Defaults Officer Jobs

Join a Challenger
Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.
We are a big (and growing!) family. Overall we serve more than 370,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than 5 million members. Together we have over $100 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our EQ Bank platform ( eqbank.ca ) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2023, 2022, and 2021 lists.
The successful candidate will be responsible for enforcing the conditions of the mortgage contract on residential and commercial loans in default, while adhering to policies and procedures of the Mortgage Services department.
The Work !

• 15% Administration:
• Negotiate the agreement of purchases and sales.
• Monthly reporting to mortgage insurer regarding delinquencies
• Access and update information on internal systems for loans that are in default or under watchlist.
• Manage the default portfolio to ensure that the portfolio is maintained, and that collections and legal processes are completed in a timely and efficient manner.
• Analyze and report regularly on defaulted loans along with recommended resolution strategies to Senior Manager, Vice President, internal and external auditors for loans in default to maximize recovery and mitigate losses.
• 50% Arrears/Mortgage Enforcement Process:
• Ensure all legal files are kept current and active with respect to property insurance, condo fees, utilities, property taxes, and any other property management fees.
• Perform other duties as assigned by the Senior Manager.
• Manage delinquent loans for both commercial and residential portfolios in default stage, take appropriate mortgage enforcement action, including negotiating the sale of property.
• Prepare critical reports in a timely and accurate manner for Senior Management, including:
• Default Summary as required
• Manage all accounts upon commencement of mortgage enforcement (Power of Sale and Foreclosure) until the mortgage is either up to date, is paid out or in possession/sale.
• 20% Reporting:
• Conduct extensive collateral reviews for portfolios, including analysis of valuation of the property, review site inspection report, borrower creditworthiness, lease review, building condition, environmental assessment, and construction liens.
• Collaborate with attorneys, receivers and internal management to review/restructure credit and/or repayment terms. The goal is to improve the security or collateral, to attain an equity position, and resolve the default appropriately.
• Adhere to department filing policy.
• Actively manage personal portfolio assignments in a timely manner, as per the deadlines provided by management and imposed by provisional legislation.
• Work with the property manager to analyze and prepare relevant documentation, including forecasting and budgeting on delinquent properties.
• Prepare and Analyze Reconciliation sheet for losses and Foreclosures for Financial reporting purposes.
• Prepare Financial and credit analysis for insured loans.
• Prepare and submit proof of claims for bankruptcy, work with trustees where applicable.
• Review monthly provision reports for loans in mortgage enforcement
• Ensure emails, faxes and voice messages are actioned and documented within the established timelines.
• Liaise with mortgagors, guarantors and subsequent encumbrances, trustees in bankruptcy, brokers, lawyers and real estate agents, make best efforts to cure defaulted loans.
• Process payments to keep loans up to date and process payouts as required.
• Prepare, review and approve mortgage statements including up-to-date, payouts, notice of sale, demand etc.
• 15% Time Management:
• Conduct workouts with borrowers on all high-risk loans across provinces to mitigate losses within insurer guidelines, and seek approval from management and/or the insurer outside of the guidelines.
• Problem loan report as required
• Cost benefit analysis as required
• Review mortgage discharge documents
• Send appropriate notification regarding returned payments and/or arrears to borrowers.

What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy, personal days and even a moving day
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!