Financial Services - VP Loss Mitigation

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About the Company

Our client, a publicly traded company, is the largest private residential mortgage insurer in Canada. With over 400 employees, the Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. The client differentiates itself through superior customer service, a robust risk management framework and innovative processing technology. For almost two decades, our client has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at March 31, 2013, our client had $5.7 billion total assets and $3.1 billion shareholders' equity.


Scope of Position

Reporting to the Senior Vice President of Operations, the Vice President of Loss Mitigation will be responsible for overseeing the company’s Loss Mitigation strategy. The role will develop, lead and manage the Company’s strategies, framework, capabilities and tactics for Loss Mitigation to ensure the organization achieves its annual financial targets. The successful candidate will also be responsible for developing end to end strategies to enhance the performance and savings related to the Loss Mitigation Operations team. 

The Loss Mitigation department is comprised of the following teams:

•Asset Management
 
•Homeowner Assistance
•Claims
•Fraud Investigation
•Recoveries


Responsibilities

  • Lead the Loss Management strategy to deliver on service level agreements, loss management objectives and operating expense budgets.
  • Ensure there are proper processes and controls, administrative and reporting procedures and properly aligned resources in place to drive efficiency and consistently meet customer service standards.
  • Oversee and monitor loss management activities and analyze business performance and processing trends to identify and implement changes to improve customer service, reduce costs and drive loss mitigation.
  • Develop strong relationships with key decision makers to differentiate from others in the market and create a competitive advantage including building lender client relationships to influence acceptance of the company’s default management products and services.
  • Partner with Sales, Operations, Product, Risk Management, Legal, Finance and Technology on strategic initiatives and other projects.
  • Lead ongoing optimization of the loss mitigation default management system (DMS), including changes to ensure optimal efficiency while maintaining appropriate risk/loss tolerances.
  • Be a key stakeholder in various Committees (Audit, Risk, Product) to ensure timely resolution of credit, collateral and business issues.
  • Report performance metrics and project status updates regularly to the organization, leadership team and stakeholders.
  • Provide leadership and strategic direction for the mortgage services strategy.
    Coach and lead the team; providing strong people leadership; set clear expectations in line with the department goals and objectives; provide timely and specific feedback on performance.
  • Develop/maintain a culture which emphasizes continuous improvement, owning and solving problems, and innovation.
  • Ensuring capabilities are in place to meet current and future needs; actively embrace change and work to engage the team in any change initiatives.
  • Set the tone for the Loss Management organization regarding the importance of integrity and compliance in all business dealings.
  • Ensure compliance in all activities, including compliance with legal and regulatory requirements and adherence to the highest standards of integrity.
     

Preferred Experience/Education

  • An undergraduate degree in Finance, or Business Administration, MBA an asset.
  • Expert knowledge in default management practices in the financial services/insurance environments.
  • Strong understanding of the Canadian mortgage and financial services industries and well versed in banking regulations.
  • Minimum 10 years’ management experience in the financial services sector

Competency Profile

Adaptability

Quickly adapts to new situations and approaches; Open to change and readily adopts new methods in the face of shifting priorities and ambiguity; Can alter own perspective and behaviour in order to adjust to changing demands and plans.

Team Skills

Helps to create a sense of team spirit and harmonious relations through cooperation and support; Balances personal goals with those of the team; Fosters collaboration among team members.

Strategic Approach

Develops a strategic plan to realize the vision; Revises strategy in light of changing circumstances; Takes a long-term view of organizational success; Works to clarify long term organizational goals; Able to stand back from immediate problems in order to focus on more far reaching ideas.

People Management

Establishes and communicates clear priorities and sense of direction; Clarifies roles and responsibilities; Adapts management style to achieve optimum results.

Developing & Coaching Others

Accurately assesses strengths and development needs of employees; Challenges others to improve their abilities and actively supports their development; continually provides timely and constructive feedback, coaching and challenging learning opportunities; Adjusts coaching style based on each employee's ability and motivation level.

Commercial Acumen

Applies appropriate commercial and financial principles; Understands situations in terms of costs, profits, added-value and return on investment; Appreciates the commercial impact of own work on the organization's total expenses and revenues.


Remuneration & Benefits

Highly competitive compensation package tailored to the successful candidate.