Unit Manager, Collections

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The Foreclosure Manager is responsible for overseeing the end-to-end foreclosure process for defaulted mortgage loans, ensuring compliance with all applicable laws, investor guidelines, and internal policies. This role leads a team of foreclosure specialists and coordinates with legal counsel, vendors, and internal departments to ensure timely and accurate resolution of foreclosure cases while minimizing risk and loss to the bank. Support areas may include, but are not limited to, coaching and training, quality audits, vendor management and credit collection disputes.

Key Responsibilities

• Manage and mentor a team of foreclosure specialists and analysts.

• Monitor team performance, set goals, and conduct regular performance reviews.

• Provide training and development to ensure staff are up to date on regulatory and procedural changes.

• Oversee the foreclosure pipeline from referral through sale and post-sale activities.

• Ensure timely and accurate processing of foreclosure actions in accordance with investor, insurer, and regulatory requirements.

• Review and approve foreclosure actions, timelines, and exceptions.

• Monitor and mitigate operational risks related to foreclosure processes.

• Resolve escalated issues and ensure timely communication with legal counsel.

• Analyze trends and recommend process improvements to enhance efficiency and reduce losses.

• Prepare and present regular reports on foreclosure metrics, timelines, and exceptions.

• Review vendor performance and ensure adherence to service-level agreements (SLAs).

• Manage relationships with foreclosure attorneys, trustees, and third-party vendors.

• Partner with Compliance and Legal teams to address regulatory changes and audit findings.

• Ensure all foreclosure activities comply with provincial laws, as well as investor and bank policies.

• Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviors in all that they do.

• Ensures alignment between values and behavior that fosters diversity and inclusion.

• Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.

• Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.

• Attracts, retains, and enables the career development of top talent.

• Addresses the most complex escalated customer requests and transactions.

• Contacts the customer to obtain the necessary information to manage their application (as required) ensuring the customer is aware at all times of the status/result of the present and future payments.

• Executes established loss mitigation processes/procedures for the resolution of non-performing and high risk accounts.

• Integrates marketing promotions and programs into customer conversations as appropriate.

• Reinforces sales processes and client experiences, identifies gaps, issues and best practices through the monitoring of sales and performance targets against plans in order to create and sustain consistent superior service.

• Identifies emerging issues and trends to inform decision-making.

• Develops action plans and solutions to maximize recovery and safeguard the Bank’s interests.

• Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.

• Contributes to the development and execution of business plans.

• Establishes expertise with Consumer Collections personnel as a key support contact/resource/coach with proficiency and tools to assist departments in achieving goals.

• Works with internal stakeholders to leverage sales, fulfillment, and referral opportunities to improve share of wallet, acquire new customers, and provide full financial services to customers.

• Reviews accounts and analyzes data and information to determine the probability of collection; provide insights and recommendations.

• Gathers and formats data into regular and ad-hoc reports, and dashboards.

• Completes report audits and spot checks as required.

• Develops and executes short term tactics/plans to drive specific behaviors, activities, and results.

• Manages all transactions related to customer calls or refers to appropriate internal business groups.

• Escalates complex or unresolved customer situations to managers as required.

• Completes required documentation to ensure customer’s requests are accurately processed.

• Leads/participates in the design, implementation and management of core business/group processes.

• Integrates information from multiple sources to enable more efficient processes, enhanced analysis and/or streamlined reporting.

• Identifies business needs, designs/develops tools and training programs; may include delivery of training to audiences.

• Delivers exceptional customer service that builds trust through expertise, responsive service and support.

• Follows documented policies and procedures to execute transactions, activities and processes.

• Keeps abreast of needs of the Collections departments. Identifies and makes referrals to other business groups as needed.

• Maintains current knowledge of collections strategies, practices, and trends and integrates into customer conversations in a professional manner.

• Maintains the confidentiality of customer and Bank information.

• Supports continuous improvement initiatives by identifying and implementing changes to make processes more effective and efficient.

• Develops and maintains awareness of industry trends and best practices and the regulatory environment as it relates to collections products and services.

• Focus is primarily on business/group within BMO; may have broader, enterprise-wide focus.

• Provides specialized consulting, analytical and technical support.

• Exercises judgment to identify, diagnose, and solve problems within given rules.

• Works independently and regularly handles non-routine situations.

• Broader work or accountabilities may be assigned as needed.

  Qualifications:

• Typically between 5 - 7 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.

• Knowledge of Credit Qualifications and associated credit knowledge and skills according to the established qualification standards.

• Knowledge of federal, state/provincial and local laws pertaining to Consumer Collections and functional area - In-depth.

• Knowledge of BMO products and services - In-depth.

• Knowledge of competitive marketplace and trends in product offerings.

• Deep knowledge and technical proficiency gained through extensive education and business experience.

• Verbal & written communication skills - In-depth.

• Collaboration & team skills - In-depth.

• Analytical and problem solving skills - In-depth.

• Influence skills - In-depth.

• Data driven decision making - In-depth.

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

About Us

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.