Commercial Funding Officer

The core parts of your role would be to

On a daily basis, the incumbent will be responsible for legal and AML review under minimal supervision from Funding Management. This includes the review of Commitment Letters and where applicable, CMHC Certificates of Insurance. The incumbent will also be responsible for instructing Lawyers/Notaries (for direct transactions) or Partners (for partner transactions), following up on outstanding documents, and receiving and reviewing legal documents for accuracy and enforceability on loans scheduled to close. A large component of the review will pertain to corporate structure of borrowing entities such as corporations, limited partnerships, family trusts, and AML-exempt entities. The incumbent is responsible for the file to be compliant from an enforcement and AML perspective. If documents fall outside of the Bank’s AML framework, the incumbent is to refer back to the Partner (for partner transactions) or Lawyer (for direct transactions) requesting further information. Where necessary, the incumbent will identify AML issues, recommend, and prepare memos to the Compliance Department or SVP, Commercial Lending outlining the rationale to proceed. In addition to legal and AML review, the incumbent will review property insurance, title insurance and tax certificates, making recommendations to Funding Management for any necessary waivers. Ongoing management of personal pipeline to meet prescribed deadlines is required. (50%)

Communication and collaboration are key components of the position. In order to meet targeted closing dates, the incumbent will be reviewing documents prior to receiving credit approval; as such, it is imperative that the incumbent works closely with the Credit team advising of any document deficiencies that could alter the nature of the transaction, which will ultimately affect funding and credit approval. Deficiencies will be identified with minimal supervision and/or input from Funding management. In partner transactions, the incumbent will also work closely with partners ensuring that exceptional customer service is maintained at all times. The incumbent is also responsible for managing pipeline on the Daily Funding Agenda by providing loan information and status in a complete and timely manner. (15%)

Review the loan setup on the Bank’s systems to ensure accuracy. Where applicable, advise the Credit team or Funding Management of any inconsistencies. Update the Bank’s systems as new documentation and/or information is received. Upon approval of the loan by Funding Management, the incumbent is responsible for closing the loan in the system and subsequently obtaining the authorized signatures on wires. Once the transaction has closed, the incumbent will ensure that all required entries in the system and all post-funding steps are completed accurately and in a timely manner. Finally, the incumbent will complete the final checklist confirming the file is compliant. (15%)

Assist Funding Management with pipeline monitoring, reporting and testing for projects and training on systems and procedures. (10%)

The incumbent will be required to assist other funders within the different funding teams during peak volumes and/or employee absences. (5%)

Work with the Bank’s stakeholders, such as Accounting and Quality Assurance, to ensure that wires are approved and released in a timely manner. In addition, where applicable, the incumbent will prepare internal memos to create GIC’s for holdbacks (to cash-secure Letters of Credit, set up interest reserves, holdbacks for mandatory repairs, etc.) and advise Accounting of interest rate buy downs (for CMHC loans). (5%)

Let's Talk About You!

Have a minimum of 2 years of commercial mortgage funding experience within a regulated financial institution in Canada or law office. Mortgage lending and AML compliance experience considered an asset

Post secondary education (diploma/degree), preferably in Legal or AML Compliance, with complementary courses in Contract Law, Business Law and/or AML

Good working knowledge and understanding of PCMLTFA Act and Regulations

Ability and experience recognizing process improvement opportunities and providing recommendations to Management

Good working knowledge of MS Office primarily Word, Excel and PowerPoint

A team player that is willing to take on new funding challenges

Strong analytical skills and a critical thinker

Established organizational skills

Ability to handle multiple competing priorities

Exceptional time management skills.

Highly developed verbal and written communication skills with the ability to respond in a clear, concise and professional manner

Bilingual is preferred

Job Complexities/Thinking Challenges

The position requires the incumbent to be a self-starter and make sound decisions as efficiently as possible. Commercial mortgage loans are complex in nature requiring in-depth review of legal and corporate documentation. Particular attention must be made when preparing wires to ensure funds are being sent to the correct payee and in the correct amount. The Commercial Funding Officer has the ability to review legal documents that do not follow the Bank’s legal templates with minimal input from Funding Management and recognize when further review and/or approval from other stakeholders is required.