Loan processor Jobs in Toronto, ON

Company Operating Name: Institutional Mortgage Capital (Servicing entity called Institutional Mortgage Servicing)
Job Title: Senior Analyst – Loan Servicing (Year 3 Analyst/Associate)
Position: Full Time, permanent position
Location: Toronto ON, 5 days in office
Salary Range: $75k – $85K, $36.06 - $40.86 per hour, 40 hours per week – 2080 hours per year
Discretionary Bonus Potential: Yes
Annual Salary Review: Yes
Benefits: Standard Health Benefits, 3 weeks vacation
Team Size: 3
Business Address: 199 Bay Street, Suite 1900, Commerce Court West, Box 271, Toronto, ON M5L 1E9
Email Address: ryan.fernandes@imcapital.com


JOB DESCRIPTION
Role Summary

• Take responsibility for work of the other analysts for all entry of loans in servicing software in accordance with parameters outlined in loan documents and assist in analyst level work as needed
• Manage and oversee the financial servicing and administration of Canadian commercial mortgage portfolios, ensuring compliance with loan agreements, investor guidelines, and internal financial controls
• Review and interpret commercial mortgage loan documentation and input loan parameters into servicing systems to ensure accurate financial tracking and reporting
• Analyze and process complex borrower transactions including loan renewals, extensions, amendments, assumptions, and advances, assessing financial and contractual implications.
• Underwrite financial information in line with regulatory and servicing annual review requirements for compliance on loan covenants, reporting requirements, and risk indicators by reviewing legal and financial documentation, creating an assessment for asset management, following up with borrowers on resolving non-compliance or risk factors and maintaining detailed tracking within servicing systems
• Complete trust account administration including reconciling and analyzing monthly mortgage payment collections, movement of money between all trust accounts by province and product type, and banking activity; ensure accurate processing of collections and remittance of principal, interest, and fees to investors, review and set up flow of funds, review and set up banking in TD platform, provide support for regulatory compliance audits to principal broker and finance as requested
• Oversee the monitoring and remittance of property taxes and insurance renewals, assessing adequacy of coverage and compliance with contractual requirements.
• Analyze and approve reserve disbursements by reviewing supporting financial documentation and ensuring conditions for release are met under loan agreements.
• Prepare and review borrower notices for loan maturities, interest rate step-ups, prepayments, and mortgage discharge statements.
• Obtain, review, and analyze borrower financial information including rent rolls, operating statements, and net worth statements to assess ongoing financial performance and credit risk.
• Provide senior-level support for borrower and investor inquiries by evaluating financial data and contractual obligations to resolve servicing matters.
• Assist with annual site inspections by reviewing inspection findings and assessing potential financial or credit risks related to collateral performance.
• Assist the Head of Loan Servicing in updating procedure documents and negotiating servicing agreements with potential new lenders
• Act as a senior technical resource during internal/external audits as required for rating agencies, lenders, servicing agreements, provincial mortgage regulators, finance team, auditors
• Assist in the training of new analysts
• Be a servicing system technology expert as we continuously work with our platform and IT implementation team to create operational efficiencies, automations and updates based on evolving business and regulatory requirements.

Job Requirements

• Language of Work: English
• Ability to work in Canada with plans for permanent residency
• Licensed as a Mortgage Agent Level 1
• College Diploma or Bachelor’s degree in Business Administration or a related field
• 3 years in mortgage servicing/administration of diverse commercial mortgage portfolios in all provinces of Canada (CMHC insured loans, CMBS loans, consumer loans, bridge loans, construction loans, floating rate, amortizing loans)
• Experience working and communicating with both institutional and non-institutional partners (banks, credit unions, borrowers, asset managers, other lenders)
• Experience working directly with internal C-suite
• Previous experience in dealing with rating agencies
• Experience dealing with regulatory requirements including but not limited to regulatory audits and third party servicing audits
• Experience in creating custom reporting based on new third party servicing agreements
• Advanced skills in using a detailed servicing system (RealSynergy user preferred)
• Previous project management experience in upgrading servicing systems for changing business and regulatory requirements (system upgrade project in process)
• Intermediate to advanced level skills in Microsoft Office (Excel and Word)
• Strong analytical and problem-solving skills
• Excellent communication skills, both written and verbal
• Ability to work independently as well as within a team environment
• Basic accounting knowledge (reconciling receipts and debits)
• Experience in setting up and managing trust banking transactions including processing in the servicing systems, setting up banking, reviewing requests from junior team members, managing different trust accounts based on province and product type

How to Apply

Click the “Apply Now” button and follow the instructions to submit your resume. Please know that we only accept documents in MS Word or Rich Text formats.

