Commercial Mortgage Administrator

MCAP; Toronto; On-site; CAD 50,000 - 80,000; Full time

Job summary

An established industry player is seeking a detail-oriented professional to join their team in managing commercial mortgage servicing. In this pivotal role, you will oversee tax escrow accounts, ensuring compliance with municipal regulations while providing exceptional service to investors and borrowers. Your expertise in mortgage administration and legal documentation will be key as you streamline processes and pursue automation opportunities. This dynamic position offers the chance to work in a collaborative environment, contributing to the success of a well-respected organization in the financial sector. If you're a motivated individual with a passion for excellence, this opportunity is perfect for you.

Qualifications

• 2+ years of experience in commercial mortgage administration.
• Focus on tax escrow administration and legal documentation.
• Proven self-starter with excellent time management skills.

Responsibilities

• Manage tax escrow accounts and ensure timely payments.
• Process payments and reconcile daily deposits.
• Follow up on solicitor final reports and manage documentation.

Skills

Commercial Mortgage Administration

Tax Escrow Administration

Loan Servicing System

Time Management

Communication Skills

Automation and Process Efficiencies

Analytical Skills

Tools

Microsoft Outlook

Microsoft Word

Microsoft Excel

Microsoft PowerPoint

Job description

As one of the MCAP Group of Companies, MCAP Financial Corporation (“MCAP”) originates and services commercial mortgage 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 on 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 Management

1. Assume 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 properties.
2. Collect tax bills and prepare backups to ensure the timely payment of tax disbursements to the municipality.
3. Process tax disbursements to the mortgage system and reconcile the cash disbursements to the amount processed on the system.
4. Prepare 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.
5. Explore, test, and pursue automation opportunities on the mortgage system as it relates to tax escrow functionality.
6. Review and update procedures and policies related to tax escrow management.

Solicitor Final Reports

1. Follow up for solicitor final reports within 45 days of funding to ensure that final, signed mortgage documents are received from solicitors and stored in the individual mortgage files to ensure that MCAP has a perfected security interest in the mortgaged property.
2. Review solicitor final reports per the established procedures and document and follow up for any shortfalls or clarifications.
3. Manage 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 events.
4. Ensure that previous charges on title are discharged.

PPSA Administration

1. Maintain Personal Property Security Act (PPSA) renewals and amendments on the system.
2. Liaise with borrowers and the third-party vendor on PPSA renewals and amendments.
3. Review PPSA renewals and amendments received for accuracy and ensure evidence is saved to the mortgage file.

Payment Processing and Daily Deposit Reconciliation

1. Post payments and the payment of invoices to the mortgage system daily, as required.
2. Prepare daily reconciliations, deposit slips, and ensure cheques are deposited at the bank.
3. Handle higher payment processing volumes on the first and fifth of the month, with primary servicer payments coming in on the fifth.
4. Pursue automation efficiencies on the system for payment processing.
5. Manage all mortgage discharge legal documentation in a timely and professional manner to support the borrower in satisfying the mortgage obligation.
6. Liaise with solicitors on the execution of mortgage discharge documentation and ensure backup is maintained in the mortgage file.

Other Post-Funding Activities

1. Obtain and review quarterly CMBS reports from the primary servicer and follow up and escalate shortfalls. Participate in internal and external audits.
2. Effectively liaise with other Commercial and Corporate teams such as Origination, Funding, Portfolio Management, Investor Operations, Finance, and Treasury.
3. Perform other activities as required to meet the objectives of the Commercial Servicing unit.

What You Bring To The Team

1. 2+ years’ experience in commercial mortgage administration, focusing on tax escrow administration and knowledge of commercial mortgage legal documentation.
2. Experience working in a loan servicing system.
3. Proven track record of being a self-starter and taking initiative.
4. Excellent time management skills with the ability to handle multiple tasks proactively.
5. Exceptional verbal and written communication skills.
6. Proficient with Microsoft Outlook, Word, Excel, PowerPoint.
7. Demonstrated ability to pursue automation and process efficiencies.
8. Strong organization and analytical skills.
9. Self-driven and motivated to work in a dynamic environment requiring independent and team efforts.
10. Proficient with numerical analysis and review of loan agreements.