Senior Analyst – Loan Servicing

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: [email protected]

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