Property Tax and Document Specialist - Commercial Mortgages

MCAP Group of Companies; Toronto; On-site; CAD 60,000 - 80,000; Full time

Job summary

A major mortgage finance company in Toronto is seeking a Property Tax and Document Specialist to manage commercial mortgage tax escrow accounts and ensure compliance with lending policies. The ideal candidate will have over 2 years of mortgage administration experience, excellent customer service abilities, and proficiency in MS Excel. You will be responsible for timely tax payments, managing solicitor reports, and enhancing efficiency through automation. Join a leading firm dedicated to professional growth and competitive rewards.

Benefits

Competitive compensation

Continuous learning and development opportunities

Diversity in the workplace

Qualifications

• Minimum of 2 years' experience in mortgage administration focused on tax escrow.
• Proven track record of initiative and self-management.
• Strong skills in numerical analysis related to loan agreements.

Responsibilities

• Manage tax escrow accounts and ensure timely payment of municipal taxes.
• Follow up for final solicitor reports and ensure compliance.
• Handle payment processing and daily reconciliation.

Skills

Mortgage administration experience

Customer service skills

Time management

Analytical and organizational skills

French language skills

Education

Post-secondary degree or diploma

Tools

Microsoft Excel

Loan servicing system

Job description

Property Tax and Document Specialist - Commercial Mortgages

MCAP at a Glance

JoiningMCAP means you will be a part of our diverse workforce of highly talentedindividuals who are recognized for their expertise and success! At MCAP, yourprofessional expertise, commitment to teamwork and passion for serviceexcellence are recognized and rewarded with competitive total rewards offering,a career with continuous learning and development (formal & informaltraining), and exciting opportunities in a dynamic, entrepreneurialenvironment.

The Role

As one of the MCAP Group of Companies, MCAP Financial Corporation ("MCAP") originates and services commercial mortgages and construction 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
• 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 as related to tax escrow management

Solicitor Final Reports

• Follow up for solicitor 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 document 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 elevate past due events
• Ensure that previous charges on title are discharged

PPSA Administration

• Maintain Personal Property Security Action (PPSA) renewals and amendments on 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 servicer 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
• Liaise with solicitors on the execution of mortgage discharge documentation and ensure backup is maintained in the mortgage file.

Other Post-funding Activities

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

What You Bring To The Team

• 2+ years’ experience in mortgage administration with a focus on tax escrow administration and knowledge of commercial mortgage legal documentation
• Experience working in a loan servicing system
• CMB and CMBS commercial mortgage servicing knowledge is considered an asset
• 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
• Proficient with Microsoft Outlook, MS Word, MS Excel, MS PowerPoint
• Demonstrated ability to communicate and pursue automation and process efficiencies
• Self-driven and motivated by desire to work in a dynamic environment where independent and teamwork is required
• Proficient with numerical analysis and review of loan agreements
• Strong analytical and organization skills
• Effective verbal and written communication skills
• French language skills are considered an asset
• Post-secondary degree or diploma

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

MCAPis Canada’s largest independent MortgageFinance company withover $150 billion in assets under management providing mortgage solutions forresidential and commercial properties. For over 35 years,MCAP originates, trades, securitizes and services mortgages in offices acrossCanada. MCAP originates residential mortgages exclusively through the mortgagebroker channel as we believe that a professional mortgage broker is a consumer's best option and MCAP actively promotes the services of mortgagebrokers across the country. MCAP is also a leader in the Canadian residentialconstruction lending market with over 25 years in the business. Our teams ofdedicated professionals serve a variety of developer, construction and lenderclients across Canada.

Position #: req2121

Employment Status: Permanent Full Time

Location: Toronto; Ontario

Number Of Openings: 1

Department: Commercial Mortgage

Internal Job Title: Mortgage Specialist

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.