Reporting to the Managing Partner, the Director and their team will be responsible for the ongoing surveillance and management of the MCAP’s commercial mortgage portfolio post funding. The mandate encompasses: annual credit reviews, evaluating and approving loan modification requests, default management and loan renewals.
Using a lead-by-example approach and a flexible management style, the Director and their team will recommend and approve renewal of CMHC maturing mortgages that are to be resold into CMHC’s securitization programs. To identify and mitigate credit risk, the Director and their team will proactively manage CMG’s portfolio through credit reviews, monthly CMBS oversight, watch list reporting and when necessary diligent enforcement of loan security. To ensure ongoing industry leading customer service, the Director and team will evaluate, recommend and approve Borrower requests for loan modifications.
This role requires a seasoned commercial real estate finance expert in CMHC Insured and Conventional Lending with default loan management experience and a desire to develop and mentor their team.
The Director will be responsible for the planning, direction and the overall activities relating to the portfolio management of CMG’s mortgage book formulating short and long-term business strategies, implementing products, policies and programs and monitoring overall performance of the objectives. As a member of CMG’s executive team the Director develops and executes CMG’s rolling 5 year business plan
- Review and approve maturing CMHC loans that are to be re securitized within delegated authority limits
- Issue and negotiate renewal letters with Borrowers
- Provide ongoing update reporting on the CMHC renewal book to the Managing Partner and Senior Director of Investment Management to be used in managing the quarterly CMB allocation for 5 and 10 year mortgages
- Coordinate with Loan Servicing for the execution and registration documents required under the terms of the approved renewal
- Completion of annual reviews through collection of financial statements from Borrower and Guarantors as required under the Commitment Letter and related security documents.
- Responding to Borrower requests by processing of loan amendments, assumptions, and renewals and securing investor and management approval for same as required
- Management and supervision of defaulted loans by liaisoning with CMHC, CMG investors, MCAP appointed professionals and the Borrower and its representatives to develop and negotiate solutions.
- Identify, contract and arrange third party property inspections
- Management of a portfolio of non-performing mortgages compliant with the terms established by MCAP’s investors, CMBS requirements and CMHC guidelines
- Collect relevant material to formulate a well-reasoned action plan which is to be circulated for review and approval. Provide updated periodic progress reports consistent with company policy and MCAP’s contractual obligations to its investors and stakeholders
- Carry out the terms of approved action plans while maintaining regular dialogue with borrowers, investors, lawyers, property managers, appraisers and realtors as may be required
- Analyze Borrower covenants pertaining to default accounts and assess prospects for recovery.
- Negotiate settlement agreements in compliance with the CMG investor approvals or as required by CMHC
Management, Investor, Rating Agency and Regulatory Reporting
- Prepare and provide regular management, investor, insurer and regulatory reporting per established parameters or contractual obligations on a monthly, quarterly, semi-annual or annual basis
- Receive, review and consolidate periodic reporting for CMBS accounts as Master and Special servicer and consolidate for submission to the reporting agent.
- Maintain and update a tracking system within the Precision LM mortgage system for ongoing and recurring portfolio management duties and surveillance activities.
- Track, consolidate and present MCAP’s portfolio management activities to external rating agencies on a regular basis. Respond to rating agency requests on an ad hoc basis as required.
- Present watchlist, matured loans and arrears\default reporting to Commercial Mortgages Investment Committee on a monthly basis
- Compliance with all investor contracts (including CMBS), CMHC underwriting and securitization policies and rating agency requirements as applicable.
Lead and Manage Staff
- Champion the company’s Vision, Mission and Values as set out in the Strategic Plan both internally and externally within the industry.
- Recruit and develop the right people that believe in and reflect in their behavior MCAP’s Values and Culture.
- Establish, monitor and communicate performance standards to direct reports reinforcing individual results, work quality, continuous improvement, teamwork and achievement of MCAP’s objectives.
- Educate, coach and counsel staff to ensure they are empowered to effectively handle their roles in a confident and professional manner.
- Establish and maintain an effective system of communication throughout the business unit.
What You Bring To The Team
- Minimum of 10 years commercial lending experience
- Default Management experience
- Previous leadership experience
- Experience with Canada Mortgage Bond Program, CMHC Mortgage Backed Securities and Commercial Mortgage Backed Securities
- Knowledge of conventional, commercial loan underwriting for office, retail, industrial, and other forms of commercial real estate
- Expertise in CMHC policies and procedures related to multi-residential property
- Team Builder with a demonstrated ability to recruit, train, coach and mentor staff
- Skilled Problem Solver that has negotiating and conflict resolution skills with ability to articulate logical arguments
- Relationship builder that can forge and grow client relationships and internal partnerships
- Ability to demonstrate initiative/confidence and is decisive
- Credit risk / default management experience
- Proficient with MS Word, MS Excel, MS PowerPoint
- Preferably a bachelor degree in business/commerce
- Mortgage Brokers License (preferred)
If this sounds like you and you are looking to be a part of one of Canada’s largest independent mortgage finance companies in Canada, then we want to hear from you!
Be A Part Of Something Great
MCAP has grown to become one of Canada’s largest independent mortgage finance companies a real Canadian success story! MCAP is an independent, Canadian based mortgage finance company with more than $15.4 billion of annual originations and over $73 billion in assets under administration. MCAP provides mortgage products and services to a broad range of institutional investors and lenders for residential and commercial properties across Canada. Founded in 1981, MCAP has over 700 employees and originates, funds, trades, securitizes and services mortgages in offices across Canada. MCAP is also a leader in Canadian construction and development lending with over 20 years in the business. Our teams of dedicated professionals serve a variety of developer, construction and investor clients across Canada.
Position #: req264
Employment Status: Permanent Full Time
Location: Toronto; Ontario
Number Of Openings: 1
Department: Commercial Mortgage
Internal Job Title: Director - Portfolio Management
The above information in this description has been designed to indicate the general nature and level of work performed by employees in the position. It is not designated to contain a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
MCAP provides equal opportunities for all applicants and is committed to fostering an inclusive, accessible environment, where all employees feel valued, respected and supported throughout the recruitment and employment process. If you require accommodation, we will work with you to meet your needs.
MCAP Group of Companies
MCAP Group of Companies, through its affiliated companies, offers a range of real estate lending and mortgage services.