Bilingual (FR / EN) Loan Restructure Specialist

MCAP; Canada; On-site; CAD 60,000 - 80,000; Full time

Job summary

A leading company in the mortgage sector is seeking a Loan Restructuring Specialist. This role involves assessing loan modifications, ensuring compliance with regulations, and working closely with homeowners and various stakeholders. Ideal candidates will possess strong analytical skills and experience in the residential mortgage industry, along with excellent communication abilities. Bilingual proficiency in French and English is required.

Qualifications

• At least 3 years of experience in the residential mortgage industry.
• Bilingual in French and English is required.

Responsibilities

• Assess and process modifications to keep loans performing.
• Collect data and perform analysis for loan restructure solutions.
• Negotiate solutions that meet homeowner needs.

Skills

Communication

Organizational

Time Management

Analytical

Problem Solving

Relationship Building

Creative Thinking

Education

Residential Mortgage Industry Experience

Tools

MS Office

Job description

This position is responsible for making decisions by assessing and processing modifications to keep the loan performing, the homeowner in their home, and to prevent the costs and risks associated with a foreclosure. This role impacts the ability to satisfy investor audits while ensuring compliance with insurers and meeting regulatory requirements. It is critical to MCAP’s report card in the save category from the Mortgage Insurers. The position involves direct contact with homeowners, insurers, Realtors, property managers, and appraisers.

Review the loan

1. File is referred from Collections when a special payment arrangement is not sufficient to resolve the arrears. Review the details and reason for default.
2. Review the policies and procedures for the lender and mortgage insurer, if applicable.
3. Assess if a loan restructure or payment assistance is viable.

Collect the data

1. Call the homeowner to collect additional information.
2. Perform in-depth and sensitive probing to understand the needs of the homeowner while being considerate of their situation.
3. Obtain a credit bureau report, current market valuation of the property, and a title search.
4. Prepare an analysis worksheet to assess the data.

Review Data for Restructure Solutions

1. Verify information on the analysis worksheet and with the credit bureau for accuracy.
2. Ensure the information meets MCAP, lender, investor, and insurer guidelines.
3. Address discrepancies or inconsistencies in the received information.
4. Document and update the system accurately to support approval recommendations.
5. Document conditions required for approval.
6. Evaluate possible solutions based on the gathered information.
7. Think creatively to determine when exceptions are necessary.

Homeowner Contact

1. Respond to questions or concerns to build trust via phone, email, or fax.
2. Ensure solutions meet the homeowner's needs and present all options for informed decision-making.
3. Negotiate in the best interest of MCAP, the lender/investor, the insurer, and the homeowner.

Recommend approval

1. Prepare analysis and recommendations for manager approval or decline if outside the authority.
2. Prepare recommendations for the mortgage insurer if over the lender’s authority limit.
3. Prepare recommendations for the lender if outside MCAP’s authority limit.

Process the Loan Restructure

1. Post entries to capitalize interest, re-amortize the loan, and recalculate the principal and interest promptly and accurately.
2. Set up loan restructure fees for collection from the homeowner.
3. Send out letters outlining changes and include new amortization schedules.
4. Document the restructure in the mortgage servicing systems.
5. Track the data and type of restructure to evaluate success and team performance.
6. Assist and educate team members on restructure options.
7. Communicate suggestions for business improvement to management.
8. Update procedures to adapt to changing requirements.

What You Bring To The Team

• Knowledge of mortgage default and collections.
• Understanding of MCAP, lender, and insurer default policies and procedures.
• Ability to interpret credit reports and real estate valuations.
• At least 3 years of experience in residential mortgage industry.
• Underwriting experience is an asset.
• Excellent communication, organizational, and time-management skills.
• Ability to multitask in a fast-paced environment.
• Strong analytical and problem-solving skills.
• Proven relationship-building skills.
• Self-motivated, independent, and team-oriented.
• Integrity and responsibility in duties.
• Track record as a self-starter and motivator.
• Flexible and approachable attitude.
• Sound decision-making and results orientation.
• Detail-oriented with strategic perspective.
• Reliable, dependable, with a strong work ethic.
• Ability to work independently with limited supervision.
• Creative thinking skills.
• Proficiency in MS Office (Excel, Word).
• Bilingual in French and English is required.