First Nations/Metis/Inuit – Validation Officer – Automotive Finance – Hamilton, ON
City : Hamilton, ON, CA
Category : Customer Service Representative
Industry : Finance
Employer : Scotiabank
Requisition ID: 162722
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Validation Officer contributes to the overall success of the Dealer Finance Centre (DFC) in Canada ensuring specific individual goals, plans, initiatives are executed / delivered in support of the team’s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures. The Validation Officer is responsible for completing verification and validation of information contained in approved indirect loan / lease agreement and related supporting documents prior to release of funds to automotive dealership.
1. Perform all verification activities related to approved Indirect Loans and Leases received for funding by:
• Completing the Contract Message Screen with making the necessary changes and accepting the details as per the documents provided;
• Verifying loan and lease documentation to Contract Message to ensure that all documents are included in the funding package from the dealer (application, Bill of Sale, pay stubs or other proof of income, insurance documents etc);
• Attaching the documents on the Validation Screen to each tab as required and adding additional documents if necessary. ( Example: Proof or Residency/Alternate Payor Form/Proof of Downpayment);
• Ensuring that any required Lending documents are sent to Lending to review prior to validating and funding the deal as per stip. ( Example: Proof of income/ Corporate Search );
• Verifying vehicle insurance coverage and residence as required by the Indirect Retail Lending Policy Bulletin;
• Verifying the validity and accuracy of Retail Credit Agreement or Retail Lease Agreement in all respects including verifying the collateral description in documents back to the Bill of Sale.
2. Ensure all lease documents are within Bank guidelines and meet the Bank’s contractual obligations to the Residual Value Insurer including:
• Verifying the validity and accuracy of all financial components that will impact the amortization of the lease on the Bank’s books at the end of the term;
• Requesting documentation from dealerships to obtain guarantees to cover higher residual values (in excess of standard Insurer-approved residual values) which usually arise out of customer/dealer disputes or dealerships staff errors; • Ensuring that all lease-end values are within Bank and/or Residual Value Insurer guidelines;
• Verifying Insurance documentation as per policy;
• Escalating variances that are outside of Bank and/or Residual Value Insurer guidelines to the dealer and/or Funding Manager or Retail Lending with recommendation for rectification and/or approval prior to funding as needed to control the monetary risk to the Bank.
3. Resolve all identified discrepancies by:
• Identify issues and take corrective measures where the documents received for funding are not in compliance with the original approval;
• Communicate with the dealer to make corrections to documentation by returning a deficiency and/or a dealer message;
• Adhering to Contract Variance Policy Guide
4. Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge.by:
• Responding to requests for information / clarification from dealerships regarding documentation and funding situations in a professional and within set service level agreements;
• Escalating more serious situations/problems to the supervisor, as needed for speedy and equitable resolution;
• Maintaining a positive working relationship with Lending, Accounting and other DFC Staff in order to quickly and efficiently resolve issues/problems before they result in loss of a dealer’s retail business and negatively impacting the commercial business relationship.
5. Actively pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Guidelines for Business Conduct by:
• Ensuring customer profile fits the information on the document provided, and credit bureau;
Review Down payment amount and/or source. Where outside of AML Guidelines, recommend completion of UTR (Unusual Transaction Report) form to DFC Compliance Officer;
• Justify a buyer outside of his province of residency OR contact the lending team for a justification;
• Understanding how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
6. Champions a high performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment; communicating vison/values/business strategy and managing succession and development planning for the team
Education / Experience / Other Information
• College or University degree preferred or minimum 2 years related experience in a position of similar responsibility
• Banking/financial/leasing experience highly desirable. Sound knowledge of specific discipline relative to the business unit, e.g. documentation rules / guidelines;
• Strong computer skills (Excel, Windows, Word, Outlook and automated GL systems)
• Sound knowledge of automated systems and software packages relevant to the business: ALS COM, Outlook and Microsoft Office;
• Knowledge of legislative, governance or regulatory rules, Anti-Money Laundering/AntiTerrorist/Know your customer guidelines.
• Working knowledge of the Scotiabank’s Retail Lending and the relevant loan / lease credit policies, procedures, pricing and authorities;
• Ability to focus on detail;
• Ability to work in a face paced productivity environment.
• Work in a standard office-based environment; non-standard hours and overtime common occurrence at month end. The position is non-physical with extended periods of sitting at computer terminals verifying the accuracy of documents. Work can be repetitious, with pressure to meet defined turn around time / targets.
Location(s): Canada : Ontario : Hamilton
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.