Mortgage Administrator - Commercial

MCAP Group of Companies; Toronto; On-site; CAD 50,000 - 70,000; Full time

Job summary

A leading mortgage finance company in Toronto is seeking a Mortgage Administrator to handle commercial mortgage transactions. The successful candidate will manage tax escrow accounts, ensure compliance with loan agreements, and liaise with solicitors regarding mortgage documentation. Strong communication and analytical skills are essential, along with a background in commercial mortgage administration and a relevant post-secondary qualification. This role offers a permanent full-time opportunity with competitive rewards.

Benefits

Continuous learning and development

Competitive total rewards offering

Dynamic entrepreneurial environment

Qualifications

• 2+ years’ experience in commercial mortgage administration focusing on tax escrow administration.
• Proven track record of taking initiative and managing multiple tasks proactively.
• Strong verbal and written communication abilities.

Responsibilities

• Process and manage commercial mortgage tax escrow accounts.
• Handle solicitors' final reports and mortgage discharge documentation.
• Ensure compliance with loan agreements and internal policies.

Skills

Commercial mortgage administration

Excellent customer service skills

Time management

Proficient in Microsoft Office

Analytical skills

Education

Post-secondary diploma or degree

Tools

Loan servicing system

MS Excel

MS Outlook

Job description

Mortgage Administrator - Commercial

MCAP at a Glance

Joining MCAP means you will be a part of our diverse workforce of highly talented individuals who are recognized for their expertise and success! At MCAP, your professional expertise, commitment to teamwork and passion for service excellence are recognized and rewarded with competitive total rewards offering, a career with continuous learning and development (formal & informal training), and exciting opportunities in a dynamic, entrepreneurial environment.

The Role

As one of the MCAP Group of Companies, MCAP Financial Corporation (“MCAP”) originates and services commercial mortgages 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 and understanding of 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

• 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
• Collect tax bills and prepare the backup to ensure the timely payment of tax disbursements to the municipality on escrow and non-tax escrow loans
• Process tax disbursements to the mortgage system and reconcile the cash disbursements to the amount processed on the system
• 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
• Explore, test and pursue automation opportunities on the mortgage system as it relates to tax escrow functionality
• Review and update procedures and policies related to tax escrow management

Solicitor Final Reports

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

PPSA Administration

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

Payment Processing and Daily Deposit Reconciliation

• Post payments and the payment of invoices to the mortgage system, daily, as required.
• Prepare daily reconciliations, deposit slips and ensure cheques are deposited at the bank
• Higher payment processing volumes occur on the first and fifth of the month with primary service payments coming in on the fifth
• Pursue payment processing automation efficiencies on system

Mortgage Discharge Processing

• Handle all mortgage discharge legal documentation in a timely and professional manner to support the borrower in their satisfaction of the mortgage obligation
• Liase with solicitors on the execution of mortgage discharge documentation and ensure backup is maintained in the mortgage file.

Loan Amendments

• Handle loan renewals, assumptions, prepayments and other amendments on direction from the Investor or Asset Management and in keeping with our policies and procedures
• Review amendment letters
• Instruct/Mandate external consultants (e.g. Solicitors, insurance consultants)
• Prepare Mortgage statements on request – e.g. Information, Assumption, Discharge and obtain approval internally or from Investor
• Liaise with the Borrower, Solicitor, Insurance Consultant and other parties to ensure all requirements of the approved amendment letter have been handled
• Review documents received and handle any variances from the approved amendment letter with the investor directly or Asset Management
• Complete timely updates to LMS evidencing loan amendment
• Review and recommend amendment and discharge documents for execution

Other Post-Funding Activities

• Obtain and review quarterly CMBS reports from the primary service and follow up and escalate shortfalls; participate in internal and external audits
• Effectively liaise with other Commercial and Corporate teams such as Origination, Funding, Portfolio Management, Investor Operations, Finance and Treasury
• Follow-up for Financial Statements as required by each loan agreement and disseminate Financial Statements as required by each servicing agreement – i.e. directly to Investor or to Asset Management
• Monitor Maturities report and obtain instructions directly from the investor or Managing Partner, Commercial Mortgages
• Handle arrears up to 30 days, escalating arrears > 30 days to Asset Management
• Complete Insurance reviews and follow-up for any amendments required
• Follow-up for and review insurance coverage to ensure it continues to meet loan requirements
• Authorized to approve Insurance Deductibles >$0-$25K (Delegated Authorized)
• Other activities as required to meet objectives of Commercial Servicing unit

What You Bring To The Team

• 2+ years’ experience in commercial mortgage administration with a focus on tax escrow administration and knowledge of commercial mortgage legal documentation
• Experience working in a loan servicing system
• Proven track record of being a self-starter and taking initiative
• Excellent time management skills with an ability to handle multiple tasks in a proactive manner
• Excellent customer service skills
• Exceptional verbal and written communication
• Proficient with Microsoft Outlook, MS Word, MS Excel, MS PowerPoint
• Demonstrated ability to communicate and pursue automation and process efficiencies
• Strong organization and analytical skills
• Self-driven and motivated to work in a dynamic environment where independence and teamwork is required
• Proficient with numerical analysis and review of loan agreements
• Post-secondary diploma or degree

If this sounds like you and you are looking to be a part of one of Canada’s largest independent mortgage finance companies, then we want to hear from you!

Be A Part Of Something Great

MCAP is Canada’s largest independent Mortgage Finance company with over $150 billion in assets under management providing mortgage solutions for residential and commercial properties. For over 35 years, MCAP originates, trades, securitizes and services mortgages in offices across Canada. MCAP originates residential mortgages exclusively through the mortgage broker channel as we believe that a professional mortgage broker is a consumer\'s best option and MCAP actively promotes the services of mortgage brokers across the country. MCAP is also a leader in the Canadian residential construction lending market with over 25 years in the business. Our teams of dedicated professionals serve a variety of developer, construction and lender clients across Canada.

Position #: req2091

Employment Status: Permanent Full Time

Location:Toronto; Ontario

Number Of Openings:1

Department: Commercial Mortgage

Internal Job Title: Mortgage Administrator

The above information in this description has been designed to indicate the general nature and level of work performed by employees in the position. It is not designated to contain a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. MCAP provides equal opportunities for all applicants and is committed to fostering an inclusive, accessible environment, where all employees feel valued, respected and supported throughout the recruitment and employment process. If you require accommodation, we will work with you to meet your needs.