Job Description

Job Purpose & Summary

Reporting to the Head of the Canadian Mortgage Investment Group (CMIG), the Director Credit Policy and Quality Assurance is primarily accountable for the oversight and governance of third-party mortgage lenders to ensure acquired mortgages meet the underwriting and documentation standards outlined in CMIG’s Residential Mortgage Underwriting Policy (RMUP) and regulatory framework.  The Director will have experience in credit risk management and thorough knowledge of Mortgage Default Insurer policies and industry best practices for sound underwriting.  The Director will have the aptitude to provide meaningful commentary on portfolio and loan level performance and find effective solutions to remedy any deficiencies.

Key Accountabilities & Duties

Manage CMIG’s RMUP and lending criteria to maintain superior credit performance. 

Drive continuous and open dialogue with lenders to ensure credit policies and mortgage criteria are responsive to regulatory changes, insurer requirements, market events and internal risk management.  Analyze policy change requests in accordance with regulatory and internal guidelines, make recommendations and operationalize changes.

Assess and make decisions on file exceptions escalated by third parties.  Monitor and report on exceptions; recommend improvements to exception framework, as needed.

Act as CMIG’s main contact for Mortgage Default Insurers with respect to policies, new programs and lender audits/scorecards.

Manage Quality Assurance (QA) activities for CMIG’s residential mortgage portfolio and recommend enhancements to the QA program, as required.

Manage post-funding reviews of third-party mortgages to assess adherence to CMIG’s policies and lender-specific underwriting guidelines, including:

Examination of all required documentation for accuracy and legitimacy, including KYC/AML/ATF and fraud.

Analysis of calculations and verifications of income & assets.

Confirmation that credit reports, purchase agreements, appraisals, and other loan documentation are present and interpreted correctly.

Jointly with Group Risk Management (GRM), perform organizational Due Diligence of existing and new lenders/servicers’ policies, procedures, managerial and structural changes, operational soundness and technological advancement, business continuity plans and financial performance.

Oversee Audit and Due Diligence results and distribution to GRM and Desk Leadership. Recommend and implement follow up action items.

Perform lender post-mortem reviews on reported findings to ensure desired outcomes.

Manage the GRM approval process for mortgage servicing limits.

Ensure mortgage servicers deliver on all key quality measures through an effective monitoring program.

Develop, produce, and analyze mortgage portfolio reports to identify credit trends, patterns, and anomalies in 3rd party mortgage underwriting practices.  Present findings to management and develop recommendations for decision-making. 

Monitor and report on loss experience and expected losses given various stress environments. Act a key liaison for arrears and default management with mortgages servicers.

Prepare portfolio reports for Senior Management and financial reporting.  

Prepare and review data for regulatory report submissions, as requested.

Stay current on regulatory changes, market developments and trends and changes to mortgage insurance policies.

Implement an up-to-date system to maintain and document regulatory requirements, industry best practices, trends and business requirements. 

Ad-hoc projects as required.

Occupational Experience & Education Requirements

Post-secondary degree.

Minimum of 5 years mortgage experience, including exposure to both the prime, and Alt-A markets.  Experience with multi-family mortgages considered an asset.

Recent experience in adjudication, conventional underwriting, or Quality Assurance/Control within the mortgage banking industry.

Must have in-depth knowledge of Mortgage Default Insurer lending policies and programs.

Must have thorough understanding of OSFI’s B-20 Guideline, Privacy Rules and AML/ATF/Fraud Regulations.

Established relationships within the mortgage industry and specifically with stakeholders participating in the mortgage broker channel.

Knowledge of mortgage finance considered an asset.

Knowledge, Skills & Attributes

Manual and automated underwriting experience

Superior attention to detail

Excellent investigation, analytical, and problem-solving skills

Ability to multi-task effectively

Excellent time management skills

Ability to work under pressure in a team environment

Strong written and verbal communication and interpersonal skills

Ability to build relationships across all levels of seniority

Strong proficiency with MS Office software

Familiarity with MortgageHub considered an asset

Working Conditions

Hybrid Trading Floor environment. 

RBC requires as a condition of employment that all successful candidates in the United States and Canada be fully vaccinated against COVID-19 prior to their start date, and may require proof of the same.  Reasonable accommodation is available where required by law.