When referencing this job, quote # 481451

You must currently reside within the Greater Toronto Area and be permitted to work in Canada to be considered for this opportunity. A recruiter will be in touch with you if your profile meets our client’s requirements for this role.

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Determining compensation for this role (and others) at Vaco/Highspring depends upon a wide array of factors including but not limited to the individual’s skill sets, experience and training, licensure and certifications, office location and other geographic considerations, as well as other business and organizational needs. With that said, as required by local law in geographies that require salary range disclosure, Vaco/Highspring notes the salary range for the role is noted in this job posting. The individual may also be eligible for discretionary bonuses, and can participate in medical, dental, and vision benefits as well as the company’s 401(k) retirement plan. Additional disclaimer: Unless otherwise noted in the job description, the position Vaco/Highspring is filing for is occupied. Please note, however, that Vaco/Highspring is regularly asked to provide talent to other organizations. By submitting to this position, you are agreeing to be included in our talent pool for future hiring for similarly qualified positions. Submissions to this position are subject to the use of AI to perform preliminary candidate screenings, focused on ensuring minimum job requirements noted in the position are satisfied. Further assessment of candidates beyond this initial phase within Vaco/Highspring will be otherwise assessed by recruiters and hiring managers. Vaco/Highspring does not have knowledge of the tools used by its clients in making final hiring decisions and cannot opine on their use of AI products.

EEO Notice

Vaco by Highspring is an Equal Opportunity Employer and does not discriminate against any employee or applicant for employment because of race (including but not limited to traits historically associated with race such as hair texture and hair style), color, sex (includes pregnancy or related conditions), religion or creed, national origin, citizenship, age, disability, status as a veteran, union membership, ethnicity, gender, gender identity, gender expression, sexual orientation, marital status, political affiliation, or any other protected characteristics as required by federal, state or local law.

Vaco by Highspring and its parents, affiliates, and subsidiaries are committed to the full inclusion of all qualified individuals. As part of this commitment, Vaco by Highspring and its parents, affiliates, and subsidiaries will ensure that persons with disabilities are provided reasonable accommodations. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact HR@vaco.com.

Vaco by Highspring also wants all applicants to know their rights that workplace discrimination is illegal.

Representation Notice

By submitting to this position, you agree that you will be giving Vaco by Highspring the exclusive right to present your as a candidate for the foregoing employment opportunity. You further agree that you have represented information about yourself accurately and have not affirmatively misrepresented your qualifications. You also agree to maintain as confidential, to the fullest extent permitted by law, any information you learn from Vaco by Highspring about the position and you will limit disclosure of information about the position only to the extent necessary to perform any obligations in furtherance of your application. In exchange, Vaco by Highspring agrees to exercise reasonable efforts to represent you through all solicitation, job screening and resume dispersal.

For residents of Ontario, Canada: Based on Highspring’s discussions with its Client, Highspring’s understanding is that this position for employment is a current vacancy (either through Highspring as a contractor or with the client directly).

Privacy Notice

Vaco by Highspring and its parents, affiliates, and subsidiaries (“we,” “our,” or “Vaco by Highspring”) respects your privacy and are committed to providing transparent notice of our policies.

• California residents may access Vaco by Highspring HR Notice at Collection for California Applicants and Employees here.
• Virginia residents may access our state specific policies here.
• Residents of all other states may access our policies here.
• Canadian residents may access our policies in English here and in French here.
• Residents of countries governed by GDPR may access our policies here.

Additionally, submissions to this position are subject to the use of AI to perform preliminary candidate screenings, focused on ensuring minimum job requirements noted in the position are satisfied. More details about Vaco by Highspring’s use of AI can be found here (https://www.highspring.com/ai-use-notices/). Further assessment of candidates beyond this initial phase will be conducted by recruiters and hiring managers. Vaco by Highspring does not know and cannot opine on if its client’s use of AI products in hiring.

Pay Transparency Notice

Determining compensation for this role (and others) at Vaco by Highspring depends upon a wide array of factors including but not limited to:

• the individual’s skill sets, experience and training;
• licensure and certification requirements;
• office location and other geographic considerations;
• other business and organizational needs.

With that said, as required by local law, Vaco by Highspring believes that the following salary range referenced above reasonably estimates the base compensation for an individual hired into this position in geographies that require salary range disclosure. The individual may also be eligible for discretionary bonuses.