Senior Director - Investment Management (Commercial)
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.
Reporting to the Managing Partner, the Senior Director will have the overall responsibility for the underwriting, approval and sale of mortgages originated by the Commercial Mortgages Group (“CMG”) to its investor partners. The incumbent as part of CMG’s Asset Liability Committee will manage the warehousing and sale of loans into CMHC’s Canada Mortgage Bond (“CMB”) program balancing meeting investor partner volume targets while maximizing CMG profitability. Team operational duties include issuance of daily rate sheet, mortgage loan interest rate setting and coordinating advances with the CMG funding team.
Using a lead-by-example approach and a flexible management style, the Senior Director will be accountable for CMG’s Credit Policies ensuring that all mortgages are underwritten in compliance per the approved investment criteria, MCAP corporate policies, and CMHC multi-family policies.
This role requires a seasoned commercial real estate finance expert in CMHC Insured and Conventional Lending with knowledge of CMHC Mortgage Backed Securities (“MBS”) and the CMB program.
The Senior Director will be responsible for the planning, direction and the overall activities relating to the funding and sale of CMG originated mortgages formulating short and long-term business strategies, implementing products, policies and programs; and monitoring overall performance of the objectives and will be a key contributor to CMG’s rolling 5 year business plan.
- Prioritize transactions to be underwritten and assign to appropriate staff
- Supervise and review completion of loan submission by staff per approved templates supported by appropriate due diligence
- Approve variances to funding conditions/items within discretionary authority
Loan Approval and Sale
- Approve transactions whether through securing investor consent or delegation of approvals by the investor and/or Commercial Mortgages Investment Committee
- Ensure that Commitment Letters have been issued in compliance with credit approval
- Coordinate rate fixing and hedging
- Prepare, negotiate and execute Investor loan sale documentation
- Resolve issues either through own approval authority or secure additional internal or external approvals as applicable
- Update and maintain reporting on loans funded an under contract used to manage warehousing and CMB sales
Planning and Product Promotion
- Subject matter expert for assigned line of business, supporting internal projects and resource for other business units
- Monitor overall portfolio performance
- Market investment opportunities to assigned investors and continually educate them on market conditions
- Examine processes and identify opportunities to reduce expenditures, enhance results and meet corporate/audit objectives.
Compliance and Risk Management
- Continuous review of CMG credit policies encompassing credit adjudication, rate setting, property tax administration, escrow management, insurance requirements and environmental reporting
- Maintain and develop standard business templates and agreements (i.e. underwriting manual, commitment letter, approved professionals, financial models, MOSA, Postponements etc)
- Compliance with MCAP policies (example allocation policy, delegated approval authorities) which would be managed through Investment Committee
- Maintain Business Unit Response Plan for Investment Management
- Lead contact responsible for managing relationships with assigned investors
- Negotiates contracts with investor base including renewals and amendments generating remuneration and profitability acceptable to the MCAP group.
- Partners with CMG Investor Operations team to ensure timely and accurate reporting is provided to investors.
- Represent the company as appropriate in its relationships with its major customers, government agencies, rating agencies, professional societies and industry groups.
- Compliance with all investor contracts, CMHC underwriting and securitization policies and rating agency requirements as applicable.
- Recommend, update and implement revisions to Environmental and Loan Allocation policies approved by MCAP Board
- Recommend, update and implement revisions to Commercial Mortgages Investment Committee’s mandate as approved by the MCAP Board
- Investment management lead as the subject matter expert for any Audit related matters
- Ensure that all investment management team members are properly licensed
Lead and Manage Staff
- Champion the company’s Vision, Mission and Values as set out in the Strategic Plan both internally and externally within the industry.
- Recruit and develop the right people that believe in and reflect in their behavior MCAP’s Values and Culture.
- Establish, monitor and communicate performance standards to direct reports reinforcing individual results, work quality, continuous improvement, teamwork and achievement of MCAP’s objectives.
- Educate, coach and counsel staff to ensure they are empowered to effectively handle their roles in a confident and professional manner.
- Establish and maintain an effective system of communication throughout the business unit.
Authorities and Committees
- CMG Executive Team
- CMG ALCO
- Commercial Mortgages Investment Committee
Key Success Factors
- Compliance with MCAP’s policies and Board approved risk parameters (includes Delegated Authorities, Allocation Policy, Environmental Policy)
- Contractual and statutory compliance including but not limited to agreements with Investors, CMHC and Rating Agencies
- Optimizing the allocation and profits of CMHC loans sold into the CMB
- Arrears and losses well below industry standards
- Engaged & adaptable team that achieves annual & long term business results
- Market Share
- % of Renewal Book Retained
What You Bring To The Team
- Minimum of 10 years commercial lending experience
- Previous leadership experience
- Experience with Canada Mortgage Bond Program and CMHC Mortgage Backed Securities
- Knowledge of conventional, commercial loan underwriting for office, retail, industrial, and other forms of commercial real estate
- Expertise in CMHC policies and procedures related to multi-residential property
- Team Builder with a demonstrated ability to recruit, train, coach and mentor staff
- Skilled Problem Solver that has negotiating and conflict resolution skills with ability to articulate logical arguments
- Relationship builder that can forge and grow client relationships and internal partnerships
- Ability to demonstrate initiative/confidence and is decisive
- Credit risk / default management experience
- Proficient with MS Word, MS Excel, MS PowerPoint,
- Preferably a bachelor’s degree in business/commerce
- Mortgage Brokers License (preferred)
If this sounds like you and you are looking to be a part of one of Canada’s largest independent mortgage finance companies in Canada, then we want to hear from you!
Be A Part Of Something Great
MCAP has grown to become one of Canada’s largest independent mortgage finance companies a real Canadian success story! MCAP is an independent, Canadian based mortgage finance company with more than $15.4 billion of annual originations and over $66 billion in assets under administration. MCAP provides mortgage products and services to a broad range of institutional investors and lenders for residential and commercial properties across Canada. Founded in 1981, MCAP has over 700 employees and originates, funds, trades, securitizes and services mortgages in offices across Canada. MCAP is also a leader in Canadian construction and development lending with over 20 years in the business. Our teams of dedicated professionals serve a variety of developer, construction and investor clients across Canada.
Position #: req153
Employment Status: Permanent Full Time
Location: Toronto; Ontario
Number Of Openings: 1
Department: Commercial Mortgage
Internal Job Title: Senior Director - Investment Management
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.