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 The Senior Manager, Default Management, is responsible for leading and overseeing the strategic and operational aspects of the Default Portfolio. This includes ensuring the portfolio is effectively maintained and all collection and legal processes are executed efficiently and within established timelines. The Manager will act as a subject matter expert on default and loss management, foreclosure processes, and provincial laws, providing expert guidance and thought leadership to the team and senior management. This role requires a strong command of compliance standards and regulatory requirements, including Privacy, AML, Complaint Handling, and Bank Compliance policies. The Manager will develop, implement, and assess controls and processes to ensure adherence to regulatory obligations, mitigating risk and maintaining operational integrity. MAJOR ELEMENTS OF THE ROLE Key accountabilities of this position include: • Provide strategic direction for managing defaults, loss mitigation, and real estate management processes, aligning them with the Bank's overall objectives. • Lead the day-to-day operations of the Default Management team, ensuring efficiency, effectiveness, and compliance in a dynamic, fast-paced, and evolving environment. • Serve as the go-to expert on provincial foreclosure laws, loss mitigation, and default management processes, offering guidance to cross-functional teams and external stakeholders. • Ensure all default management activities comply with regulatory practices and risk management frameworks, reducing exposure to financial and reputational risks. • Provide comprehensive reporting, analysis, and insights to senior leadership on default portfolio performance, key metrics, and emerging risks. • Foster a culture of accountability, collaboration, and innovation within the Default Management team. Act as a mentor and coach, developing the skills and expertise of team members. • Evaluate and refine processes to enhance operational efficiency, improve customer outcomes, and adapt to changing regulatory or market conditions. Default Management: • Oversee the Default Portfolio, ensuring timely and efficient execution of collections and legal processes. • Hands-on responsibility for the administration and processing of the Bank's Default Portfolio, including appraisals, title searches, real estate management, and collaboration with provincial legal teams. • Work with legal partners to instruct legal actions, including foreclosure proceedings and eviction processes. • Collaborate with property managers to review appraisals, CMA reports, listings, and offers on foreclosure properties. • Provide recommendations to senior leadership on sensitive decisions involving reputational risks and complex eviction cases. • Ensure monthly actions such as reappraisals, title searches, and occupancy checks for both defaulted and non-defaulted mortgage portfolios. • Mitigate risks by thoroughly reviewing all legal files to minimize losses and maintain cost efficiency. • Monitor Western provinces closely, where provincial losses and non-recoverable legal costs present heightened risks. • Prepare monthly reserve reporting and loss reports for the finance team to ensure appropriate reserves are allocated. • Review property management expenses to ensure fairness and cost efficiency. Management of Default Specialists: • Lead and manage a cross-functional team of Default Specialists, encompassing early stage and late-stage default, foreclosure, loss mitigation, and real estate management. • Provide coaching, mentorship, and performance management to build and sustain a high-performing team. • Foster a collaborative and positive team environment, ensuring alignment with company and departmental priorities. • Conduct daily performance reviews and team updates, ensuring efficient monitoring and resolution of active default cases. • Guide team members on escalation decisions and provide directions on when to escalate matters to the legal team. Default and Loss Mitigation Strategy: • Develop and implement strategies to minimize losses while maximizing recovery on defaulted accounts. • Lead efforts in loss mitigation, focusing on resolution through internal processes and legal actions. • Analyze trends in default and risk exposure, making data-driven adjustments to strategies, as necessary. • Monitor KPIs for default management, loss mitigation, and real estate outcomes, using insights to drive continuous improvement. Foreclosure and Real Estate Management: • Oversee foreclosure and real estate management processes, ensuring efficiency and compliance with provincial laws. • Review property management fees, listings, and offers to optimize recovery and minimize losses. • Collaborate with external vendors, including default lawyers and property managers, to streamline foreclosure processes and manage costs. • Proactively incorporate provincial laws into early-stage strategies to minimize losses and maximize recoveries. Compliance and Risk Management: • Ensure all default management activities align with regulatory practices, internal policies, and risk management frameworks. • Maintain enforceable security on defaulted mortgages throughout the resolution process. • Address internal control gaps by implementing effective and timely solutions. • Ensure that all escalations, high-risk file reviews, and client interactions are handled with professionalism to protect the Bank’s reputation. Stakeholder Management: • Act as the primary liaison with senior leadership, in-house counsel, compliance teams, and external service providers on default-related matters. • Maintain seamless communication and problem-solving with risk and legal teams to resolve escalations. Reporting and Process Improvements: • Provide regular qualitative and quantitative insights on default management to senior leadership. • Prepare monthly and quarterly reports, including Loss Reports, Specific Reserve Reports, and FCAC Quarterly Reports for Customers in Distress. • Develop and maintain comprehensive documentation for default processing and identify opportunities for process enhancements. • Lead and implement special projects aimed at improving operational efficiencies and addressing emerging issues. Monthly and Quarterly Tasks: • Complete Loss Reports and Specific Reserve Reporting for Finance. • Oversee FCAC Quarterly Reports for Customers in Distress. • Manage obituary searches and tax sale reviews. • Conduct condominium and tax arrears arrangements and related reporting reviews. • Handle escalations and conduct reviews of high-risk files. SKILLS AND EXPERIENCE REQUIRED Qualifications: • University Degree and progressive experience at a Canadian financial institution in mortgage processing and administration • Deep expertise in default management, foreclosure processes, provincial laws, and loss mitigation strategies. • Strong leadership experience with proven ability to manage and develop high-performing teams in a dynamic environment. • Excellent communication and stakeholder management skills to navigate complex, high-stakes situations. • Proficiency in data analysis to drive decision-making and strategic adjustments. • Extensive knowledge of compliance and risk management frameworks within the banking or financial services sector. • Direct experience and involvement with internal audit and OSFI reviews. • Experience leading and implementing projects. Attributes: • Critical Thinking – experience in challenging existing processes and recommending improvements • Collaborative leadership style with the ability to take initiative • Ability to work independently and know when to make decisions and when to seek input • Effectively manage multiple activities while under time constraints • Ability to establish healthy working relations and partnerships • Demonstrated planning abilities excellent written and verbal communicator • Ability to speak French is an asset WORKING CONDITIONS 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 (for eligible employees) 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 Find out what we’re up to online, and learn more about what makes HomeEquity Bank a great place to work: LinkedIn Youtube Facebook Twitter Instagram Chip.ca Join Us! If you’re ready to build the future of reverse mortgages, we want to hear from you. 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. 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
