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Job Title: AVP, Compliance
Department: Mortgage Compliance
Reports To: President
# of Positions: 1
Summary of Position
The AVP, Compliance is the Principal Broker and Privacy Officer at Mortgage Alliance (“MAC”). At MAC, our clients are the Mortgage brokers and agents in our broad and thriving network. Our purpose is to help them operate and grow their businesses and have a broad impact on the lives of Canadians. We compete in a regulated industry and compliance with laws, rules and regulations is of paramount importance to our clients, their clients, and our brand. Accordingly, this role will be accountable for developing, implementing, and monitoring all aspects of the compliance programs at MAC.
The position will lead a team of Compliance Analysts who will investigate complaints, create forms, policy updates and liaison with provincial Mortgage regulators. Advises the President of new and emerging compliance issues and implements controls to mitigate risks. Ensures that the Compliance Department activities run smoothly and efficiently by providing leadership, training, and coaching. They will ensure direct reports have the knowledge and skill in all areas of the department and the broader business and mortgage industry. The AVP Compliance will continually contribute to the development and knowledge of all staff regarding compliance and regulatory requirements.
- In the context of a regulated industry, Act as the Compliance Officer of Mortgage Alliance;
- Management of the compliance team and compliance issues including monitoring changes in applicable provincial and federal laws and regulations and implementing the appropriate changes to our Company’s practices;
- Liaise with Provincial Regulators across Canada;
- Responsible for the prompt response to detected offences, developing corrective action, and report findings to the President and finance department and, when required, to the applicable regulatory bodies;
- Communication to network regarding any compliance, regulatory or legal developments and changes;
- Implement monitoring and reporting to ensure compliance throughout the Mortgage Alliance Network;
- Primary point of contact with lenders regarding compliance matters;
- Primary point of contact with our E&O company and lawyers to address and resolve consumer and regulatory complaints;
- Review and approve all marketing materials from a compliance perspective;
- Respond to all government legislation and queries;
- Establish and administer a process for receiving, documenting, tracking, investigating, and taking action on client complaints;
- Consult with Legal as needed to resolve legal and compliance issues;
- Provide subject matter expertise and consulting to all stakeholders;
- Signing and approving any trust account reconciliation statements prepared by the brokerage to confirm statements have been reviewed and are accurate;
- Deliver consistent quality service to agents and brokers in all regions of Canada on compliance matters; Support and promote the Mortgage Alliance culture through various channels;
- Will manage the budget and plan for the Compliance team and compliance activities at the network level;
- Will ensure there is adequate monitoring of functions to ensure compliance with all rules and regulations;
- Will create and deliver training materials for employees and brokers to ensure compliance, the implementation of best practices and fraud prevention;
- As a member of the Senior Management Team, will contribute to developing and executing business strategies to help Mortgage Alliance achieve its goals, vision and mission; Team player with collaborative skills;
- Perform additional assignments as required by the needs of the company, or as directed by the President.
Knowledge, Skills & Abilities
This position requires an individual with:
- Highly motivated, strong attention to detail, team oriented, organized
- Expertise of compliance laws, rules, regulations, and risks
- Strong business and financial acumen
- Risk management
- Strong strategic and tactical thinking skills
- Self-starter, flexible, innovative and adaptive
- Negotiation, conflict & relationship management, and resolution
- Excellent communication skills (verbal and written) with the ability to communicate complex issues to a range of audience
- Proven Leadership
- Change Management
- Continuous improvement and innovation mindset
- 5-10 years of direct work experience in a regulatory compliance position in the Mortgage Brokering/Lending industry
- At least 5 years of experience in the residential Mortgage business
- Hold a current mortgage broker license issued by FSRA
- In depth knowledge of BCFSA, FSRA, RECA, Provincial Mortgage Brokering Legislation, Privacy and other regulations and guidelines;
- A defined sense of diplomacy, including negotiation, conflict resolution, and people management skills;
- Able to build and maintain corporate relationships with internal departments and business partners.