Director, Credit Broker Channel

at  HomeEquity Bank

WHO WE ARE

HomeEquity Bank is a Schedule 1 Canadian chartered bank and the leading national provider of reverse mortgages, with a growing portfolio. As the only bank solely dedicated to serving homeowners 55 and up, we’re passionate about helping Canadian homeowners live retirement on their terms. We live that commitment every day, with a range of reverse mortgage solutions that include our flagship CHIP Reverse Mortgage™ product.
Our Values, Our Passion
At HomeEquity Bank, our values drive and inspire our actions with our customers, our partners and each other.
Customer-Focused. Passionate Advocates
Courage to Act. Do the Right Thing
One Team. One Vision
Think Long-Term. Ever-Evolving
Be Exceptional. Inspire Greatness

POSITION SUMMARY:

Reporting to the VP Mortgage Adjudication & Funding, the Director, Credit Broker Channel position is responsible for leading and coaching the team of underwriters and will hold the accountability of overseeing the efficiency and quality of the collateral adjudicated. The Director builds and maintains effective relationships with both the external Broker community and internal Broker Sales and Operations Leadership in order to develop creative solutions that efficiently and effectively manage client expectations while ensuring adherence to all applicable risk and compliance guidelines.
This position also plays a leading role in the risk management of the business as it relates to full adherence to the Bank’s policies and procedures and regulatory requirements. The role fosters a collaborative relationship for the Credit department with the Bank’s other departments, particularly Sales, Funding, QA, IT and Risk, while still maintaining its independence making appropriate credit decisions. As the day-to-day face of the Broker Channel Credit team, the Director must lead by example and ensure healthy, effective relationships within the Bank.
The position plays an important role within the Bank and requires a deep understanding of credit underwriting, broker business, appraisals management, mortgage terms, risk management, internal controls and regulatory compliance.
This role is also responsible for researching, evaluating and reporting on competitive real estate underwriting practices in market that may influence the Bank’s underwriting model.

SKILLS AND EXPERIENCE REQUIRED:

• University Degree or equivalent experience at a Canadian financial institution in mortgage underwriting, Broker related experience is an asset.
• Direct experience and involvement with internal/external audits and OSFI reviews.
• Excellent written and verbal communicator with previous experience developing/mentoring and leading a high performing team.
• Collaborative leadership style and proactively leads initiatives.
• Expert relationship building skills.
• Excellent analytical abilities to analyze trends and key performance indicators.
• Effectively manage multiple projects while maintaining daily business performance.
• Ability to work independently and know when to make decisions and when to seek input from others.
• Ability to speak French is an asset.
  Working Conditions Unique to Job
  Hybrid working environment

The Credit department underwrites each mortgage application assessing the collateral (residential properties) and the client’s credit worthiness following the Bank’s guidelines to approve or decline mortgages. The Director role is responsible for managing the Credit department including leading and coaching the team of Underwriters. Direct reports include Senior Underwriters and Manager Credit Broker Underwriting. The Manager role will include a Team Lead and Underwriter Associates.
The role is responsible for the department’s controls and processes to ensure full compliance and adherence with the lending policy, the established underwriting guidelines and applicable regulatory requirements (OSFI Guideline B-20, AML and Regulatory Compliance Management).
The Director role interacts regularly with all facets of the business and members of the Senior Leadership team, including sales management, IT, Risk Management, vendors and external appraisers.
The Director role ensures service levels are acceptable for the Broker community to optimize satisfaction with the outcome of their referral business. The role promotes a culture of excellence in communication between the Broker and Underwriting teams to establish a strong partnership and support growth while operating within the Risk Appetite of Home Equity Bank.

Underwriting Process

• Provide regular leadership, coaching and direction to the underwriting team to ensure new mortgages are underwritten in an efficient and timely manner within the Bank’s service level agreement, regulatory requirements and defined policies.
• Make prompt decisions on matters requiring approval as appropriate and permitted.
• Measure and report operating efficiencies, turnaround times, quality, including files requiring exceptions, to management and the Bank’s Credit Committee.
• Work in partnership with the Quality Assurance team to enhance and monitor the quality assurance program that regularly reviews adherence to the underwriting requirements as established by the Bank.
• Be a champion for the Bank’s strategic objectives by identifying and proposing effective solutions to maximize client experience and operating efficiencies.

General

• In collaboration with Risk Management and Quality Assurance, manage to credit policies and procedures, identifying and sizing opportunities for growth that fit within the Bank’s defined risk parameters.
• Partner with sales management to coach and train sales personnel on credit policies and processes to enhance the customer experience.
• Responsible for managing third party vendors such as appraisal management companies, including performance reporting and act as the lead on projects impacting associated processes.
• Participate in various corporate projects as a subject matter expert on behalf of the Credit department. Playing a key role in supporting loan growth and associated audits and testing.

Risk Management and Compliance

• Play a leading role in risk management as it relates to securing valid enforceable security on every mortgage and ensuring full adherence to the Bank’s policies and procedures and regulatory requirements.
• Responsible for continuously assessing departmental controls to ensure full compliance with all regulatory requirements and the Bank’s policies, including Privacy, AML and Regulatory Compliance Management (RCM).
• Key Credit lead for audits and reviews involving the Credit department requiring frequent interaction with the Quality Assurance, internal and external auditors. Ensure that all control gaps identified in any audit have a reasonable action plan and are addressed in a timely manner.
• Report, document and address all risk or compliance incidents that are the responsibility of Credit in accordance with the Bank’s Incident Management protocol.
• Regulatory Compliance Management Prime for the Credit department.