Mortgage Fulfillment Officer - Toronto, Canada - Scotiabank

    Scotiabank
    Scotiabank Toronto, Canada

    2 weeks ago

    Scotiabank background
    Description

    Purpose:

    MOSE delivers a unique value proposition to Scotiabank by providing specialized underwriting and processing services to our Brokers, Home Financing Advisors and eHOME customers. During fiscal 2021, Mortgage Operations and Sales Effectiveness funded approximately 131,000 mortgage applications.

    Each Mortgage Fulfillment Officer (MFO) works closely with multiple assigned Broker Relationship Managers (BRM), Broker Lending Managers (BLM), Home Financing Lending Managers (HFLM), and/or Home Financing Solutions Lending Managers (HFSLM) to process their assigned mortgage applications. MFO are responsible for ensuring each of their mortgage applications is funded on time and following all applicable business processes and guidelines

    Accountabilities:

    1. Provide accurate, timely and efficient administration of approved mortgage applications from customer acceptance through to funding by:

  • Monitor daily work by prioritizing and completing assigned applications with a high degree of accuracy within established SLA.
  • Accurately preparing and forwarding instructions to the lawyer, vendor and/or branch within established SLA.
  • Accurately preparing final funding documents to ensure they are uploaded to the customer file.
  • Reviewing Request for Funds and Identification Verification documents provided by Solicitor to ensure it is accurate and in compliance with Bank requirements.
  • Accurately preparing and reviewing documentation at the time of funding including Personal Credit Agreement (PCA), Mortgage Credit Agreement for Business (MCAB), Mortgage Payout and Transfer Request, Cost of Borrowing (COB), Mortgage Protection Application (MPA), Funding and Documentation Request (FDR – Progress Draws), Bridge Loan security documents and customer payout statements (Refinances)
  • Ensuring accuracy of mortgage information in various Bank systems such as: SMART Funding (Process Navigator), Mortgage Information Management System (MIMS), Term Lending System (TLS), Customer Information System (CIS), Visa and ScotiaLine platform (KS), Workflow, Imaging and Document Repository (IRIS) and the Mortgage Fulfillment System (MFS)
  • Requesting all internal mortgage payout statements and providing to the appropriate party.
  • Review all external payout statements and preparing drafts for applications where there is no lawyer or vendor involved
  • Calculate, prepare and send refund for mortgage prepayment penalties based on bank policy.
  • Make appropriate decisions regarding the deal structure to ensure it is in accordance with bank policies (ex. Missing information, Independent Legal Advice set up (when required), SAM Warnings, STEP limits, Links, Ports, Non-Personal deals and Global Limit Increases, etc).
  • Determining and escalating issues such as title defects, missing information in the application, concerns from lawyers and system issues, as required.
  • Disbursing mortgage proceeds on the correct date and to the appropriate payee; verifying the accuracy and completeness.
  • Preparing posting worksheets for the Mortgage Accounting Department to post the corresponding entries.
  • Ensuring prompt, accurate and thorough response/resolution to all inquiries from branches, lawyers, underwriters, vendors and other business partners
  • Maintaining accurate records and filing systems on users shared drive folder, per established procedures.
  • Providing backup, as required, to other MFOs to cover absences/vacations
  • Recommending solutions to avoid recurrence of errors/problem situations
  • Attend all scheduled team meetings and touch bases
  • Ensure accurate implementation of all system, policy and procedure changes
  • Identify opportunities for increased efficiency within the department
  • Maintaining a thorough knowledge of the systems used as part of regular job duties as well as knowledge of Scotiabank's mortgage products, policies and procedures.

    • 2. Provide superior customer service to BRMs/BLMs/HFLMs/HFSLMs, Branch Officers, Solicitors and all business partners by :

