Funding Officer

5 months ago

Toronto, Canada MCAP Full time

The Role

The Funding Officer is responsible for funding conventional residential/ commercial construction loans, inventory loans, and equity mezzanine loans.Key responsibilities for this role are to ensure service standards are attained for processing all mortgage advances in accordance with company policies and procedures. This position is responsible for processing financial and non-financial transactions; ensuring data records are accurately maintained; identifying credit and servicing risks and ensuring loan security is in place and is retained in the face of changing conditions.This position requires an individual to process both loan advances and Letters of Credit ensuring data records are accurately maintained.The successful candidate will apply exceptional customer service skills in their interactions and relationships with our clients, third party professionals and internal staff.

Review Commitment Letters, Investor Minutes of Approval, Loan Summaries, and external deposit insurer’s commitments regarding deposit release mechanisms. Perform full set-up of construction loans to the loan management system, internal shared drives, and investor portal. Mandate external consultants and third parties according to MCAP’s Policies and Procedures to co-ordinate receipt of documentation including but not limited to Mortgage Security, Anti-Money Laundering forms, Insurance Consultant Opinion, Appraisals, Quantity Surveyor, ESA, etc. Coordinate with internal/externals 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, to ensure all pre-funding requirements are met or waived by appropriate authorities in time for the established funding date. Liaise with solicitors, originators, and external consultants, to collect, review and verify loan documents. Once required, conduct independent due diligence to determine an alternative solution in line with MCAP’s risk appetite via exception requests to management based on the delegated authorities. Review loan terms, holdback releases, and request of funds. 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. Ensure accurate loan set-up on the loan administration management system and adherence to department’s quality control measures. 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. Prepare and Issue Partial or Full loan Discharge Statements.

LETTERS OF CREDIT TRANSACTIONS

Responsible for requesting Letters of Credit via BMO Trade Finance or the associated financial institution depending on Investor. Responsible for processing Letters of Credit Amendments and posting transactions on loan administration management system during the life cycle of the loan. Review and verify the monthly invoices and payment of Letter of Credit Fees.

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). Advise Cash Management, and Investor Relations of daily cash deposit transactions. Prepare and deliver a deposit slip for daily cash receipts to our Finance Group. Responsible for the preparation of the daily Bank Wires & Cheques reconciliation.

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.

What You Bring To The Team 

Two years commercial banking experience Previous legal background is considered an asset. Strong understanding of commercial mortgages, funding procedures and legal mortgage terms. Ability to work independently and as a member of a team. Strong understanding of commercial mortgages, funding procedures and legal mortgage terms. Strong interpersonal skills with the ability to work independently and as a member of a team (cross coverage may be required); Excellent organizational and time management skills, ability to prioritize. 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. Proven ability to prioritize, strong organizational and time management skills with the demonstrated ability to handle multiple tasks within tight deadlines. Exceptional verbal and written communication and reasoning skills. Highly analytical with great attention to detail. Excellent problem-solving skills and conflict resolution skills. Strong customer service sills with proven professionalism; and Working knowledge of MS Office. English, Bilingual is an asset. University degree or College Diploma in Finance, Business or Equivalent

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