Equitable Bank is Canada's ninth largest independent Schedule I bank, serving Canadians coast to coast. It offers a diverse suite of residential lending, commercial lending and savings solutions, including high-interest savings products and GICs. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $25 billion in assets under management. Most recently, Equitable Bank launched a digital banking operation, EQ Bank, and introduced the EQ Bank Savings Plus Account. Equitable Bank currently employs over 600 employees across the country.
Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada, while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing ("CMHC") administered National Housing Act.Equitable Bank also offers a range of deposit products including short-term, long-term and Cashable GICs, available in non-registered or Tax Free Savings Account ("TFSA") across Canada. And it offers a High Interest Savings Account, available from authorized investment advisors through the FundServ network.
Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group. It was founded in 1970 as The Equitable Trust Company.
Job Title: Renewals Specialist
Department: Single Family Residential (SFR) Credit
Reports to: Manager, Residential Renewals
Purpose of Job:
The Renewal Specialist is responsible for establishing and maintaining a professional relationship with borrowers and/or brokers whose mortgages are approaching maturity. They must review each individual file, assess clients’ needs, provide necessary information and negotiate renewals with the ultimate goal of retention, while adhering to the bank’s set policies and procedures.
- Retention (60%)
- Proactively establish and maintain contact with borrowers in the assigned portfolio of loans 90 to 180 days prior to maturity, positively representing the bank through the renewal process with a strong emphasis on superior customer service, ultimately with the goal of retaining them as Equitable Bank borrowers. This includes the ability to work professionally with authorized mortgage brokers
- Negotiate renewals within a predetermined pricing range, attempting to offer the borrower the best product while maximizing the bank’s profit, while adhering to the underwriting criteria, timelines and other policies and procedures
- Assess borrowers on an individual basis, making knowledgeable recommendations that are best suited to address their needs, whilst maintaining and upholding the Bank’s interest. This includes monitoring mortgages that no longer meet Equitable Bank’s risk assessment standards, working with these borrowers and/or third parties (brokers/lawyers) to ensure that they are able to transition in an efficient and timely manner
- Be self-directed and organized, able to balance and upkeep the day-to-day maintenance of five months’ worth of loans in a large portfolio. This includes, but is not limited to, ensuring 24 hour turn-around time on email requests and one hour turn-around time on all phone messages
- Administration (30%)
- Prepare loan renewal documents for individual borrowers, processing said documents once signed and returned by borrowers
- Ensure all procedural and compliance requirements are met to minimize the bank’s exposure to risk and that all documents meet legal requirements and are electronically archived correctly for future reference
- Ensure all actions to the file are accurately and consistently documented on the customer tracking database
- Ensure the file has met all Anti-Money Laundering and Anti-Terrorist Financing requirements as stipulated by procedures to minimize the bank’s exposure to risk
- Reporting (5%)
- Systematically track all interactions with borrowers and other external parties
- Keep monthly portfolio spreadsheets up to date and available for review by management upon request
- Other (5%)
- Efficiently and accurately complete any additional projects and tasks related to SFR Renewals that may be assigned by management
- Be team oriented, showing a willingness and ability to harmoniously work alongside other Equitable Bank employees in Renewals and other departments to better serve borrowers
- Completed post-secondary program in a related discipline and/or 2-3 years of experience in a related field
- Superior interpersonal and communication skills, both written and verbal
- Strong decision making and problem solving abilities
- Ability to perform under pressure
- Basic mathematical skills
- Exemplary analytical abilities
- Strong customer service and negotiation skills
- Computer literate (MS Outlook, MS Word, MS Excel)
- Self-motivated to meet tight deadlines
- Results/goal achievement oriented
- Ability to seamlessly balance multiple priorities simultaneously; organized multitasking
- Team oriented
- Working knowledge of residential mortgages and processes, and thorough understanding of products offered by Equitable
- A general understanding of current mortgage market trends
Equitable Bank is an equal opportunity employer and encourages applications from all qualified candidates. Accommodations are available on request for candidates taking part in all aspects of the selection process. 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.
- Pay Type Salary
- Equitable Bank, Toronto, Ontario, Canada