Payout Administrator
Toronto
Mortgage Services – Mortgage Services /
Student /
Hybrid
Join a Challenger
Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.
We are a big (and growing!) family. Overall we serve more than 370,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than 5 million members. Together we have over $100 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2023, 2022, and 2021 lists.
The Work
The incumbent is responsible for all activities related to facilitating payout requests, including the accurate calculation of prepayment charges, preparation of payout statements, and follow-up to obtain full and/or shortfall payout funds.
The Core Responsibilities of the Job
- Prepare payout statements accurately within the specified turnaround timeframe
- Update prepayment charge reference rates into applicable platforms as required
- Handle inbound phone calls and emails from solicitors/notaries/financial institutions regarding payout and discharge/assignment inquiries
- Conduct timely follow-up to obtain all past due payout funds. When necessary, reactivate mortgages and initiate collection for outstanding balances.
- Diligently complete collection activity to obtain payout shortfalls
- Work with Renewals and Internal Refinance teams to retain mortgages
- Understand and follow policies, guidelines, and procedures
Let’s Talk About You!
- Complete a diploma program in a related discipline or minimum of 2 years in a related field
- Knowledge of mortgages
- Strong math and analytical skills
- Strong attention to detail
- Ability to meet tight deadlines
- Ability to balance multiple high-risk priorities simultaneously
- Strong organization skills
- Superior interpersonal and communication skills – written and oral
- Excellent customer service skills
- Team oriented
- Intermediate excel skills
- Experience with MS Office Suite (Outlook, Word, Excel)
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy, personal days and even a moving day
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!
