Bilingual Specialist Multi-Unit refinancing
Sector: Client Operations
Language Designation: Bilingual
Language Skill Levels (Read/Write/Speak): BBB
Salary Range: $74852.60 to $93565.75
Position Status: Temporary Full Time
We’re not your typical government agency
Canada Mortgage and Housing Corporation (CMHC) exists for a single reason: to make housing affordable for everyone in Canada. We’re mobilizing the expertise and energy of governments, non-profits, lenders, developers, social entrepreneurs and co-ops to create the future of housing. At CMHC, we believe that everyone in Canada should have a place to call home.
Experience a Results-Only Work Environment™ (ROWE™)
At CMHC, we trust you to get the job done. We’ve shifted from managing people to managing work. Each employee is 100% autonomous and 100% accountable. You can choose where you need to be and when you need to be there to meet your objectives. You’re in control of your time and are trusted to make the right decisions.
This position reports to the Client Relationships and Operations team in our Office of the SVP, Client Operations sector. This sector makes delivering housing affordability solutions easy.
About the role
We’re constantly evolving to build an inclusive housing system through research, design, innovation and partnerships. In this role, as a member of CMHC’s Multi-Unit Servicing team, you will undertake in-depth analyses and recommend solutions for projects that are in financial difficulty to ensure the preservation of the existing housing stock and to avoid or minimize a loss. You will explore scenarios and to find the best solution to meet client needs and to mitigate risks for the Corporation or the lender. Your expertise in communicating and negotiating to explore possible options and ultimately reach a solution that minimizes CMHC's risk exposure will help us make housing affordable for everyone in Canada.
What you will need
• Undergraduate degree in business administration or commerce, with a concentration in accounting, finance or property management.
• Minimum of three years of experience in one or more of the following areas: real estate appraisal, business turnarounds, recoveries, housing finance and default management; or an equivalent combination of education and relevant experience.
• In-depth knowledge of risk factors related to mortgage loans for multiple-unit projects with five or more units.
• Demonstrated experience in recovery plans for multiple-unit projects with five or more units.
• Working knowledge of rental housing finance and mortgage markets.
• Working knowledge of real estate and contract law, as well as the various legal actions with regard to mortgage defaults.
• Ability to interpret appraisals, market and financial reports for multiple-unit housing projects.
• In-depth knowledge of how to analyze less complex revenue income-producing properties.
• Strong negotiation skills and ability to influence others.
• Strong oral and written communication skills.
What you will be doing
File and Client Management Operations
• Recommend solutions, in collaboration with lenders, receivers, legal counsel, property managers and other external partners and stakeholders, to assist rental housing projects under agreement with CMHC that are in financial difficulty. Communicate and negotiate with lenders to explore possible options and ultimately reach a solution, which may be a refinancing, a workout or disposal according to the various legal actions with regard to mortgage financing.
• Supervise and coordinate the implementation of approved workout and/or refinancing plans, including but not limited to negotiating terms of the agreement, monitoring their implementation and reviewing loan advance requests.
• Coordinate all activities and other policy and procedures related to the successful operation of the multi-unit project/portfolio for assigned projects.
• Work continually with lenders and non-profit and/or co-op groups to ensure the smooth implementation of workout and/or refinancing plans.
People Leadership (human relations skills)
Understanding, influencing and/or serving people are important considerations in causing actions or acceptance by others.
• Provide instructions to and/or oversee services of property management companies under agreement with CMHC and with housing providers to operate and maintain multi-unit residential properties owned by CMHC; recommend approvals for housing-related expenditures.
• Report on and/or analyse operating costs, capital plan expenditures and other operations associated with property and management.
• Support procurement third party activities, ensure information accuracy in Requests for Proposals and that terms of contract are followed. Ensure contracts are signed with due diligence, make recommendations to improve future contracts and implement best practices in the field of property management.
Risk and Cost Containment
• Perform in-depth analysis of projects that are undergoing financial difficulties and seek approval of an appropriate solution that will meet client needs and mitigate risks for the Corporation or the lender.
• Negotiate plans using knowledge of practices and policies pertaining to social/affordable housing, including but not limited to default management, finance, law, and property management.
• Work closely with various internal and external professionals, partners and stakeholders to validate and verify the financial, legal and risk implications of recommended decisions.
• Work with lenders in case of defaults and to ensure default loans are managed in accordance with the required conditions/expectations.
• Respond to specific and general inquiries pertaining to projects in difficulty. Provide appropriate responses to meet the needs of many different clients, including lenders and borrowers, as such requests must be addressed in a timely manner.
• Review and analyze recommendations provided from lenders concerning social/affordable housing project loans, including covenant amendments, changes to special conditions, borrower’s structure change requests, security releases and partial sales to make sure acceptable risk is taken by CMHC.
• Complete a financial analysis of the borrower, assess market conditions, analyze the financial and operational performance of the property, and ensure CMHC continues to appropriately mitigate risks while meeting client needs.
Social and Affordable Housing Files
• Consider political and social concerns as related to social housing in order to find suitable solutions for projects in difficulty.
• Take non-financial information into account to come up with options and objectives specific to the project with the goal of aligning the interests of the housing providers, loan providing entities and CMHC.
• Leverage financial and policy authorities to recommend exceptions where applicable while designing new solutions.
• Provide guidance to external analysts in the context of outsourced services, and review their recommendations to CMHC.
Does this sound like you?
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Posting closing date: April 28, 2020 @ 11:59 pm EST (Note, the competition may remain active until filled)
Job Requisition ID: 4580
Primary Location: Ottawa, Quebec
Other Location(s): Position can be located anywhere in Canada
Security Requirement: Reliability Status
Travel Requirement: Occasional
We sincerely thank all candidates for their interest, however, please note that only those applicants selected for further consideration will be contacted.
CMHC is an employer that values diversity and encourages the learning and use of both Canada's official languages. CMHC is committed to employment equity and actively encourages application from women, Indigenous people, persons with disabilities and visible minorities
*If selected for an interview or testing, please advise us if you require an accommodation.