Senior Recovery Specialist

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, the Recovery specialist will be responsible for managing the early high risk stages of Default to ensure that the portfolio is maintained, and all aspects of collection processes are completed in accordance with the Standard Operating Procedures. The Senior Recovery specialist will lead by example and ensure healthy and effective relationships are fostered within and outside the bank. This role is pivotal in protecting the banks’ asset quality and reducing potential credit losses through early stage intervention, client engagement and strategic recovery actions. The Senior Recovery specialist will safeguard the bank’s financial position and supports responsible lending practices and serve as a key contributor to the bank’s overall default management strategy, ensuring proactive, consistent and compliant treatment of at-risk accounts. MAJOR ELEMENTS OF THE ROLE Key Responsibilities Operational Management: Proactively Monitor and manage high risk mortgage accounts in the early stages of delinquency, identifying accounts at risk of default and taking timely action to mitigate financial loss and reputational risk to the bank Engage borrowers through strategic and empathetic communication (phone, email and written correspondence) to understand their financial circumstances, assess willingness and ability to pay and collaboratively develop sustainable repayment,restructuring plans. Lead complex negotiations with clients who have failed to maintain contractual obligations using sound judgement and policy knowledge to recommend appropriate loss mitigation solutions (e.g, repayment plans, hardship relief programs, or voluntary sale options). Thoroughly document all borrower communications, financial assessments and recovery actions in MARS to ensure clear audit trail and compliance with regulatory and internal policy requirements. Prepare reports and request for direction from a senior team member on feedback on next steps. Strategic Default management and Risk containment: Act as a first line of defense in the bank’s credit risk management framework by identifying early warning signs of potential loan losses and executing strategies to contain default exposure. Analyse delinquent accounts with a view to maximizing recoveries while preserving clients relationship when feasible. Provide insights to enhance the bank’s default prevention strategies and collections treatment models. Support policy adherence and ensure loss mitigation strategies align with regulatory requirements and the bank’s credit risk appetite. Customer and Stakeholder Collaboration: Collaborate cross functionally with internal teams including Customer Experience, Portfolio Administration, Risk Management and Sales to ensure a coordinated and efficient client resolution process. Initiate and oversee procurement of occupancy verifications, title investigations, and tax status reports from external stakeholders to inform recovery strategy and legal escalation decisions. Provide updates and recovery forecasts to internal stakeholders, contributing to portfolio performance tracking and reporting metrics. SKILLS AND EXPERIENCE REQUIRED Qualifications Post secondary education in business, finance or related field. A university degree of college diploma is required. Must have direct experience in collections, default management mortgage servicing in a financial institution or similar environment. Experience in a similar role is essential. Strong knowledge of the mortgage industry,loan servicing and/or financial services with a minimum of 1+ years of hands on experience in default orcollections-related roles. Understanding of credit and mortgage terms, risk management, internal controls and regulatory compliance requirements Proficiency in Microsoft Office Suire (Excel, Outlook, Word) and the ability to navigate and work across multiple systems and platforms including CRM tools such as salesforce, or mortgage servicing systems. Ability to manage competing priorities and maintain high productivity levels in a fast paced, high volume environment where tasks include simultaneous management of borrower calls, email, system updates and reporting. Attributes Exceptional time management and multitasking skills: Able to juggle multiple cases, platforms and communication channels while maintaining attention to details and meeting deadlines. Comfortable working independently and with minimal supervision, while also being an engaged and dependable member of a collaborative team. Highly organised, accurate and process-driven with a strong ability to prioritize work under pressure. Excellent written and verbal communication skills, with a customer-focused and solutions-oriented mindset. Proactive problem solving abilities, especially in high stress or time sensitive situations involving distressed clients. Bilingual skills (English and French) are an asset. Working Conditions Unique to Job Standard office environment 3x weekly 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. 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