Funding Validation Officer - Automotive Finance; casual

Title:

Funding Validation Officer - Automotive Finance (casual)

Requisition

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

The Validation Officer contributes to the overall success of the Dealer Centre of Excellence in Canada ensuring specific individual goals, plans, initiatives are executed and 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.

Is this role right for you? In this role you will:

• 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 of 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.
• 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.
• 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
• 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.
• Actively pursues effective and efficient operations of their 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…