Mortgage Funder

Mortgage Funder

MCAP at a Glance

Joining 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 Role

This position is responsible for contributing to the success of MCAP while funding various types of single-family residential mortgages, including bridge financing. The Closing Coordinator will be required to ensure data integrity of legal documents and client identification documents.

The Closing Coordinators are vital in promoting a professional image to all our business while building and maintaining quality relationships. This position will be responsible for reviewing documentation within prescribed service levels agreements, ensuring compliance with MCAP lending guidelines and identifying any issues so that MCAP, our clients and investors are protected. In addition to reviewing documentation, this role is also accountable for clearing the applicable administrative system tasks.

The Closing Coordinator will also receive and administer all phone calls and emails from law firms and Title Insurers from the instruction stage through to the funding stage. The Closing Coordinator will be required during this process to provide detailed information and training to various paralegals and law firms on how to complete our documentation and be able to answer any questions they may have about the transaction. The position is responsible to prioritize the instructing of the file and review all the completed mortgage documents and any from the law firm, Title insurers and Underwriters based on client requests. They are required to understand the transaction, the changes and ensure these meet all our policies. All of the job requirements must be met while providing superior customer service to the law firms, title insurers and internal staff.

Process Documentation

• Review and verify loan documents and information provided by solicitors, notaries or title insurers, to ensure all pre-funding requirements are met in time for the funding date.
• Ensure fully completed Customer Identification (Know Your Client) documentation is provided prior to funding. Identify that the down payment and employment indicated support the information in the file. Ideally, this is provided within 48 hours prior to closing at minimum.
• Upon receipt of Mortgage Drafts and Request for Funds, review closing dates on documents provided against what is noted on the system to confirm dates have not changed or refer the file back to the Solicitor
• Review and ensure the first payment date mirror the committed terms as well as correctly identify if client is responsible for property taxes before advancing funds.
• Ensure the names on the draft mortgage, Customer Identification Verification Form all match to what we have on file, and note any supporting AKA if name differs from application at time of review.
• Confirm subject property and mailing address, match to what is on the system. If the address differs and an unsatisfactory explanation is provided by the solicitor, file is escalated to the underwriter or manager for review.
• Ensure all tasks related to the documentation review are completed in accordance with the system requirements/procedures set out per brand, including rate expiry dates.

Assist with closing related transactions

• Manage daily funding reports and prioritizing files based on closing date, then time of document to ensure we are within SLA.
• Respond to any questions or requests law firms/title insurers or internal staff members may have to ensure timely and accurate completion of each mortgage transaction
• Escalate any documentation or questions to the Manager for review
• Provide solicitor with amendments as required to ensure accurate closing documentation
• Ensure material changes are communicated to the solicitor after the initial instructions are sent.
• Follow up with law firms/Title insurers 5 day prior to funding and 3 days prior to funding to confirm the mortgage will fund on time and for the receipt of the requisition for funds.
• Engage Underwriter 5 days prior to funding to obtain conditions for timely closings for purchases if still outstanding
• Ensure the correct rate is set up on the file 48 hours prior to funding. Any files with outstanding conditions refer to the manager or underwriter immediately
• Review payout statements from the statement department and update information in the origination system as required.
• Ensure all files are ready to fund by EFT/Wires 1-2 business days prior to funding
• Verify that the solicitor's trust account information is accurate before determining that funds may be deposited. If there is a mismatch contact Underwriting support to have the updates made before issuing funds.
• Follow-up with solicitors, notaries or Title Insurer on any outstanding conditions, to be satisfied within 48 hours of closing.
• Liaise with solicitors, notaries or title insurers when we are required to obtain additional documents that were not originally requested at time of closing.
• Promptly setup delayed closings for files with funds disbursed being returned and ensuring underwriting and finance has advised of funds being returned and new closing date.
• Ensure any amendments are within your authority referring any amendments outside of your authority to the Manager or Underwriter

Relationship Management

• Ensure documents are within SLA of time sent, regardless of future closing dates.
• Ability to liaise with third parties such as FCT, FNF, solicitors and notary offices to ensure a smooth funding process and provide a customer service level that demonstrates our strive to be "best in class."
• Respond to solicitors' & notaries' inquiries post funding or refer them to the appropriate department.
• Follow-up with solicitors, notaries or Closing centers for returned funds, or confirmation of notice of release on holdbacks.
• Ensure Know Your Customer documentation is received 48 hours prior to funding whenever possible and always prior to funding the mortgage
• Maintain a 2-hour turnaround time on voicemail and email messages
• Assist with any questions regarding conditions or MCAP policy and guidelines to ensure timely / accurate closing as scheduled

What You Bring To The Team

• Banking, Accounting experience or education in Business Administration would be an asset
• Experience dealing with clients by phone or in person would be an asset
• Should have minimum 1-year previous work experience in the service industry
• Energetic, outgoing and confident
• Must have the ability to work in a fast-paced environment, with high volumes of information changes
• Accountable for own performance
• Must be detail oriented
• Ability to learn and retain complex information, and then apply and communicate the information to others
• Computer proficiency a MUST
• Proficient in Word and Excel, Outlook
• Experience in a professional environment is a requirement
• Proven ability to foster relationships
• Take initiative to support to your team and assist others where possible.
• You will be required to work with the underwriter to address any changes to the file that come up during closing process or for rush files.
• Must have a sense of accountability for files funding on time with the correct rate, amount and data accuracy.
• As a high performing team player during coaching sessions you will be required to provide constructive feedback using detailed examples on areas the team can improve on.
• Exceptional oral and written communication skills
• Excellent organizational and time-management skills ability to prioritize
• Strong analytical and problem-solving skills
• 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.
• College diploma
• Accredited Mortgage Professional (AMP) would be an asset

If 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 you

Be 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 #: req2098

Employment Status: Permanent Full Time

Location: Toronto; Ontario

Number Of Openings: 2

Department: Residential

Internal Job Title: Closing Coordinator

The 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.