providing exceptional customer service to our Investors, Borrowers and internal contacts.Tax Escrow ManagementAssume responsibility for the commercial mortgage portfolio's tax escrow accounts by understanding tax installment due dates and processes for each municipality across Canada on the underlying mortgaged propertiesCollect tax bills and prepare the backup to ensure the timely payment of tax disbursements to the municipality on escrow and non-tax escrow loansProcess tax disbursements to the mortgage system and reconcile the cash disbursements to the amount processed on the systemPrepare tax escrow analysis on mortgage accounts to ensure that sufficient funds are on hand to make the tax payments to the municipality and communicate any shortfalls or monthly payment changes to the borrower.Explore, test and pursue automation opportunities on the mortgage system as it relates to tax escrow functionality-Review and update procedures and policies related to tax escrow management.Solicitor Final ReportsFollow up solicitors' final reports within 45 days of funding to ensure that final, signed mortgage documents are received from solicitors and stored to the individual mortgage files to ensure that MCAP has a perfected security interest in the mortgaged propertyReview solicitor final reports per the established procedures and documents and follow up for any shortfalls or clarificationsManage the solicitor final reports event on the system by knowing which events are coming due and which are past due. Maintain status notes on the system for any outstanding items and escalate past due eventsEnsure that previous charges on title are dischargedPPSA AdministrationMaintain Personal Property Security Action (PPSA) renewals and amendments to the systemLiase with borrowers and the third-party vendor on PPSA renewals and amendmentsReview PPSA renewals and amendments received for accuracy and ensure evidence is saved to the mortgage filePayment Processing and Daily Deposit ReconciliationPost payments and the payment of invoices to the mortgage system, daily, as required.Prepare daily reconciliations, deposit slips and ensure cheques are deposited at the bankHigher payment processing volumes occur on the first and fifth of the month with primary service payments coming in on the fifthPursue payment processing automation efficiencies on systemMortgage Discharge ProcessingHandle all mortgage discharge legal documentation in a timely and professional manner to support the borrower in their satisfaction of the mortgage obligationLiase with solicitors on the execution of mortgage discharge documentation and ensure backup is maintained in the mortgage file.Loan AmendmentsHandle loan renewals, assumptions, prepayments and other amendments on direction from the Investor or Asset Management and in keeping with our policies and proceduresReview amendment lettersInstruct/Mandate external consultants (e.g. Solicitors, insurance consultants)Prepare Mortgage statements on request – e.g. Information, Assumption, Discharge and obtain approval internally or from InvestorLiaise with the Borrower, Solicitor, Insurance Consultant and other parties to ensure all requirements of the approved amendment letter have been handledReview documents received and handle any variances from the approved amendment letter with the investor directly or Asset ManagementComplete timely updates to LMS evidencing loan amendmentReview and recommend amendment and discharge documents for executionOther Post-Funding ActivitiesObtain and review quarterly CMBS reports from the primary service and follow up and escalate shortfalls Participate in internal and external auditsEffectively liaise with other Commercial and Corporate teams such as Origination, Funding, Portfolio Management, Investor Operations, Finance and TreasuryFollow-up for Financial Statements as required by each loan agreement and disseminate Financial Statements as required by each servicing agreement - i.e. directly to Investor or to Asset ManagementMonitor Maturities report and obtain instructions directly from the investor or Managing Partner, Commercial MortgagesHandle arrears up to 30 days, escalating arrears > 30 days to Asset ManagementComplete Insurance reviews and follow-up for any amendments required.Follow-up for and review insurance coverage to ensure it continues to meet loan requirements.Authorized to approve Insurance Deductibles >$0-$25K (Delegated Authorized)Other activities as required to meet objectives of Commercial Servicing unitWhat You Bring To The Team2+ years' experience in commercial mortgage administration with a focus on tax escrow administration and knowledge of commercial mortgage legal documentationExperience working in a loan servicing systemProven track record of being a self-starter and taking initiativeExcellent time management skills with an ability to handle multiple tasks in a proactive mannerExcellent customer service skillsExceptional verbal and written communicationProficient with Microsoft Outlook, MS Word, MS Excel, MS PowerPointDemonstrated ability to communicate and pursue automation and process efficienciesStrong organization and analytical skillsSelf-driven and motivated to work in a dynamic environment where independence and teamwork is requiredProficient with numerical analysis and review of loan agreementsPost-secondary diploma or degreeIf this sounds like you and you are looking to be a part of one of Canada's largest independent mortgage finance companies, then we want to hear from youBe A Part Of Something Great MCAP is Canada's largest independent Mortgage Finance company with over $150 billion in assets under management providing mortgage solutions for residential and commercial properties. For over 35 years, MCAP originates, trades, securitizes and services mortgages in offices across Canada. MCAP originates residential mortgages exclusively through the mortgage broker channel as we believe that a professional mortgage broker is a consumer's best option and MCAP actively promotes the services of mortgage brokers across the country. MCAP is also a leader in the Canadian residential construction lending market with over 25 years in the business. Our teams of dedicated professionals serve a variety of developer, construction and lender clients across Canada.Position #: req2091Employment Status: Permanent Full TimeLocation: Toronto; OntarioNumber Of Openings: 1Department: Commercial MortgageInternal Job Title: Mortgage AdministratorThe above information in this description has been designed to indicate the general nature and level of work performed by employees in the position. It is not designated to contain a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.MCAP provides equal opportunities for all applicants and is committed to fostering an inclusive, accessible environment, where all employees feel valued, respected and supported throughout the recruitment and employment process. If you require accommodation, we will work with you to meet your needs.
