Manager, Default Recovery - Collections

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: 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 Manager, Default Recovery - Collections , reporting to VP Default Recovery & Accounts Receivable, and be part of our talented and growing team! The Manager of Default Recovery Collection is responsible for overseeing all early-stage collection activities across all internally serviced product lines, ensuring adherence to industry best practices and company policies. This role involves managing and reporting on early-stage delinquency and third-party vendor performance for Residential and Small Commercial mortgages, as well as Credit Card portfolios. The Manager is tasked with implementing changes and improvements within the Default Recovery Collection process, focusing on operational considerations, employee training, and the implementation of controls, policies, and systems. As the primary point of contact for third-party vendor relationships, including collection agencies and service providers, the Manager is responsible for fostering and maintaining professional and effective relationships with these entities.

Responsibilities

• Delinquency Resolution
• Lead and develop a team of highly capable and engaged Specialists to success in mitigating loss and reducing delinquency through applying recovery strategies, process change, industry insights, and coaching
• Monitor productivity and workflow to ensure optimal team efficiency and effectiveness to mitigate continuing default
• Take a hands-on leadership approach to ensure prudent handling of complex files
• Review recommendations to management for critical escalation steps or work out solutions for completeness, accuracy and suitability and risk tolerance.
• Provide guidance and/or advice pertaining to effective negotiations and forbearance/workout solution opportunities
• Optimize recovery rates while balancing customer outcomes and reputational risk
• Develop and implement recovery strategies tailored to account risk levels
• Operational Effectiveness & Excellence & Business Initiatives
• Lead team initiatives including policy and procedure maintenance.
• Meet or exceed monthly, quarterly and yearly targets for cured files and loss reduction
• Manage external partners and related costs and SLAs (collection agencies, service providers).
• Monitor reports to ensure results are achieved and to identify trends concerns, performance issues.
• Champion technical and process enhancements, working with key stakeholders both internal and external.
• Establish as required and report on team KRI/KPIs and manage performance reviews.
• Promote a culture of compliance, accountability, and customer-centric recovery.
• Ensure SLAs are achieved and maintained.
• Identify opportunities and champion for continuous improvements/solutions.
• Prepare and deliver performance reports to senior leadership to display target/cure rate results, delinquency avoidance, resolution timelines for delinquent loans, including trends, early warning indicators
• Actively participate and/or provide leadership on projects aligned with business plan and/or objectives, best practices, and/or system implementation initiatives.
• Recommend and collaborate technical and pr

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