Senior Recovery Specialist

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, Default management, the Recovery specialist will be responsible for managing the early high risk stages of Default to ensure that the portfolio is maintained, and all aspects of collection processes are completed in accordance with the Standard Operating Procedures.

The Senior Recovery specialist will lead by example and ensure healthy and effective relationships are fostered within and outside the bank. This role is pivotal in protecting the banks’ asset quality and reducing potential credit losses through early stage intervention, client engagement and strategic recovery actions. The Senior Recovery specialist will safeguard the bank’s financial position and supports responsible lending practices and serve as a key contributor to the bank’s overall default management strategy, ensuring proactive, consistent and compliant treatment of at-risk accounts.

MAJOR ELEMENTS OF THE ROLE Key Responsibilities Operational Management: Proactively Monitor and manage high risk mortgage accounts in the early stages of delinquency, identifying accounts at risk of default and taking timely action to mitigate financial loss and reputational risk to the bank   Engage borrowers through strategic and empathetic communication (phone, email and written correspondence) to understand their financial circumstances, assess willingness and ability to pay and collaboratively develop sustainable repayment,restructuring plans.

Lead complex negotiations with clients who have failed to maintain contractual obligations using sound judgement and policy knowledge to recommend appropriate loss mitigation solutions (e.g, repayment plans, hardship relief programs, or voluntary sale options). Thoroughly document all borrower communications, financial assessments and recovery actions  in MARS to ensure clear audit trail and compliance with regulatory and internal policy requirements.

Prepare reports and request for direction from a senior team member on feedback on next steps. Strategic Default management and Risk containment: Act as a first line of defense in the bank’s credit risk management framework by identifying early warning signs of potential loan losses and executing strategies to contain default exposure. Analyse delinquent accounts with a view to maximizing recoveries while preserving clients relationship when feasible.

Provide insights to enhance the bank’s default prevention strategies and collections treatment models. Support policy adherence and ensure loss mitigation strategies align with regulatory requirements and the bank’s credit risk appetite. Customer and Stakeholder Collaboration: Collaborate cross functionally with internal teams including Customer Experience, Portfolio Administration, Risk Management and Sales to ensure a coordinated and efficient client resolution process.

Initiate and oversee procurement of occupancy verifications, title investigations, and tax status reports from external stakeholders to inform recovery strategy and legal escalation decisions. Provide updates and recovery forecasts to internal stakeholders, contributing to portfolio performance tracking and reporting metrics. SKILLS AND EXPERIENCE REQUIRED Q