Senior Manager, Default Recovery - Legal Action & Real Estate

Who we are: Fairstone Bank and its family of brands are united in delivering innovative, accessible and reliable financial solutions that enable Canadians to reach their goals. Over the years, our brand family has grown. In 2024, Home Trust Company, Home Bank and Oaken Financial became part of the Fairstone Bank family of brands, alongside Fairstone, EdenPark and Fig. Together, we are the leading alternative lending bank in Canada. We have the collective experience and expertise to better serve our customers and foster our partners’ growth. With a diverse suite of products—residential and commercial mortgages, consumer deposits and GICs, credit cards, retail and automobile financing, personal loans and digital lending—we offer financial solutions tailored to all Canadians, including newcomers, small‑business owners, smart investors and savvy consumers.

About the role

Senior Manager, Default Recovery reporting to VP Default Recovery & Accounts Receivable. This expert leads the end‑to‑end recovery strategy for delinquent and non‑performing residential and small commercial nationwide mortgage portfolio. The role maximizes recoveries, reduces losses and ensures all recovery activities comply with regulatory and internal policies. The position oversees internal teams of the end‑to‑end recovery process—including legal enforcement, asset disposal and portfolio management—and external partners while driving data‑informed decisions and continuous process improvements.

RESPONSIBILITIES

• Develop and implement recovery strategies and provide reporting to senior leadership.
• Oversee external partners such as solicitors, property managers, real estate agents and appraisers, including related costs and SLAs.
• Lead, coach and manage recovery teams to achieve performance targets.
• Instruct solicitors and manage legal remedies according to provincial laws.
• Execute strategies for the sale of security (property) and recovery of debt against personal covenants.
• Manage litigation, bankruptcy and settlement processes where applicable.
• Champion technical and process enhancements, working with key stakeholders both internal and external.
• Promote a culture of compliance, accountability and customer‑centric recovery.
• Act in accordance with Fairstone Bank’s core values, Code of Conduct and all internal policies & standards.
• Engage in the highest standard of business conduct and ethics.
• Incorporate regulatory & compliance requirements into existing business processes & activities.
• Identify opportunities to mitigate potential risk and strengthen compliance activities for Fairstone Bank and its stakeholders.
• Collaborate with risk, legal, finance and Operations to align recovery strategies with business objectives.
• Monitor portfolio performance, analyze recovery trends and implement optimization initiatives.
• Meet or exceed monthly, quarterly and yearly targets for cured files and loss reduction.
• Prepare and deliver performance reports to senior leadership that display results for impaired loans, including provisions, forecasts, trends, early warning indicators and KPI/KRIs.

QUALIFICATIONS

• University degree in finance, business administration, economics or a related field.
• Additional accreditation or certification is a strong asset.
• 8‑12 years of experience in residential and commercial mortgage lending, collections, recovery, credit risk or related financial services roles.
• Proven leadership experience managing teams and external vendors.
• Strong understanding of debt recovery regulations, legal processes and compliance requirements.
• High level of expertise in mortgage administration and servicing.
• Demonstrated ability to use data and analytics to drive decision‑making.
• Experience with recovery systems, collection platforms and performance metrics.
• Strategic thinking and problem‑solving skills.
• Strong leadership and team development skills.
• Excellent communication and stakeholder management.
• High attention to detail and risk awareness.
• Well‑developed negotiation and influencing skills.
• Ability to prioritize and quickly adapt to market trends and other changes that impact valuations and potential loss exposure.

What you’ll love about working here

• Recognition: Great Place to Work Canada 2025 and one of Montréal’s Top Employers 2025.
• Work‑life balance: flexibility with a hybrid work model.
• Generous vacation based on role, statutory holidays and 6 wellness days.
• Competitive base salary plus an annual incentive bonus tied to performance.
• Robust health and dental coverage through Manulife and virtual healthcare through Dialogue.
• Group retirement savings plan with up to 7% employer match.
• Exclusive perks including discounts from top retailers and location‑based perks such as gym memberships and Toronto Bike Share.
• On‑site fitness: gym access at our London and Montréal offices.
• Education assistance program and Fairstone Academy for training and skill development.
• Parental leave top‑up program.
• One paid volunteer day to give back to causes that matter to you.

Pay & Process

Expected base salary range: $100,000 – $120,000 per year, plus an annual incentive bonus tied to performance. This posting is for an existing vacancy within our organization. Artificial intelligence may be used in parts of the recruitment process. All candidates considered for hire must successfully pass a criminal background check, credit check and validation of their work experience to qualify for hire.

Fairstone is an equal opportunity employer. Accordingly, we will make reasonable accommodations to respond to the needs of people with disabilities. Individuals who view themselves as Aboriginal, members of visible minorities or disabled are encouraged to apply in confidence.