Director, Mortgage Collections & Default Recovery

Fairstone Financial Inc.; Toronto; Hybrid; CAD 150,000 - 165,000; Full time

Benefits offered by this job

Hybrid work model

Education assistance program

Parental leave top-up

Wellness days

Group retirement savings plan

Gym access at offices

Job summary

Fairstone Bank is seeking a Director, Mortgage Collections & Default Recovery to lead the mortgage default lifecycle across delinquency stages, loss mitigation, and insured claims. The role partners with Credit Risk, Legal, Compliance, Finance, Mortgage Servicing, Technology, and insurers to optimize recoveries and ensure fair customer treatment.

With at least 10 years in mortgage servicing and five years in senior people leadership, you will drive strategic collections, legal recovery, and real

Qualifications

• Undergraduate degree in business, finance, economics, law, real estate, risk management, or a related field.

Responsibilities

• Develop and execute differentiated collections and recovery strategies by delinquency stage, collateral risk, and insurance.
• Approve or recommend payment arrangements, settlements, enforcement actions, property sales, and exceptions within delegated authority.
• Own portfolio results, forecasts, operating targets, budget, and key metrics.

Skills

People leadership

Mortgage servicing

Collections

Credit risk

Education

Undergraduate degree in business, finance, economics, law, real estate, risk management, or a related field

Job description

Who we are:

Fairstone Bank and its family of brands are united in delivering innovative, accessible and reliable financial solutions that enable Canadians to reach their goals. Over the years, our brand family has grown. In 2024, Home Trust Company, Home Bank and Oaken Financial became part of the Fairstone Bank family of brands, alongside Fairstone, EdenPark and Fig. Together, we are the leading alternative lending bank in Canada. With a diverse suite of products - residential and commercial mortgages, consumer deposits and GICs, credit cards, retail and automobile financing, personal loans and digital lending, we offer financial solutions tailored to all Canadians, including newcomers, small-business owners, smart investors and savvy consumers. Home Trust: Home Trust Company has developed a track record of success as Canada’s leading alternative lender, employing nearly 800 people in our Toronto headquarters and branches across the country. Building on the demonstrated strength of its core residential mortgage lending business, the Company also offers complementary lending services, as well as highly competitive deposit investment products, through Oaken Financial. Our culture has been shaped by the passion and integrity of our people. Join Home Trust as a Director, Mortgage Collections & Default Recovery, reporting to VP, Collections, and be part of our talented and growing team!

About the role:

The Director provides strategic and operational leadership across the mortgage default lifecycle—from early delinquency and loss mitigation through legal enforcement, property disposition, deficiency recovery, and insured claims. The role is accountable for reducing credit losses, improving cure and recovery outcomes, protecting the organization’s security interests, and ensuring fair customer treatment. The Director leads collections, legal recovery, and real estate recovery teams and works closely with Credit Risk, Legal, Compliance, Finance, Mortgage Servicing, Technology, insurers, external counsel, and other service providers.

What you’ll do:

Strategic Leadership & Portfolio Performance

Develop and execute differentiated collections and recovery strategies based on delinquency stage, borrower circumstances, collateral risk, insurance status, geography, and expected loss. Ensure timely movement through the recovery lifecycle while controlling legal, property, and carrying costs. Approve or recommend payment arrangements, settlements, enforcement actions, property sales, and exceptions within delegated authority. Maintain oversight of high-value, high-risk, fraud-related, title-defect, and complex files. Own portfolio results, forecasts, operating targets, budget, and key metrics such as delinquency, cure rates, legal referrals, time to resolution, recoveries, losses, costs, claims, complaints, and control results. Provide senior management and governance committees with concise updates on performance, emerging risks, and recommended actions.

Collections and Loss Mitigation

Lead customer treatment strategies from the first missed payment through referral to legal recovery. Set segmentation, contact, prioritization, escalation, and borrower‑assistance practices. Introduce and maintain sustainable repayment solutions that balance recovery objectives, regulatory requirements, reputation, and fair customer treatment. Develop, implement, and monitor delinquency‑management and loss‑avoidance initiatives, including forbearance, repayment arrangements, loan modifications, and other workout solutions. Introduce and follow SLAs to ensure customers receive clear and timely information about their accounts, quality of services and interactions and compliance with rules and regulations.

Legal Enforcement and Real Estate Recovery

Oversee mortgage enforcement across Canadian jurisdictions, including demand, litigation, foreclosure, power of sale, possession, insolvency, settlements, and recovery against guarantors or personal covenants. Ensure the effective management of external counsel by establishing and overseeing referral criteria, service standards, cost controls, reporting requirements, and escalation protocols. Ensure appropriate governance, controls, and oversight are in place to maintain compliance with provincial legislation, contractual obligations, internal policies, insurer requirements, and delegated authorities. Ensure process to oversee valuation, preservation, repair, marketing, pricing, and sale strategies for lender‑controlled properties are adequate, timely and efficient. Monitor time to possession and sale, carrying costs, property condition, marketability, net recovery, and residual shortfalls. Ensure appropriate oversight, controls, and processes are in place to support the accurate, fully documented, and timely submission of mortgage default insurance claims.

