When you’re passionate about what you do and where you work, the rest comes easy. That’s the culture at Central 1 Credit Union, and that’s precisely what we’re looking for from you. Supporting nearly 150 member credit unions across British Columbia and Ontario, we’re the backbone of the credit union system in both provinces – taking care of everything from online services and product development, to payment processing, trade association services and more.

Our team of over 600 employees represent some of the most innovative, passionate individuals you’ll ever meet; people who honestly care about the organization, its members and each other. In other words, people who love what they do.

We're looking for a Mortgage & Securitization Specialist that will oversee the acquisition of third party mortgages. As a member of a dedicated team, you'll be responsible for the ongoing analysis and administration as a fee for service to credit union clients and for Central 1 for the securitization and sale of residential mortgages, specifically the Mortgage-Backed Securities (“MBS”)/Canada Mortgage Bond (“CMB”).

The Mortgage & Securitization Specialist will also contribute to the large-scale funding of mortgages in the credit union system. Working with our lending
partners, there is an opportunity contribute to the residential mortgage underwriting of the Credit Union system.

Specific Accountabilities:  

The Mortgage & Securitization must be able to take initiative and ownership of responsibilities and act with a sense of urgency to deliver remarkable client service.

• Responsible for acquiring in-depth knowledge of the MBS/CMB Program requirements and the mortgage products sold into the programs including the contractual features of each mortgage product to ensure NHA MBS eligibility
• Keep informed of all relevant products and services offered by consistently updating product, procedural and technological knowledge and all upgrades within mortgage securitization, specifically the NHA MBS Policy Guide
• Perform quality checks on completed work based on established criteria to ensure processes are followed and output is accurate
• Maintain excellent customer relations with our internal and external business partners
• Provide detailed and accurate information on a timely basis to ensure client satisfaction
• Respond to questions, requests, and concerns from business partners to identify and resolve issues using well-developed judgement and product knowledge through the use of systems, queries and spreadsheets in an organized and comprehensive manner
• Acquiring an in-depth knowledge of the use of the MBS securitization system

1. MANAGE THE CENTRAL 1 WHOLE LOAN AGGREGATION/ACQUISITION PROGRAM;

• Performs due diligence on third parties to recommend for approval as a whole loan seller to Central 1
• Ensures quality of potential loan portfolios by performing risk assessments and adherence to the originators, Central 1's policies and  procedures, and OSFI’s Residential Mortgage Underwriting Practice and Procedures
• Onboards new whole loan sellers ensuring the seller understands all reporting requirements
• Completes required documentation for pool purchase, obtains required signatures and advises internal parties of completed sale
• Processes daily cash flows and ensures funds are deposited to appropriate internal current accounts and analyzes whole loan monthly cashflows to identify issues
  
• Provides reports and information to internal departments as required
  

2. MBS/WHOLE POOL FORMATION;

• Communicates with credit union staff to determine pool requirements, provides information and advice to ensure credit union needs are met and results are discussed
  
• Analyzes and formats credit union pools to ensure all data received, is accurate and imports data to MBS/CMB administration software
• Prepares and updates files for the bulk insurer and forwards files to credit union
• Analyzes mortgages in pools to ensure data integrity and communicates with the credit union to resolve data edits from CMHC and Computershare by required deadlines
• Accurately prepares CMHC related forms for the credit unions execution and ensures all forms are delivered in accordance with the closing agenda deadlines
• Calculates and processes payments to various parties for guarantee, application, bulk insurance, and other fees
• Communicates with Treasury department to provide pool details to obtain pricing of NHA MBS pools

 3. MBS/WHOLE LOAN MONTHLY REPORTING;

• Analyzes and reconciles monthly credit union monthly reports to ensure accuracy. Ensures any discrepancies or process disconnects are identified, tracked, and resolved
• Works within very strict deadlines to send Monthly Issuers Report extracts to Computershare for Issuers MBS pools
• Processes cash flows to and from credit unions, Central 1 and CPTA
• Responsible for analyzing pool and mortgage data in response to monthly Computershare edits

• Post secondary education in finance
• A minimum of 5 years financial administration and reporting experience is required
• Extensive knowledge of credit regulations and procedures and recent residential underwriting experience
• Knowledge of securitization, particularly CMHC’s NHA MBS Program is an asset
• Highly developed analytical, problem solving, organizational and time management skills
• Ability to gather, synthesize, organize as well as interpret information and formulate appropriate conclusions, insights and recommendations
• Solid knowledge of basic accounting and some understanding of treasury terminology would be an asset
• Advanced Excel skills with working knowledge of macros and Intermediate skills in Word
• Excellent communication and interpersonal skills are required to interact with external and internal business partners
• Works well within a team environment and cross divisional teams with a ‘can do’ attitude to get the job done
• Demonstrated ability to multi task and adapt easily to changing priorities
• Maintains confidentiality at all times
• Accuracy is essential to this role
  

As much as we believe in working hard, we also believe in personal growth and taking time for ourselves. Accordingly, our total rewards philosophy amounts to one of the best compensation and benefits packages in the industry – from performance-based incentives and extended benefits, to training and education reimbursements and ample vacation time.

Central 1 is committed to diversity and inclusion. If you have a request for a disability-related accommodation, we will work with you to meet your needs.

Reporting to: Manager, Mortgage & Securitization Operations

Grade: D

Date Posted: April 5, 2017

Internal Applicants must apply by: April 12, 2017

*Unsolicited resumes from vendors will not be accepted for this or any position at Central 1*

**If you have issues or questions about the application process, please email humanresources @central1.com with a description of your problem**