Funding Officer

Funding Officer

MCAP at a Glance Joining MCAP means you will be a part of our diverse workforce of highly talented individuals who are recognized for their expertise and success! At MCAP, your professional expertise, commitment to teamwork and passion for service excellence are recognized and rewarded with competitive total rewards offering, a career with continuous learning and development (formal & informal training), and exciting opportunities in a dynamic, entrepreneurial environment.

The Role The Funding Officer is responsible for funding conventional residential/ commercial construction loans, inventory loans, and equity mezzanine loans. Key responsibilities for this role are to ensure service standards are attained for processing all mortgage advances in accordance with company policies and procedures. This position is responsible for processing financial and non-financial transactions; ensuring data records are accurately maintained; identifying credit and servicing risks and ensuring loan security is in place and is retained in the face of changing conditions. This position requires an individual to process both loan advances and Letters of Credit ensuring data records are accurately maintained. The successful candidate will apply exceptional customer service skills in their interactions and relationships with our clients, third party professionals and internal staff.

Review Commitment Letters, Investor Minutes of Approval, Loan Summaries, and external deposit insurer’s commitments regarding deposit release mechanisms.

Perform full set-up of construction loans to the loan management system, internal shared drives, and investor portal.

Mandate external consultants and third parties according to MCAP’s Policies and Procedures to co-ordinate receipt of documentation including but not limited to Mortgage Security, Anti-Money Laundering forms, Insurance Consultant Opinion, Appraisals, Quantity Surveyor, ESA, etc.

Coordinate with internal/externals parties to ensure correct documentation/searches are in place prior to funding.

Collect, review, and verify loan documentation and funding information from various stakeholders and third parties, to ensure all pre-funding requirements are met or waived by appropriate authorities in time for the established funding date.

Liaise with solicitors, originators, and external consultants, to collect, review and verify loan documents. Once required, conduct independent due diligence to determine an alternative solution in line with MCAP’s risk appetite via exception requests to management based on the delegated authorities.

Review loan terms, holdback releases, and request of funds.

Ensure that all Investor approvals are in place for each advance and that the mortgage security is/remains in place maintaining the lender’s priority position.

Ensure accurate loan set-up on the loan administration management system and adherence to department’s quality control measures.

Post all financial and non-financial transactions on Precision LM and diarize and update mortgage system i.e., PPSA, Notes & Events and follow-up items (undertaking/action items) for audit within the established timelines.

Prepare and Issue Partial or Full loan Discharge Statements.

Letters of Credit Transactions

Responsible for requesting Letters of Credit via BMO Trade Finance or the associated financial institution depending on Investor.

Responsible for processing Letters of Credit Amendments and posting transactions on loan administration management system during the life cycle of the loan.

Review and verify the monthly invoices and payment of Letter of Credit Fees.

Loan Payment Processing and Cash Management

Post loan payments, fees, and other financial transactions on the System of Record.

Confirm receipt of direct or wire deposit funds into MCAP’s Bank Account.

Reconcile received closing proceeds with the respective partial or final discharge statement(s).

Advise Cash Management, and Investor Relations of daily cash deposit transactions.

Prepare and deliver a deposit slip for daily cash receipts to our Finance Group.

Responsible for the preparation of the daily Bank Wires & Cheques reconciliation.

Risk Management and Compliance

Identify any material items such as existing mortgages, PPSA, liens to ensure all pre-funding requirements are met or waived by appropriate authorities in time for the established funding date.

Review corporate documentation of relevant entities, legal documentation to the transaction and Corporate/Individual Verification Forms to ensure that all funding and AML criteria have been satisfied.

What You Bring To The Team

2-3 years working experience

Previous legal background is considered an asset

Strong understanding of commercial mortgages, funding procedures and legal mortgage terms;

Ability to work independently and as a member of a team;

Strong understanding of commercial mortgages, funding procedures and legal mortgage terms;

Strong interpersonal skills with the ability to work independently and as a member of a team (cross coverage may be required);

Excellent organizational and time management skills, ability to prioritize;

Strong attention to detail with the ability to work well under pressure in a fast environment where priorities and tasks are often subject to change;

Proven ability to prioritize, strong organizational and time management skills with the demonstrated ability to handle multiple tasks within tight deadlines;

Exceptional verbal and written communication and reasoning skills;

Highly analytical with great attention to detail;

Excellent problem-solving skills and conflict resolution skills;

Strong customer service sills with proven professionalism; and

Working knowledge of MS Office.

University degree or College Diploma in Finance, Business or Equivalent

We know great candidates don’t always meet 100% of the qualifications. If you’re excited about this opportunity and believe you could thrive here, we encourage you to apply. We welcome applications from recent graduates and early-career professionals who are eager to learn and grow.

If this sounds like you and you are looking to be a part of one of Canada’s largest independent mortgage finance companies, then we want to hear from you!

Be A Part Of Something Great MCAP is Canada’s largest independent Mortgage Finance company with over $150 billion in assets under management providing mortgage solutions for residential and commercial properties. For over 35 years, MCAP originates, trades, securitizes and services mortgages in offices across Canada. MCAP originates residential mortgages exclusively through the mortgage broker channel as we believe that a professional mortgage broker is a consumer's best option and MCAP actively promotes the services of mortgage brokers across the country. MCAP is also a leader in the Canadian residential construction lending market with over 25 years in the business. Our teams of dedicated professionals serve a variety of developer, construction and lender clients across Canada.

Position #:

req2166

Employment Status:

Permanent Full Time

Location:

Calgary; Ontario

Number Of Openings:

1

Department:

Development Finance

Internal Job Title:

Funding Officer

The above information in this description has been designed to indicate the general nature and level of work performed by employees in the position. It is not designated to contain a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.

MCAP provides equal opportunities for all applicants and is committed to fostering an inclusive, accessible environment, where all employees feel valued, respected and supported throughout the recruitment and employment process. If you require accommodation, we will work with you to meet your needs.

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