Risk, Governance, Vendors & Continuous Improvement

Maintain a strong control environment and ensure compliance with legislation, regulatory expectations, privacy, complaint‑handling standards, insurer guidelines, policies, and codes of conduct. Establish approval authorities, segregation of duties, quality assurance, exception reporting, and file‑review practices. Support audits, regulatory examinations, control testing, and timely remediation of identified issues. Participate in and support investor initiatives by ensuring servicing activities align with applicable servicer agreements, reporting obligations, portfolio requirements, and control expectations. Govern external counsel, recovery firms, appraisers, brokers, property managers, real estate agents, and other partners through service levels, scorecards, quality standards, and cost expectations. Establish and maintain effective third‑party business relationships with external counsel, recovery firms, appraisers, real estate professionals, property managers, insurers, and other service providers. Lead selection, contracting, onboarding, performance reviews, issue escalation, and relationship governance to support service quality, cost discipline, compliance, business continuity, and strong recovery outcomes. Lead workflow modernization, automation, digital communications, case management, analytics, and process improvement. Translate operational needs into business rules, system requirements, data needs, testing, training, and change‑management plans.

People Leadership

Lead, coach, and develop a multi‑layered team across collections, legal recovery, real estate recovery, and business support. Set clear objectives, decision authorities, service expectations, and accountability. Mentor, develop, and coach the management team through regular performance discussions, targeted development plans, succession planning, and practical guidance on complex operational and people decisions. Build leadership capability, strengthen accountability, support employee engagement, and maintain a strong pipeline of talent for critical roles. Oversee workforce planning, recruitment, training, performance management, engagement, succession, and specialist capability development. Build a collaborative, high‑performance culture that promotes sound judgment, transparency, continuous improvement, and timely escalation.

What we’re looking for:

Undergraduate degree in business, finance, economics, law, real estate, risk management, or a related field; an equivalent combination of education and experience may be considered. At least 10 years of progressive experience in mortgage servicing, collections, credit risk, special loans, insolvency, legal recovery, real estate recovery, or default management. At least five years in a senior people‑leadership role within a regulated financial institution. Demonstrated experience managing the mortgage default lifecycle from early delinquency through enforcement, property disposition, and insured claims. Strong knowledge of Canadian residential mortgages, secured lending, collateral risk, provincial enforcement remedies, and regulatory requirements. Experience managing external counsel and recovery, valuation, property, and real estate service providers. Experience with portfolio analytics, provisions, loss forecasting, technology implementation, automation, or operational improvement. Experience with national portfolios and mortgage default insurance is an asset.

What you’ll love about working here:

• Award‑Winning Culture: We’re proud to be recognized as a Great Place to Work Canada 2025 and one of Montreal’s Top Employers 2025 by Canada’s Top 100 Employers.
• Work‑Life Balance: Enjoy flexibility with our hybrid work model designed to support your lifestyle.
• Time to Recharge: Generous vacation based on your role, statutory holidays, plus 6 wellness days to prioritize your well‑being.
• Compensation Package: Competitive base salary plus an annual incentive bonus tied to performance.
• Comprehensive Benefits: Robust health and dental coverage through Manulife, as well as virtual healthcare through Dialogue.
• Future‑Ready Savings: Group Retirement Savings Plan with up to 7% employer match.
• Exclusive Perks: Discounts from top retailers via WorkPerks, plus location‑based perks like gym memberships and Toronto Bike Share.
• On‑Site Fitness: Gym access at our London and Montreal offices.
• Continuous Growth: Education Assistance Program and Fairstone Academy for training and skill development.
• Family Support: Parental leave top‑up program to help you during life’s big moments.

What you can expect - pay & process:

Expected base salary range is $150,000 - $165,000 , plus the opportunity to earn an annual incentive bonus tied to performance. This posting is for an existing vacancy within our organization. Artificial intelligence may be used in parts of the recruitment process. All candidates considered for hire must successfully pass a criminal background check, credit check, and validation of their work experience to qualify for hire.

Fairstone is an equal opportunity employer. Accordingly, we will make reasonable accommodations to respond to the needs of people with disabilities. Individuals who view themselves as Aboriginals, members of visible minorities, and disabled are encouraged to apply in confidence.

Time Type: Full time Job Type: Permanent

RECOGNIZED AS ONE OF MONTREAL'S TOP EMPLOYERS (2025)

Fairstone Bank of Canada and its subsidiaries, including Fairstone Financial Inc. and Home Trust Company, deliver innovative, accessible and reliable financial solutions that enable Canadians to reach their financial goals. Collectively, we offer residential and commercial mortgages, consumer deposits and GICs, retail and automobile financing, credit cards and digital lending, in addition to unsecured and secured personal loans online and at more than 255 branches coast to coast. With a long‑established history, we are proud to be Canada's leading alternative lending bank.