Bilingual Commercial Funding Officer
Join a Challenger
Being a traditional bank just isn’t our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians.
How do we get there? With a talented team of inquisitive and agile challengers that break through the status quo. So, if you’re passionate about redefining the future of banking—while having fun—this could be your next big opportunity.
Our company continues to grow, and today we serve more than 800,000 customers across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $142 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.
The Work
As part of a growing and dynamic Commercial team, the Commercial Funding Officer is responsible for funding BES and CFG partner and direct loans, and CMHC-insured commercial transactions, such as purchases, refinances, assumptions, assignments, and investor sales. The incumbent will analyze corporate structures and review legal documentation from different provinces ensuring strict adherence to legislative guidelines and Bank policies. Extensive knowledge of AML guidelines is required. The environment is often fast–paced and requires effective time management skills.
The core parts of your role would be to:
- On a daily basis, the incumbent will be responsible for legal and AML review under minimal supervision from Funding Management. This includes the review of Commitment Letters and where applicable, CMHC Certificates of Insurance. The incumbent will also be responsible for instructing Lawyers/Notaries (for direct transactions) or Partners (for partner transactions), following up on outstanding documents, and receiving and reviewing legal documents for accuracy and enforceability on loans scheduled to close. A large component of the review will pertain to corporate structure of borrowing entities such as corporations, limited partnerships, family trusts, and AML-exempt entities. The incumbent is responsible for the file to be compliant from an enforcement and AML perspective. If documents fall outside of the Bank’s AML framework, the incumbent is to refer back to the Partner (for partner transactions) or Lawyer (for direct transactions) requesting further information. Where necessary, the incumbent will identify AML issues, recommend, and prepare memos to the Compliance Department or SVP, Commercial Lending outlining the rationale to proceed. In addition to legal and AML review, the incumbent will review property insurance, title insurance and tax certificates, making recommendations to Funding Management for any necessary waivers. Ongoing management of personal pipeline to meet prescribed deadlines is required. (50%)
- Communication and collaboration are key components of the position. In order to meet targeted closing dates, the incumbent will be reviewing documents prior to receiving credit approval; as such, it is imperative that the incumbent works closely with the Credit team advising of any document deficiencies that could alter the nature of the transaction, which will ultimately affect funding and credit approval. Deficiencies will be identified with minimal supervision and/or input from Funding management. In partner transactions, the incumbent will also work closely with partners ensuring that exceptional customer service is maintained at all times. The incumbent is also responsible for managing pipeline on the Daily Funding Agenda by providing loan information and status in a complete and timely manner. (15%)
- Review the loan setup on the Bank’s systems to ensure accuracy. Where applicable, advise the Credit team or Funding Management of any inconsistencies. Update the Bank’s systems as new documentation and/or information is received. Upon approval of the loan by Funding Management, the incumbent is responsible for closing the loan in the system and subsequently obtaining the authorized signatures on wires. Once the transaction has closed, the incumbent will ensure that all required entries in the system and all post-funding steps are completed accurately and in a timely manner. Finally, the incumbent will complete the final checklist confirming the file is compliant. (15%)
- Assist Funding Management with pipeline monitoring, reporting and testing for projects and training on systems and procedures. (10%)
- The incumbent will be required to assist other funders within the different funding teams during peak volumes and/or employee absences. (5%)
- Work with the Bank’s stakeholders, such as Accounting and Quality Assurance, to ensure that wires are approved and released in a timely manner. In addition, where applicable, the incumbent will prepare internal memos to create GIC’s for holdbacks (to cash-secure Letters of Credit, set up interest reserves, holdbacks for mandatory repairs, etc.) and advise Accounting of interest rate buy downs (for CMHC loans). (5%)
Let's Talk About You!
- Bilingual is preferred
- Have a minimum of 2 years of commercial mortgage funding experience within a regulated financial institution in Canada or law office. Mortgage lending and AML compliance experience considered an asset
- Post secondary education (diploma/degree), preferably in Legal or AML Compliance, with complementary courses in Contract Law, Business Law and/or AML
- Good working knowledge and understanding of PCMLTFA Act and Regulations
- Ability and experience recognizing process improvement opportunities and providing recommendations to Management
- Good working knowledge of MS Office primarily Word, Excel and PowerPoint
- A team player that is willing to take on new funding challenges
- Strong analytical skills and a critical thinker
- Established organizational skills
- Ability to handle multiple competing priorities
- Exceptional time management skills.
- Highly developed verbal and written communication skills with the ability to respond in a clear, concise and professional manner
Job Complexities/Thinking Challenges:
The position requires the incumbent to be a self-starter and make sound decisions as efficiently as possible. Commercial mortgage loans are complex in nature requiring in-depth review of legal and corporate documentation. Particular attention must be made when preparing wires to ensure funds are being sent to the correct payee and in the correct amount. The Commercial Funding Officer has the ability to review legal documents that do not follow the Bank’s legal templates with minimal input from Funding Management and recognize when further review and/or approval from other stakeholders is required.
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy and personal days
🖥 Virtual events to connect with your fellow colleagues
🎓 Professional development and comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 2200-25 Ontario Street, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!