Mortgage Default Specialist

Questrade Financial Group (QFG) is a leading financial services organization offering securities, foreign currency investment, professionally managed investment portfolios, mortgages, real‑estate services, and more through its subsidiaries such as Questrade, Questbank, Questrade Wealth Management, Community Trust Company, Zolo, and Flexiti.

• Health & wellbeing resources and programs
• Paid vacation, personal, and sick days for work‑life balance
• Competitive compensation and benefits packages
• Work‑life balance in a hybrid environment with at least 3 days in office
• Career growth and development opportunities
• Opportunities to contribute to community causes
• Work with diverse team members in an inclusive and collaborative environment

This job posting is for an existing vacancy.

Reporting to the Manager Default Recovery, the Mortgage Default Specialist initiates and manages the default process for residential and commercial mortgage loans at Community Trust Company (CTC). The role involves collection of unpaid and returned mortgage payments, resolution of defaulted accounts, coordination with internal clients, and administration of legal and litigation processes through approved Solicitors and property management companies.

• Act in accordance with CTC’s core values, Code of Conduct, and all internal policies and standards.
• Understand and incorporate regulatory and compliance requirements into daily operations.
• Identify opportunities to mitigate risk and strengthen compliance activities.

• Prepare instructions for NOS or SOC action to solicitors, including all requisite documentation.
• Conduct internal audits to validate servicing and early collection activity, escalating errors before initiating legal action.
• Issue legal and property inspection fees and arrears letters to mortgagors and guarantors as required.
• Refer unusual audit findings to Team Lead, Senior or Management.
• Coordinate with collection teams, lawyers, and customers to resolve accounts under transition or hold.
• Prepare arrears statements, solution letters, discharge documents, and other informational materials.
• Manage communication with external parties (lawyers, property management, condos, and strata corporations).
• Provide updates on listed properties, review and audit valuations, and prepare risk and loss assessments for senior management.
• Monitor legal action stages, respond to inquiries within 24 hours, and sustain momentum to avoid delays.
• Order inspections, evaluate damage, recommend remediation, and approve enforcement actions as needed.
• Recommend reserves or provisions for specific loans.
• Direct property managers on possession properties to ensure expeditious sale.
• Process manual ad‑hoc mortgage payments following collection of default payments.
• Re‑risk grade loans based on payment history or breaches.
• Generate reporting on loans in default, monitored loans, possession properties, and chronic arrears pending legal action.
• Process all transactions accurately within the established service level agreement and company policies.
• Maintain accurate electronic record‑keeping of client accounts.
• Provide process improvement recommendations to senior and mortgage servicing leadership.
• Follow AML policies, conduct investigations, and implement or elevate corrective actions for potential violations.

• Review accounts thoroughly to determine optimal action and mitigate loss.
• Identify and execute suitable workout solutions (cure remedies, reinstatements, early renewals).
• Ensure due diligence and confirm legal action is warranted.
• Adhere to compliance and operational risk controls in line with company policies.

• Maintain reports and tracking, including inventory reports and CRM documentation.
• Perform additional ad‑hoc duties as directed by management.
• Assist the default team in processing payments when required.
• File insolvency claims.

• Minimum 2 years of experience in mortgage administration, servicing, or collections,…