Special Loans and Restructuring Manager

Join a Challenger
Being a traditional bank just isn't our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians.

How do we get there? With a talented team of inquisitive and agile challengers that break through the status quo. So, if you're passionate about redefining the future of banking—while having fun—this could be your next big opportunity.

Our company continues to grow, and today we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform ) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

The Work

The Special Loans and Restructuring Manager, is responsible for managing commercial default files, certain commercial loans designated as "problem accounts", which include but are not limited to conventional and construction facilities while adhering to underwriting standards and the Company's policies and procedures (including AML requirements, as applicable). The incumbent is responsible for enforcing the conditions of the mortgage contract on facilities in default as directed by Management, while providing proactive and efficient resolutions/work out strategies to avoid legal action when feasible while minimizing losses to the Bank. The incumbent will act as the key primary contact for communicating and co-operating with both internal and external stakeholders (such as legal counsel, real estate agents, brokers, partners and other internal departments within the Bank) and representing the Bank in the professional community to ensure transactions are processed in a timely and efficient manner.

The Special Loans and Restructuring Manager will support to the Director, Special Loans and Restructuring by performing a variety of functions associated with default management, including underwriting/credit analysis, portfolio management/monitoring, reporting, projects and initiatives and other administrative duties, which may include ad hoc requests by Senior Management. As well as providing training, guidance, and support to other members of the team.

In addition, the incumbent will assist with completing site inspections as required for portfolio management purposes and/or default loans.

The core parts of your role would be to:

• The incumbent will manage and/or administer complex delinquent and problem commercial mortgages (generally loans exceeding $5MM+) while minimizing losses to the Bank, process loans for legal action for non-payment (including past maturities, tax arrears, insurance cancellations, bankruptcies/liens, etc.) and conduct full financial review prior to recommending appropriate legal remedies to Senior Management, manage legal action loans and enforce on remedies/conditions as warranted, while ensuring compliance with established default/workout strategies are implemented in a timely and efficient manner. Liaising with key stakeholders, both internal and external, will be a key responsibility, and forms part of determining and negotiating successful workout strategies
• The incumbent is responsible for performing, reviewing and correlating all aspects of underwriting (including collateral analysis and valuation) for defaulted loans and problem accounts, while ensuring 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
• The incumbent will work closely with the Mortgage Services team and provide assistance to manage, monitor and/or resolve commercial delinquencies and certain default loans deemed to be non-performing, while providing timely updates to Senior Management as warranted
• There may be circumstances where the incumbent will assist in providing direct oversight on properties that are held by the Bank for recovery purposes
• The incumbent will also be responsible to ensure timely preparation of various reports required by Senior Management, the Board of Directors and external regulators (such as quarterly Problem Loan reports, monthly classified and watchlist reports, monthly arrears monitoring reports, provisioning reports, loan monitoring reporting etc.) including ad hoc reporting or analysis as required by Management
• The incumbent will actively work with Senior Management to continuously strive for operational efficiency and implement improvement measures to ensure departmental requirements are met on a timely and effective manner. This may include participating and/or launching ad hoc projects, establishing new polices and procedures and/or other related initiatives to deliver superior service to all stakeholders

Let's Talk About You

• Have a minimum of 5-7 years of commercial mortgage experience or related
• Minimum 2 years' defaults experience
• 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 and recommendations accurately and efficiently with often limited information available in a timely manner. The incumbent shall possess strong cognitive and professional judgement 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

What we offer [For full-time permanent roles]
Competitive discretionary bonus

Market leading RRSP match program

Medical, dental, vision, life, and disability benefits

Employee Share Purchase Plan

Maternity/Parental top-up while you care for your little one

Generous vacation policy and personal days

Virtual events to connect with your fellow colleagues

Annual professional development allowance and a comprehensive Career Development program

A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience

The incumbent will be working hybrid and in office time will be spent working from Equitable Bank's additional office space located at
Ontario Street, Toronto, ON
.

Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone's diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.

We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.

We can't wait to get to know you