Renewal Account Manager

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

Job summary

MCAP Group of Companies is seeking an Asset Management Specialist to enhance borrower retention and manage loan renewals. This role involves critical analysis of loan data, customer interaction, and adherence to investor guidelines. Ideal candidates will have mortgage underwriting experience, strong analytical skills, and a commitment to customer service in a dynamic environment.

Qualifications

• 2-3 years mortgage underwriting experience required.
• Strong understanding of mortgage products and industry best practices.
• Bilingual (FR / EN) is considered an asset.

Responsibilities

• Re-underwrite loans at renewal and manage borrower retention.
• Adjudicate information and ensure compliance with guidelines.
• Communicate effectively with clients to build relationships.

Skills

Critical thinking

Communication

Organizational skills

Analytical skills

Customer service

Education

University / College degree or equivalent business experience

Tools

Microsoft Office

Job description

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

The role of the Asset Management Specialist (AMS) is critical to the success of borrower retention and managing investors’ expected rate of return.Accountabilities include all aspects of re-underwriting the loan at renewal by proactively contacting our borrowers whom MCAP wishes to retain; potentially in advance of, and throughout the 90-days prior to their maturity date and obtaining updated documentation from borrowers to be used in the re-underwriting process.

This position is accountable for managing the assigned segment of upcoming maturities each month by reviewing and determining the best option for the client, the investor and Eclipse. The AMS is accountable for overseeing complex renewals and pricing to ensure Investor(s) guidelines and the Eclipse Risk Based Methodology are adhered to in order to mitigate the risk of ‘orphan loans.’The AMS is accountable for completing a detailed write-up on all loans which are ‘priced to leave’ and is also accountable for all the non-funding aspects of the Eclipse Portfolio including referring loans for refinancing, porting, covenant changes and determining cost to discharge during mid-term.

This individual is expected to work within the hours deemed to be the best fit for reaching the assigned portfolio of customers. The typical workday ranges from 9 : 00AM-8 : 00PM EST in order to accommodate the various time zones within Canada.

Reviewing Upcoming Maturities

Re-underwriting a loan at renewal taking into account current loan to value ratios, repayment history, geographic location, credit bureaus and title search.

Verifying information on file and with the Credit Bureau to ensure accuracy.

Verifying information to ensure it meets company guidelines. Determining the best contact strategy to reach borrowers to discuss upcoming renewal.

Employ retention strategy which focuses on profitable files – mortgages with the highest balance; those with higher risk of payout.

Prospecting loans at renewal in order to increase Eclipse’s overall retention rates.

Prospecting loans at renewal to determine if a refinance will benefit the client and Eclipse.

Prospecting loans at renewal to determine if the mortgage can be moved up the credit spectrum to Prime.

Promote MCAP products / services, refinance, convert to prime and HMP opportunities.

Pricing right to balance customer retention strategy and to fulfil investor requirement / rate of return.

Providing investor-specific information for upcoming renewals to the Investor via the investor portal for the investor’s review and approval.Includes documents such as – list of upcoming renewals, title search, credit bureau reports, property valuation, consumer proposal, etc.

Adherence to prescribed timelines is critical for this role as per provincial guidelines and internal workflow demands.

Credit Adjudication

Adjudicate information presented and address any discrepancies or inconsistences.

Review title search to ensure that MCAP is registered in proper priority and to determine if subsequent mortgages, liens or judgments have been registered that will affect Eclipse’s risk and / or the client’s ability to pay.

Pricing product based on risk profile of each individual client by obtaining and assessing updated credit bureaus, title searches, valuations, and payment histories.

Ensuring that Eclipse’s risk and rate are within Eclipse’s guidelines.

Ordering and reviewing valuations to ensure that the property complies with the asset quality required for the Eclipse portfolio.

Preparing a written report for each maturity ‘priced to leave’ or ‘priced to reduce the risk of potential default or losses’.

Generating a rate of return on MCAP’s capital allocated to the business unit while balancing the risk and return.The preservation of both the investor’s and MCAP’s capital is paramount.

Assessing all relevant information and determining the options the customer may have to refinance with another lender and pricing the renewal in order to retain the customer at the appropriate risk adjudicated return.

Customer Service

Prioritize maturities assigned, determining the best contact strategy to reach borrowers

Make outbound contact (phone / email) with the assigned list and entice the targeted customer to stay with Eclipse for their upcoming mortgage renewal

Communicating with client to obtain updated income and employment information which is to be used in assessing pricing, as required.

Communicating with clients seeking information on any encumbrances on title, unpaid collection items, outstanding judgements, etc.

Communicating with client to discuss combining mortgages and possible refinancing options.

Respond in a timely manner to questions and / or concerns from all clients with the intent to build / maintain relationships (within 24 business hours)

Provide clients with mortgage options to assist in making an informed decision.

Work directly with Mortgage Brokers on renewals when required.

What You Bring To The Team

2-3 years mortgage underwriting experience

Renewal underwriting and process experience

Superior critical thinking skills

Excellent written and oral communication skills

Excellent organizational / time-management skills

Ability to prioritize / multi-task in a fast-paced environment

Strong analytical and problem solving skills

Strong customer service skills and the ability to negotiate effectively

Good understanding of mortgage products, the mortgage industry and best practices

Ability to assess detailed information on credit reports, titles searches and real estate appraisals to properly adjudicate the risks.

Proficient in Microsoft Office – Word, Excel, PowerPoint

Ability to learn proprietary systems

Demonstrated Real Estate analysis ability

Ability to foster relationships with internal and external business partners

Motivated and results oriented

Ability to work effectively both independently and in a team environment

Carries out duties with integrity and takes accountability for actions.

University / College or equivalent business experience

Bilingual (FR / EN) is considered an asset

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 aconsumer'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 # : req2019

Employment Status : Permanent Full Time

Location : Waterloo and Toronto

Number Of Openings : 1

Department : Residential

Internal Job Title : AssetManagement 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.