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About the Role
The Director provides strategic and operational leadership across the mortgage default lifecycle, from early delinquency and loss mitigation through legal enforcement, property disposition, deficiency recovery, and insured claims. The role is accountable for reducing credit losses, improving cure and recovery outcomes, protecting the organization’s security interests, and ensuring fair customer treatment. The Director leads collections, legal recovery, and real estate recovery teams and works closely with Credit Risk, Legal, Compliance, Finance, Mortgage Servicing, Technology, insurers, external counsel, and other service providers.
Responsibilities
- Develop and execute differentiated collections and recovery strategies based on delinquency stage, borrower circumstances, collateral risk, insurance status, geography, and expected loss.
- Ensure timely movement through the recovery lifecycle while controlling legal, property, and carrying costs.
- Approve or recommend payment arrangements, settlements, enforcement actions, property sales, and exceptions within delegated authority.
- Maintain oversight of high-value, high-risk, fraud-related, title-defect, and complex files.
- Own portfolio results, forecasts, operating targets, budget, and key metrics such as delinquency, cure rates, legal referrals, time to resolution, recoveries, losses, costs, claims, complaints, and control results.
- Provide senior management and governance committees with concise updates on performance, emerging risks, and recommended actions.
- Lead customer treatment strategies from the first missed payment through referral to legal recovery.
- Set segmentation, contact, prioritization, escalation, and borrower-assistance practices.
- Introduce and maintain sustainable repayment solutions that balance recovery objectives, regulatory requirements, reputation, and fair customer treatment.
- Develop, implement, and monitor delinquency-management and loss-avoidance initiatives, including forbearance, repayment arrangements, loan modifications, and other workout solutions.
- Introduce and follow SLAs to ensure customers receive clear and timely information about their accounts, quality of services and interactions and compliance with rules and regulations.
- Oversee mortgage enforcement across Canadian jurisdictions, including demand, litigation, foreclosure, power of sale, possession, insolvency, settlements, and recovery against guarantors or personal covenants.
- Ensure the effective management of external counsel by establishing and overseeing referral criteria, service standards, cost controls, reporting requirements, and escalation protocols.
- Ensure appropriate governance, controls, and oversight are in place to maintain compliance with provincial legislation, contractual obligations, internal policies, insurer requirements, and delegated authorities.
- Ensure process to Oversee valuation, preservation, repair, marketing, pricing, and sale strategies for lender-controlled properties are adequate, timely and efficient.
- Monitor time to possession and sale, carrying costs, property condition, marketability, net recovery, and residual shortfalls.
- Ensure appropriate oversight, controls, and processes are in place to support the accurate, fully documented, and timely submission of mortgage default insurance claims.
- Maintain a strong control environment and ensure compliance with legislation, regulatory expectations, privacy, complaint-handling standards, insurer guidelines, policies, and codes of conduct.
- Establish approval authorities, segregation of duties, quality assurance, exception reporting, and file-review practices.
- Support audits, regulatory examinations, control testing, and timely remediation of identified issues.
- Participate in and support investor initiatives by ensuring servicing activities align with applicable servicer agreements, reporting obligations, portfolio requirements, and control expectations.
- Govern external counsel, recovery firms, appraisers, brokers, property managers, real estate agents, and other partners through service levels, scorecards, quality standards, and cost expectations.
- Establish and maintain effective third-party business relationships with external counsel, recovery firms, appraisers, real estate professionals, property managers, insurers, and other service providers.
- Lead selection, contracting, onboarding, performance reviews, issue escalation, and relationship governance to support service quality, cost discipline, compliance, business continuity, and strong recovery outcomes.
- Lead workflow modernization, automation, digital communications, case management, analytics, and process improvement.
- Translate operational needs into business rules, system requirements, data needs, testing, training, and change-management plans.
- Lead, coach, and develop a multi-layered team across collections, legal recovery, real estate recovery, and business support.
- Set clear objectives, decision authorities, service expectations, and accountability.
