Default Recovery Specialist

About the role

Fairstone Bank and its family of brands are united in delivering innovative, accessible and reliable financial solutions that enable Canadians to reach their goals. Over the years, our brand family has grown. In 2024, Home Trust Company, Home Bank and Oaken Financial became part of the Fairstone Bank family of brands, alongside Fairstone, Eden Park and Fig. Together, we are the leading alternative lending bank in Canada. We have the collective experience and expertise to better serve our customers and foster our partners' growth. With a diverse suite of products-residential and commercial mortgages, consumer deposits and GICs, credit cards, retail and automobile financing, personal loans and digital lending-we offer financial solutions tailored to all Canadians, including newcomers, small-business owners, smart investors and savvy consumers. Backed by nearly a century of lending experience through its legacy companies, Fairstone Bank and its brand family are proud to be Canada's leading alternative lending bank. Home Trust Company has developed a track record of success as Canada's leading alternative lender, employing nearly 800 people in our Toronto headquarters and branches across the country. Building on the demonstrated strength of its core residential mortgage lending business, the Company also offers complementary lending services, as well as highly competitive deposit investment products, through Oaken Financial. Our culture has been shaped by the passion and integrity of our people. Join Home Trust as a Default Recovery Specialist, reporting to Manager, Default Recovery, and be part of our talented and growing team! The mandate of the Default Recovery Specialist hybrid role is to mitigate and or eliminate financial losses due to delinquent or unpaid balances of all mortgage products offered by Home Trust. Performs independently, setting priorities and scheduling own work in accordance with established and general policies and procedures, requiring little interpretation from Management. Individually responsible for the management of a portfolio of impaired accounts located Nationwide. Continual follow up, instructing solicitors, property managers and real estate agents. Educating mortgagors on both financial and legal repercussions resulting from delinquent accounts. To achieve targets as set by Management, both individually and as a team.

Responsibilities

• Delinquency/Impairment Resolution and Loss Mitigation
• In-depth assessment of customer(s), security, title, and activities in order to mitigate loss and safeguard against any unnecessary out of pocket expense.
• Stewardship of all legal enforcement activities ensuring it proceeds as directed based on adherence to payment arrangement(s) and/or outcome of financial assessment.
• Recommend and execute successful strategies for marketing security, and recovery against personal covenant for debt while adhering to internal controls and guidelines for both HTC and if applicable, our Insurer(s) involved
• Direct Solicitors, property managers real estate agents and all associated agents and all associated Agents to assist with the legal remedies and disposal of real estate within a structured time frame and according to the relevant Provincial Law
• Practice continual use of the follow up system to ensure adequate turn-around time to clients, solicitors & authorized 3rd parties.
• Incorporate regulatory and compliance requirements into existing business processes and activities to ensure guidelines are met within all aspects of the position.
• Customer and Business Partner Experience
• Provide clear, concise and accurate information, through written or verbal communication, to clients and third parties to ensure there is no jeopardy to Home Trust Company's legal action.
• Ensure the customer is at all times treated with respect and are provided a clear understanding of the enforcement process
• Direct and oversee at the loan level all requirements, direction and accountability required by the business partner such as real estate agents, property managers, appraisers, solicitors etc
• Operational effectiveness
• Develop detailed and concise recommendations for Management, as it relates to workout solutions, legal action or marketing proposals, through a thorough assessment of the client, property and account history.
• Through consistent review, follow up and action, meet a target of percentage of files cured on a monthly, quarterly and yearly basis, as an average, in order to achieve expectations on an individual, team and company wide basis, as set out by Management
• Allow for minimal escalations due to errors and/or non-compliance with department/company processes.
• Ensure documentation, account information and statements are produced accurately, and in a timely manner.
• Complete exhaustive reviews of account histories and activities to safeguard against errors resulting in out-of-pocket expenses
• Risk and Compliance
• Proactive mana

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