  • Delivering a high level of front-line service and support
  • Establishing and maintaining effective support and working relationships with assigned Underwriters and other internal business partners such as Regional Vice Presidents (SMA) and Regional Directors (HFS); establishing and maintaining an open, co-operative and customer centric relationship with other internal business partners to ensure consistency of service including the RSC, CSAs, Branches, as well as external partners, such as solicitors and 3rd Party Mortgage Fulfillment partners (Fidelity National Financial & First Canadian Title).
  • Establishing and maintaining superior knowledge of mortgage products and related services to ensure the ability to provide prompt, accurate and knowledgeable service to internal and external business partners
  • Ensuring funding exceptions and issues are dealt with quickly and appropriately, including but not limited to; post-funding corrections, corrections to instructions being sent out to the lawyer and/or vendor, title defects, application errors/omissions that need to be corrected by the Underwriter
  • Assuming full responsibility for all Underwriter, Customer, CSA, Branch and Solicitor inquiries, concerns and complaints, ensuring prompt, accurate and efficient response by resolving them within discretion or escalating to Team Leader.
  • Timely responses to both e-mails and voicemails
  • Completing instructions and funding within appropriate SLAs
  • Actively managing pipeline deals in the MIMS system to ensure no stale dated deals as well as SMART notifications assigned to you
  • Ensuring required documentation is received prior to funding on all deals
  • Ensuring accurate and timely setup of funds to lawyer, vendor or customer as required is completed
  • Providing guidance, product knowledge and policy information to Underwriters, CSAs, Branches, Solicitors and third-party vendors.
  • Proactively identify ways to improve level of service and support provided by the department.

    • 3. Ensure the Bank's risk profile is mitigated by:

  • Ensuring all processes, documentation and regulatory requirements or changes are adhered to
  • Ensuring all mortgage documentation received meets requirements including but not limited to; completed Request for Funds form and Signed Personal Credit Agreement which protects both Scotiabank and the customer
  • Ensuring compliance by updating customer identification within Bank systems prior to funding
  • Ensuring any outstanding conditions are followed-up with the Underwriters prior to funding the deal
  • Maintaining integrity of customer and financial records and ensuring business practices conform to established Bank policies and procedures.
  • Maintaining Bank and customer confidentiality
  • Maintaining Cyber Security awareness as per bank policy and Code of Conduct
  • Responsible for promptly and appropriately escalating to Team Leader any incidents of KYC related non-compliance and unusual transactions.
  • Ensuring all customer information is held and viewed in accordance with Bank regulations and security procedures
  • Ensuring lawyers being used are in Good Standing with the Bank and raise update requests with the RSC Solicitor Database team as needed

    • Dimensions:

    Mortgage processing for real estate transactions across Canada
    Assigned to multiple mortgage underwriters for processing of applications
    MFO is responsible for processing, on average, 2000 mortgage applications per year
    Key internal business partners include: Scotia Mortgage Authority, Home Financing Solutions, Real Estate Secured Lending, Retail Mortgage and Auto Lending Operations, Scotiabank Branch network, Client Solutions team
    Key external business partners include: Third party vendors (FNF and FCT), Mortgage Brokers, Other Financial Institutions, Solicitors and Notaries
    Multiple systems to be used in end-to-end processing of mortgage applications

    Functional competencies:

  • Thorough knowledge of the Bank's Broker, Home Financing Advisor and eHOME Mortgage delivery strategy is an asset
  • Thorough knowledge of Scotiabank's mortgage products, policies and procedures is an asset
  • Thorough knowledge of Scotiabank systems including SMART funding, Term Lending System, KS (VISA), MIMS, MFS, IRIS, Workflow and CIS is an asset
  • Working knowledge of the roles and responsibilities of other Bank service and support functions crossing all delivery channels is an asset
  • Basic computer skills using common programs such as Microsoft Office and Adobe

    • Behavioral competencies:

  • Ability to multi-task in a fast-paced environment
  • Ability to work under strict deadlines
  • Excellent organizational skills
  • Excellent prioritization skills
  • Excellent communication skills both written and verbal
  • Utilizing curiosity to recognize opportunities to improve funding related processes
  • Excellent customer service skills
  • Excellent problem-solving skills
  • Ability to work independently and within a team environment
  • Openness to constructive feedback from others
  • Contribute to and build a strong and positive team culture

    • Education / Experience / Other:

  • Post-Secondary degree is an asset
  • Minimum 1 year mortgage industry experience is preferred
  • Bilingual - French and English Required

    • Working Conditions:

  • Work in a standard office-based environment.
  • Work tends to be cyclical. The majority of deadlines and time constraints are predictable; however, disruptions or systems problems and volumes sometimes impact on the incumbent's workflows. Pressure situations can arise from department processing volumes