- Mentor, develop, and coach the management team through regular performance discussions, targeted development plans, succession planning, and practical guidance on complex operational and people decisions.
- Build leadership capability, strengthen accountability, support employee engagement, and maintain a strong pipeline of talent for critical roles.
- Oversee workforce planning, recruitment, training, performance management, engagement, succession, and specialist capability development.
- Build a collaborative, high-performance culture that promotes sound judgment, transparency, continuous improvement, and timely escalation.
Requirements
- Undergraduate degree in business, finance, economics, law, real estate, risk management, or a related field; an equivalent combination of education and experience may be considered.
- At least 10 years of progressive experience in mortgage servicing, collections, credit risk, special loans, insolvency, legal recovery, real estate recovery, or default management.
- At least five years in a senior people-leadership role within a regulated financial institution.
- Demonstrated experience managing the mortgage default lifecycle from early delinquency through enforcement, property disposition, and insured claims.
- Strong knowledge of Canadian residential mortgages, secured lending, collateral risk, provincial enforcement remedies, and regulatory requirements.
- Experience managing external counsel and recovery, valuation, property, and real estate service providers.
- Experience with portfolio analytics, provisions, loss forecasting, technology implementation, automation, or operational improvement.
- Experience with national portfolios and mortgage default insurance is an asset.
- All candidates considered for hire must successfully pass a criminal background check, credit check, and validation of their work experience to qualify for hire.
Skills
- Mortgage servicing
- Collections
- Credit risk
- Special loans
- Insolvency
- Legal recovery
- Real estate recovery
- Default management
- People-leadership
- Canadian residential mortgages
- Secured lending
- Collateral risk
- Provincial enforcement remedies
- Regulatory requirements
- External counsel management
- Recovery service provider management
- Valuation service provider management
- Property service provider management
- Real estate service provider management
- Portfolio analytics
- Provisions
- Loss forecasting
- Technology implementation
- Automation
- Operational improvement
- National portfolios
- Mortgage default insurance
Location
- Toronto
Work Type
- Hybrid
- Full time
- Permanent
Experience Level
- Director
- Senior people-leadership role (at least 5 years)
- At least 10 years of progressive experience
Education Level
- Undergraduate degree in business, finance, economics, law, real estate, risk management, or a related field
- Equivalent combination of education and experience may be considered
Salary/Compensations
- $150,000 - $165,000 base salary
- Annual incentive bonus tied to performance
Benefits
- Generous vacation
- Statutory holidays
- 6 wellness days
- Robust health and dental coverage through Manulife
- Virtual healthcare through Dialogue
- Group Retirement Savings Plan with up to 7% employer match
- Discounts from top retailers via WorkPerks
- Location-based perks (gym memberships, Toronto Bike Share)
- Gym access at London and Montreal offices
- Education Assistance Program
- Fairstone Academy for training and skill development
- Parental leave top-up program
About the Company
- Fairstone Bank and its family of brands are united in delivering innovative, accessible and reliable financial solutions that enable Canadians to reach their goals.
- Home Trust Company, Home Bank and Oaken Financial became part of the Fairstone Bank family of brands, alongside Fairstone, EdenPark and Fig.
- Together, we are the leading alternative lending bank in Canada.
- With a diverse suite of products—residential and commercial mortgages, consumer deposits and GICs, credit cards, retail and automobile financing, personal loans and digital lending—we offer financial solutions tailored to all Canadians, including newcomers, small-business owners, smart investors and savvy consumers.
- Home Trust Company has developed a track record of success as Canada’s leading alternative lender, employing nearly 800 people in our Toronto headquarters and branches across the country.
- Building on the demonstrated strength of its core residential mortgage lending business, the Company also offers complementary lending services, as well as highly competitive deposit investment products, through Oaken Financial.
- Our culture has been shaped by the passion and integrity of our people.
Equal Opportunity
- Fairstone is an equal opportunity employer.
- We will make reasonable accommodations to respond to the needs of people with disabilities.
- Individuals who view themselves as Aboriginals, members of visible minorities, and disabled are encouraged to apply in confidence.