Commercial Mortgage Analyst
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.
MCAP is seeking an experienced, energetic Commercial Mortgage Analyst to join their growing Commercial Mortgage Group. The position requires an individual who is responsible for supporting the asset management group in the ongoing management, monitoring, reporting and surveillance of a portfolio of commercial mortgage accounts. The candidate will have a good level of commercial mortgage experience; enjoy a fast-paced entrepreneurial environment, has meticulous attention to detail with an ability to maintain a high level of quality control and manage multiple tasks, all within prescribed timelines.
The position is primarily responsible for supporting the asset management group in the ongoing management, monitoring, reporting and surveillance of a portfolio of commercial mortgage accounts, post funding.
The Commercial Mortgage Analyst will assist in fulfilling contractual asset management obligations to investors, rating agencies and stakeholders. Duties primarily include the financial analysis and annual review of loan accounts, loan modifications, reporting and default management on an as needed basis. Regular interaction and relationships are fostered with a talented and experienced group of co-workers, borrowers, investors and industry related professionals.
Utilizing a good level of commercial mortgage experience, the Commercial Mortgage Analyst will be a key contributor to the ongoing growth of MCAP’s commercial mortgage portfolio while adhering to quality control, risk aversion and a compliance regimen. The candidate will work under the supervision of the Associate Director, Asset Management within MCAP’s Commercial Mortgage Group (CMG).
- Liaise with the servicing group for the issuing of information request letters to mortgagors to collect relevant information for the completion of annual reviews.
- Obtain relevant information i.e. borrower financial statements, PNW statements, property operating statements, rent rolls, leases, cash flows, forecasts and other pertinent information required to perform annual account reviews for a portfolio of conventional, CMHC insured and CMBS loans.
- Summarize all current detail in a prescribed annual review format to be submitted for approval to management, investor or master servicer as required.
- Identify accounts where adverse trending has occurred or is imminent and arrange for corrective action, monitoring or additional surveillance.
- Diarize and update the Precision LM mortgage system for tracking purposes and to establish the scheduling of future annual reviews.
Mandatory Repairs, Holdbacks and Undertakings
- Receive and review regular Precision LM generated reports identifying action items that require ongoing monitoring and follow up.
- Recommend to management, investor, master servicer or rating agency where a borrower has satisfied requirements for the release of an undertaking, repair and maintenance holdback, escrow or other obligation.
- Ensure the closure of items and update the Precision LM mortgage system as required.
- Regular reporting to investors for repair, holdback and undertaking items and the completion of outstanding items.
Loan Modifications (i.e. assumption, corporate reorganization, release of security)
- Obtain required information i.e. proposal, P&S Agreement, financials, rent rolls, PNW statements to summarize all current detail in a prescribed format to be submitted for approval by management, investor, master servicer or rating agency as required.
- Prepare and issue communications to the Borrower to document the proposed course of action.
- Receive executed Borrower communications, fees or documents and liaise with the servicing group to carry out the approved plan.
- Assist with any ongoing due diligence items required to successfully complete the modification.
- Contract for annual property inspections through an external agency where obligated or identify, schedule and co-ordinate inspections to be completed internally by MCAP personnel.
- Schedule property inspections with the external agency and communicate with Borrowers to advise of a pending site visit.
- Receive and review inspection findings and report to management, investor or master servicer as required.
- Formulate and action plan for approval and carry out corrective steps where deferred maintenance has been identified.
- Diarize and update the Precision LM mortgage system for tracking purposes for any corrective measures and to establish the scheduling for future property inspections.
- Management of a portfolio of non-performing mortgages compliant with the terms established by MCAP’s investors, CMBS requirements and CMHC guidelines.
- Collect relevant material to formulate a well-reasoned action plan which is to be circulated for review and approval. To be updated with periodic progress reports consistent with company policy and MCAP’s contractual obligations to its investors and stakeholders.
- Carry out the terms of approved action plans while maintaining regular dialogue with borrowers, investors, lawyers, property managers, appraisers and realtors as may be required.
- Analyze borrower covenants pertaining to default accounts and assess prospects for recovery.
- Negotiate settlements with borrower covenants per the terms of covenant recovery contracts with our investors or as obligated by CMHC.
Management, Investor, Rating Agency and Regulatory Reporting
- Receive and review regularly produced Precision LM system-generated reports including matured and maturing loans, projected maturities, narrative arrears, non-performing arrears status, escrow balance, suspense balance, trial balance, events and action items.
- Prepare and provide regular management, investor, insurer and regulatory reporting per established parameters or contractual obligations on a monthly, quarterly, semi-annual or annual basis.
- Maintain and update a tracking system within the Precision LM mortgage system for ongoing and recurring asset management duties and surveillance activities.
Educational/ Market Knowledge
- Review and critically assess mortgage-related publications including appraisals, capitalization rate surveys, environmental investigative summaries and building condition assessment reports.
- Strive to stay current with industry trends and practices through educational opportunities, seminars, conferences, reports and industry related websites.
- Continuing education, good working knowledge and awareness of commercial real estate, CMHC policies and procedures, CMBS requirements pertaining to the commercial mortgage portfolio including reporting, Pooling and Servicing Agreements, CREFC best practices and the Controlling Class Representative for securitized transactions.
- Actively participate in regularly scheduled department or divisional meetings and planning sessions for information, education, the review, drafting and refinement of processes, mitigation of risk, skill development and personal career enhancement.
What You Bring To The Team
- Minimum 5 years of commercial mortgage experience (may include a combination of mortgage administration, servicing and underwriting)
- Thorough knowledge of conventional commercial loan underwriting for office, retail, industrial and multi-family real estate and other forms of commercial real estate
- Working knowledge and understanding of CMHC policies and procedures related to multi-unit residential properties
- Minimum 5 years commercial mortgage experience
- Up to date knowledge of current market trends and economic conditions
- Proficient with Microsoft Outlook, MS Word, MS Excel, MS PowerPoint
- Strong analytical skills and spreadsheet analysis ability
- Strong verbal and written communication skills
- Effective business report writing skills
- Good ability to problem solve, think independently and flexible in approach
- Good organizational and time-management skills
- An ability to prioritize tasks
- Ability to foster strong relationships with good customer service skills
- Carries out duties with integrity and takes responsibility for actions
Languages Used in the Role
- English (French an asset but not required)
- University Degree in Business/Commerce/Economics or combination of related experience.
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 #: req167
Employment Status: Permanent Full Time
Location: Toronto; Ontario
Number Of Openings: 1
Department: Commercial Mortgage
Internal Job Title: Commercial Mortgage Analyst
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.