Mortgage Collection Specialist (1 year contract)

Equitable Bank - Toronto, ON (6 months ago)

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Canada's Challenger Bank™
If you're looking for a workplace where employees are passionate about their work environment, then read on. What sets Equitable Bank apart from other companies is its culture. We celebrate and embrace the fabric of diversity, the employee engagement process and collectively take pride in our business successes. Our commitment to our customers, our partners and our employees creates a stimulating and exciting atmosphere that generates innovative products and outstanding service quality.

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 $33 billion in assets under management. In 2016, Equitable Bank launched a digital banking operation, EQ Bank, and introduced the EQ Bank Savings Plus Account. Equitable Bank currently employs over 750 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: Mortgage Collection Specialist
Department: Mortgage Services
Reports To: Manager, Mortgage Services
Duration: 12-month contract

Purpose of Job

The Mortgage Collection Specialist is responsible for the collection of delinquent payments in a portfolio of residential and commercial mortgages and for educating clients on establishing and maintaining a satisfactory repayment history with EQB.
The Collection Specialist is task with the responsibility of minimizing the banks delinquency by attaining a monthly target set by management.

Main Activities:
  • Review and monitor assigned accounts and all applicable collection reports
  • Handle all outbound and inbound collection calls within stipulated timelines in a professional manner and in accordance with debt collection practices and privacy regulations
  • Respond to all electronic correspondence within set timelines
  • Establish and record reason for past due accounts
  • Negotiate payment arrangement to bring accounts current
  • Provide timely follow-up on payment arrangements.
  • Refer files for commencement of legal action once all required collection steps have been taken and within timelines as set by management
  • Maintain detailed and accurate notes of all correspondence, payment arrangements, communications and matters of interest on debt collection system
  • Update mortgage system with any information pertaining to client or loan
  • Work closely with other department to utilize existing tools to assist borrowers in developing a plan to bring the mortgage/HELOC into good standing within set timelines
  • Coordinate with the residential and commercial Renewals Teams to achieve resolution on loans past maturity; follow ups/exceptions due to refinances will take place
  • Understand and follow policies, guidelines and procedures
  • On a monthly basis, the incumbent will be responsible for the preparation of specific reports on assigned categories
Experience and Skill Requirements;
  • Completed a diploma program in a related discipline and have a minimum of 2 years of collections experience.
  • Minimum 2 years’ experience in a financial service industry
  • Strong communication, problem solving and analytical skills required
  • Strong negotiation skills are required
  • Ability to show empathy yet remain strong and thick skinned; must be sensitive and handle difficult situations as this is the norm.
  • Ability to work independently and to adapt to a fast changing environment.
  • Knowledge of PPlus and XRS systems are very much an asset
  • Proficiency in MS Outlook, MS Word, Excel
  • Strong attention to detail with an eye for accuracy
  • Ability to balance multiple priorities simultaneously
  • Creative, self-disciplined and capable of identifying and completing critical tasks independently and with a sense of urgency
  • Must work well in a team environment
  • Strong organizational Skills
  • Experience with HELOC (Home Equity Line of Credit) is preferred but not required
  • Bilingual (French) an asset but not required
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.