Senior Recovery Officer
City : Toronto
Category : Full Time
Industry : Financial Services
Employer : Laurentian Bank
Seeing beyond numbers™
At Laurentian Bank, we believe we can change banking for the better. Founded in Montreal in 1846, Laurentian Bank helps families, businesses and communities thrive. Today, we have over 2,800 employees working together as One Team, to provide a broad range of financial services and advice-based solutions for customers across Canada and the United States. We drive results by placing our customers first, making the better choice, acting courageously, and believing everyone belongs.
This role sits within Laurentian Bank.
The Recovery team is responsible for enforcement of the contracts related to various retail products, including mortgages, lines of credit, Visa, overdraft, personal loans, and investment and RSP loans. The primary goal is to maximize post write-off recoveries, while maintaining prudent cost oversight. The Recovery team plays a vital role within the Risk Management team protecting the banks assets, providing valuable insights on delinquency trends, and educating other groups on issues resulting in losses.
The incumbent is responsible for all executing strategy related to the recovery of consumer loans (personal loans, lines of credit, Visa cards, mortgages, etc.).
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Responsibilities
- Perform tasks required to develop and execute recovery strategies.
- Source records to compile recovery packages, verify documents, and ensure appropriate updates are input into source systems.
- Produce statutory insolvency claims and ensure applicable releases are obtained and follow up for payment of arrears, payments arrangements, and dividends payments as required.
- Handle recovery escalations and provide training to peers as required.
- Review and determine recovery strategies for incoming mortgage recovery, and other products recommended for litigation. This should include an assessment of the collections taken to ensure all resolution pathways have been explored. Strategies may include attempted direct resolution with clients, interdepartmental collaboration to solve internal issues contributing to default, and executing on litigation.
- Collaborate with internal interdepartmental stakeholders and outside litigators as required to enforce retail contracts.
- Ensure accuracy of documentation pertinent to any legal actions, including but not limited to validating statements, system information, and legal documents such as discharges, assignments, and title transfers.
- Respond to any inquiries received from both internal interdepartmental stakeholders and external stakeholders which may include clients, trustees, credit counsellors, lawyers, notaries, and collections agency.
- Review and reconcile recovery deposit g/ls and resolve any discrepancies.
- Review for approval of incoming invoices for recovery activities related to files under their management.
- Recommend mortgage write-offs upon completion of legal proceedings and receipt of all possible recoveries within applicable deadlines.
- Perform other duties as required
Qualifications
Education
- College diploma or university degree, preferably in a related field.
Experience
- Minimum five years work experience ideally in financial services or a related role.
- Experience in collections, credit, and or recovery positions is an asset.
Specific qualifications
- Bilingualism* (TELUQ: English Standards Oral Proficiency (Comprehension and Expression): B + and Written Proficiency (Comprehension): B
- Knowledge of bank credit products (asset).
- Intermediate knowledge of different types of recovery including insolvency, collection agencies, and litigation
- Ability to adapt quickly to software platforms.
- Proficiency of good or better in Microsoft Outlook, Excel, Teams, and Word
- Has strong initiative, is resourceful, and decisive. Able to assimilate complex information related to problems and devise sound strategies for resolution.
- Ability to manage highly variable tasks and problems effectively.
- High level of organizational skills, with the ability to prioritize, ensuring established timelines and deadlines are met.
- Teamwork and an ability to collaborate are imperative for success in this team.
- Effectively communicate in both French and English, verbally and written.
*Professional working proficiency in French and English languages required as position involves frequent written and oral communication on complex matters with internal and external parties in both languages.
What Laurentian Bank has to offer you :
The total compensation offered by Laurentian Bank encompasses a comprehensive range of benefits, highlighting our commitment to the well-being and success of our employees.
Here are some of the key points of our offering:
- The actual annual base salary offered will take into account internal equity, skills, and experience among other factors.
- Total compensation: Earn a comprehensive compensation package that includes annual reviews and performance-based bonuses.
- Work model: We prioritize a hybrid work model based on business needs.
- Stock purchase plan: Become not just an employee, but a Laurentian Bank shareholder. Employer matching takes your investment even further.
- Time off: In addition to paid vacation, we provide floating days and leave options to accommodate the diverse needs of our employees. Plus, as an extra perk, you also get a paid day off to celebrate your birthday.
- Health and wellness: Take care of your health and well-being with access to healthcare professionals, our Employee and Family Assistance Program (EFAP), and a Stress Management and Well-Being Program.
- Group insurance and pension: We offer a competitive insurance program based on your family’s needs and a defined contribution pension plan to help prepare for your future.
- Financial benefits: As a Laurentian Bank employee, you’re also the best ambassador for our products and services. Take advantage of employee-only offers on a wide range of products. Enjoy exclusive deals and preferred rates on products and services including insurance, hotels, train tickets, spas and many more.
We are committed to creating a fulfilling professional environment where your skills are valued, and your well-being is a priority. Join us for a rewarding career at Laurentian Bank.
Inclusion and Accessibility
At Laurentian Bank, we believe everyone belongs. We are committed to fostering an inclusive work environment that reflects the diversity of our customers and our communities and where everyone feels like they belong and can thrive. To this end, we encourage applications from individuals from equity-deserving groups, including Indigenous persons, racialized and persons with disabilities, marginalized genders and the 2SLGBTQIA+ community.
We strive to offer a flexible and accessible work experience that is inclusive of everyone. If at any time you need an accommodation, please let us know.
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