Mortgage Loan Officer

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.

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

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

Working Conditions Unique to Job:

• Hybrid working environment

WHY WORK AT HOMEEQUITY BANK?

Great Environment

HomeEquity Bank offers a hybrid working environment supported with a culture of flexibility – an approach that is unique to each person, and that enables both business and individual needs to be met in a mutually beneficial way.

We pride ourselves in recognizing and celebrating performance, community service, teamwork, and diversity among our employees.
 

A Dynamic Culture – With People at the Centre  

We believe our people make all the difference; our tireless commitment to inclusivity, professional development, and employee experience has been recognized through awards including the Greater Toronto’s Top Employers 2024,Waterstone Canada's Most Admired Corporate Cultures 2022-2023, the Globe and Mail's Report on Business: Canada's Top Growing Companies 2022 (third year since 2019), Canadian's Mortgage Professional (CMP) Top Mortgage Employer 2023 for the third year in a row and Achievers Top 50 Most Engaged Workplaces 2023. 
 

Growth and Opportunities
We provide challenging and rewarding careers in a wide variety of fields. We continuously develop and train our employees through professional growth opportunities and on-the-job training. We also encourage our employees to develop professionally and personally though a series of career developing programs including our Educational Assistance Program, designed to reimburse costs related to professional learning and development.  
 

Celebrating Great Work and People

We believe in an environment that celebrates success, knowledge, leadership, and work that is inspired by our core values. For these reasons, we have created several programs that make it easy for our employees to say ‘great job’ to their colleagues and leaders.

From our Appreciate! Program to the High Five Award Program and President’s Award Program, we recognize professional achievement with a variety of rewards including points towards gift cards, merchandise, and travel experiences, as well as group RRSP/DPSP contributions and more.

Our Community Leadership Program recognizes employees who make a positive impact in their communities through volunteer work with a grant for their charity of choice. Additionally, we provide employees with one paid day off each year to volunteer at their favourite local charity.

The Perks

HomeEquity Bank offers a competitive total rewards package that includes:

• Extended health and dental benefits
• Employee & Family Assistance Program
• Employer-Matched Group Retirement Savings Plan
• Employee Share Investment Plan
• Well-being initiatives including: a wellness account; virtual self-care programs and extended mental health benefits
• Employee corporate discount for GoodLife Fitness 

HomeEquity Bank is committed to an inclusive, equitable and accessible workplace. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Please note that our successful candidate is required to complete a background check.

Stay in the Know

Find out what we’re up to online, and learn more about what makes HomeEquity Bank a great place to work:

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