Senior Default Specialist

HomeEquity Bank; Toronto; On-site; CAD 70,000 - 90,000; Full time

Job summary

A leading Canadian chartered bank is seeking a Senior Default Specialist to manage accounts through the default and foreclosure process. This position requires collaboration with default lawyers, oversight of legal actions, and adherence to compliance standards. The role offers a hybrid work environment, competitive salary, and comprehensive benefits. Ideal candidates will have a Bachelor's degree and relevant experience in default management or legal sectors.

Benefits

Extended health and dental benefits

Employee & Family Assistance Program

Employer-Matched Group Retirement Savings Plan

Well-being initiatives

Employee corporate discount for GoodLife Fitness

Qualifications

• 3-5 years of experience in default management or legal role within banking or real estate sectors.
• Strong understanding of foreclosure laws, legal procedures and regulatory requirements in Canada.
• Excellent communication and interpersonal skills for stakeholder engagement.

Responsibilities

• Manage mortgage accounts in default and foreclosure stages.
• Collaborate with default lawyers for legal proceedings.
• Maintain compliance with relevant laws and regulations.

Skills

Default management

Foreclosure knowledge

Analytical skills

Bilingual (English and French)

Education

Bachelor’s degree in finance, Law or related field

Tools

MS Office

Salesforce

Job description

Overview

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Who We Are

HomeEquity Bank is a Schedule 1 Canadian chartered bank and the leading national provider of reverse mortgages, with a growing portfolio. As the only bank solely dedicated to serving homeowners 55 and up, we’re passionate about helping Canadian homeowners live retirement on their terms. We live that commitment every day, with a range of reverse mortgage solutions that include our flagship CHIP Reverse Mortgage product.

Our Values, Our Passion

At HomeEquity Bank, our values drive and inspire our actions with our customers, our partners and each other.

• Customer-Focused. Passionate Advocates
• Courage to Act. Do the Right Thing
• One Team. One Vision
• Think Long-Term. Ever-Evolving
• Be Exceptional. Inspire Greatness

Position Summary

Reporting to the Manager, Default management, this role will play a critical role in managing accounts through the default and foreclosure process. The role involves close collaboration with the bank’s default lawyers and property managers to navigate all aspects of legal actions and foreclosure stages effectively. The (Senior) Default Specialist will be responsible for mitigating financial loss and reputational risks.

Major Elements of the Role

Operational Management :

• Manage mortgage accounts in default and foreclosure stages, ensuring timely and efficient processing of all related activities.
• Monitor and review default accounts by providing regular updates and reports on status progress.
• Effectively manage the default portfolio to mitigate both financial loss and reputational risk by implementing strategic measures to minimize losses through proactive oversight and vendor management ensuring that all foreclosure activities align with the company’s standards and regulatory requirements.
• Recommend appropriate enforcement action to management.

Legal And Foreclosure Coordination

• Work closely with default lawyers to handle legal proceedings, including the initiation and management of foreclosure actions.
• Ensure all legal documentation and requirements are met accurately and promptly.
• Collaborate with property managers and real estate managers to oversee property related tasks during foreclosure progress including property inspections, maintenance and securement activities.
• Review appraisals, Comparative Market Analysis (CMA) reports to assess listings and offers.
• Provide clear instructions to lawyers and property managers.

Documentation And Compliance

• Maintain accurate records by keeping clients’ accounts up to date by managing and saving all necessary documentation related to the account.
• Monitor compliance with relevant laws and regulations, including mortgage servicing standards, foreclosure laws and internal policies.

Qualifications

SKILLS AND EXPERIENCE REQUIRED

• Bachelor’s degree in finance, Law or related field (or equivalent experience)
• 3-5 years of experience in default management, foreclosure, or a legal-related role within banking or real – estate sectors.
• Strong understanding of foreclosure laws, legal procedures and regulatory requirements in Canada.
• Strong computer skills, MS Office and ability to adapt to and understand CRM platforms (salesforce etc).
• Bilingual skills (English and French) are an asset.
• Relevant certifications in mortgage servicing or foreclosure management are an asset.

Attributes

• Excellent communication and interpersonal skills with the ability to liaise effectively with default lawyers, property managers and other stakeholders.
• Strong analytical skills and attention to detail, thorough, accurate, and organized.
• Strong problem-solving skills with the ability to handle complex default and foreclosure cases and develop effective solutions.

Working Conditions

WORKING CONDITION UNIQUE TO JOB

• Hybrid work environment

Why Work at HomeEquity Bank?

Great Environment

HomeEquity Bank offers a hybrid working environment supported with a culture of flexibility – an approach that is unique to each person, and that enables both business and individual needs to be met in a mutually beneficial way.

We pride ourselves in recognizing and celebrating performance, community service, teamwork, and diversity among our employees.

A Dynamic Culture – With People at the Centre

We believe our people make all the difference; our tireless commitment to inclusivity, professional development, and employee experience has been recognized through awards including the Greater Toronto’s Top Employers 2024,Waterstone Canada's Most Admired Corporate Cultures 2022-2023, the Globe and Mail\'s Report on Business : Canada's Top Growing Companies 2022 (third year since 2019), Canadian\'s Mortgage Professional (CMP) Top Mortgage Employer 2023 for the third year in a row and Achievers Top 50 Most Engaged Workplaces 2023.

Growth and Opportunities

We provide challenging and rewarding careers in a wide variety of fields. We continuously develop and train our employees through professional growth opportunities and on-the-job training. We also encourage our employees to develop professionally and personally though a series of career developing programs including our Educational Assistance Program, designed to reimburse costs related to professional learning and development.

Celebrating Great Work and People

We believe in an environment that celebrates success, knowledge, leadership, and work that is inspired by our core values. For these reasons, we have created several programs that make it easy for our employees to say ‘great job’ to their colleagues and leaders.

From our Appreciate! Program to the High Five Award Program and President’s Award Program, we recognize professional achievement with a variety of rewards including points towards gift cards, merchandise, and travel experiences, as well as group RRSP / DPSP contributions and more.

Our Community Leadership Program recognizes employees who make a positive impact in their communities through volunteer work with a grant for their charity of choice. Additionally, we provide employees with one paid day off each year to volunteer at their favourite local charity.

The Perks

• HomeEquity Bank offers a competitive total rewards package that includes :
• Extended health and dental benefits
• Employee & Family Assistance Program
• Employer-Matched Group Retirement Savings Plan
• Employee Share Investment Plan
• Well-being initiatives including : a wellness account; virtual self-care programs and extended mental health benefits
• Employee corporate discount for GoodLife Fitness

HomeEquity Bank is committed to an inclusive, equitable and accessible workplace. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Please note that our successful candidate is required to complete a background check.

Stay in the Know

About

Find out what we\u2019re up to online, and learn more about what makes HomeEquity Bank a great place to work :

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Join Us! If you’re ready to build the future of reverse mortgages, we want to hear from you.

Seniority level

Mid-Senior level

Employment type

Full-time

Job function

Information Technology

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