Mortgage Loan Officer

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 Manager Mortgage Operations, the Mortgage Loan Officer (MLO) position is responsible for the thorough review and validation of all mortgage applications, ensuring that mortgage documents directly meet the requirements of HomeEquity Bank and our Credit Guidelines. The role is critical to ensuring compliance, maintaining bank standards, and providing feedback to internal partners as needed.
This role requires the MLO to liaise directly with the Sales Team and any associated third-party to satisfy all the conditions required for the advancement of files through to funding in a timely manner to meet the needs of our clients. This position also plays a risk management role as it requires the individual to ensure all applications and documents provided meet the standards of the bank and align with our Credit Guidelines.
The MLOs are directly empowered to make document and risk decisions with the ability to approve exceptions falling within their approval guidelines and maintains independence to make appropriate decisions to ensure valid and enforceable security on every funded mortgage.
The MLO has a collaborative relationship with the Bank’s other departments, particularly both the Underwriting and Sales Team. The MLO must lead by example and ensure healthy, effective relationships within the Bank are fostered. At the same time, it is equally critical that the MLO maintains independence to be able to make appropriate decisions, in regard to, quality control to ensure valid and enforceable security on every funded mortgage.

SKILLS AND EXPERIENCE REQUIRED:

• University Degree or Community College Diploma
• has a basic understanding of the current financial services’ environment
• has good communication and conflict management skills
• thrives on variety and continuous improvement
• well organized and is equally comfortable working on their own as well as being a contributing member of a collaborative team.
• Ability to adapt to changing environment and handle multiple priorities
• Proactive approach and sense of urgency to get things done
• Creative problem-solving skills with the ability to get results
• Some proficiency in Microsoft Office with the ability to learn new programs and/or platforms quickly
• Excellent customer service skills with a drive to build strong relationships

MAJOR ELEMENTS OF THE ROLE:

The Mortgage Loan Officer (MLO) is responsible for the final quality check of all mortgage files ensuring all due diligence has been completed prior to the instruction of the file to HEB legal partners.
The role demonstrates a solid understanding of the Bank’s reverse mortgage product, internal policies, and applicable laws. This individual although part of Mortgage Operations will partner with Sales and act as a resource for questions and training concerns.
The Mortgage Loan Officer coordinates with various internal clients and partners (Sales and Underwriters) and Fulfillment Officers.

KEY ACCOUNTABILITIES FOR THE ROLE INCLUDE:

• The Mortgage Loan Officer will have a key role to play in ensuring that Sales are aware of specific file requirements to ensure files move through to funding in a timely manner and manage rework (incomplete files) directly with Mortgage Specialists and Underwriters.
• Processing of Commitment Letter &/or Quality Assurance review of all documents including Anti-Money Laundering (AML) review.
• Communicating promptly and effectively with the Mortgage Specialist, and or Underwriters in respect of any deficiencies with documentation, conditions added, KYC & use of fund gaps to protect our clients and the bank
• Making prompt decisions on mortgage file matters as appropriate and permitted within authority
• Power of Attorney review & approval
• Performing final Quality Assurance of all files once documents have been received from external lawyers, prior to funding, to ensure that the file is complete and Fulfillment Officers have correctly followed all procedures and guidelines, with legal documents meeting our bank standards

Risk Management and Compliance

• Maintain a comprehensive knowledge of HomeEquity Bank’s funding policies, standards, procedures and
• guidelines
• Ensure risk is being managed effectively while maintaining a customer and performance-oriented culture
• Provide ongoing support to investigate and mitigate internal audit risks and opportunities
• Ensure business unit needs are met or exceeded by resolving complaints in a timely manner