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Broker Relationship Manager

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Scotiabank

3mo ago

  • Job
    Full-time
    Senior Level
  • Sales & Business Development
    Banking & Finance
  • Saskatoon
    Remote

AI generated summary

  • You need extensive mortgage underwriting experience, broker industry knowledge, strong communication and organizational skills, and a solid grasp of market trends and mortgage products.
  • You will manage broker relationships, ensure compliance, promote products, track performance, provide support tools, and facilitate cross-selling to achieve mortgage portfolio growth.

Requirements

  • Extensive experience in residential mortgage underwriting
  • Knowledge of and experience in dealing with mortgages generated by Mortgage Brokers and the mortgage broker industry in general
  • Expert knowledge of Bank mortgage products, and all the policies / procedures, relating to the credit adjudication and funding of the products
  • Proven interpersonal and communication skills to deal with the demands of mortgage brokers and to be able to tactfully relay unpopular messages
  • Sound organizational skills with ability to prioritize and give close attention to detail
  • Thorough knowledge of the pertinent Real Estate market, competitor innovations, trends and developments
  • Thorough knowledge of mortgage related products (Mortgage Insurance / Insurance, other credit products, deposit products and etc.)
  • Knowledge of Bank external marketing programs
  • Thorough knowledge of broker compensation

Responsibilities

  • Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
  • Actively pursues effective and efficient operations of his/her respective areas in accordance with Scotiabank’s Values, its Code of Conduct and the Global Sales Principles, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational, compliance, AML/ATF/sanctions and conduct risk.
  • Champions a high performance environment and contributes to an inclusive work environment.
  • Managing existing relationships within a designated portfolio of Achiever Mortgage Brokers to ensure that the Bank earns a reputation for providing the highest level of prompt and attentive service in the industry and the Bank represents the first choice of mortgage lenders by the mortgage brokerage community
  • Developing new business relationships by prospecting for and attracting successful mortgage brokers who are not currently dealing with the bank at the Achiever level as well as with graduates to the Achiever level acquired from the BDM pool
  • Planning, scheduling and conducting sales/product and policy presentations and regular follow-up communications with key brokers to strengthen existing relationships and establish new relationships when required, and further our success in meeting the bank’s goals for growth of the mortgage portfolio and cross selling other bank products
  • Developing a thorough knowledge of mortgage products, policies and procedures, to facilitate promotion of our offerings with mortgage brokers and their customers
  • Developing a thorough knowledge of the Bank’s retail products, policies and procedures, to facilitate cross selling the products to mortgage customers through mortgage brokers
  • Maintaining an in-depth knowledge of the pertinent real estate market, competitive innovations, as well as trends and developments that might influence market dynamics
  • Representing the Bank at industry-related meetings and events.
  • Maintaining an appropriate level of regular contact with the established broker portfolio based on projected achievement levels, through various mediums suitable to and designed to meet the needs of each specific broker/office on the BRM’s list of Achiever Brokers
  • Gathering and maintaining current information on each to optimize relationship building as appropriate
  • Developing and tailoring customer service and sales activity, to be specific to meeting the needs of the targeted market, more specifically to their Achiever Brokers
  • Directing level of energy based on performance to ensure the needs of the identified key potential referral sources are understood and that we are meeting their specific needs
  • Providing support tools to assist brokers with their client interactions (product information, pricing and ways to counter objections and solidify deals)
  • Developing Broker knowledge of our products, policies and processes to improve the efficiency of each broker relationship including “Look-to-book” ratios, reduced frequency of amendments and reduction in broker error
  • Tracking and monitoring broker performance for improvement of efficiency or managing appropriate action in the event that all efforts to improve fail
  • Effectively communicating Bank lending policy and procedures to brokers, and so instil a thorough knowledge of our lending requirements and qualifying parameters
  • Determining and obtaining all pertinent credit information such as proof of income, down payment confirmation, etc., and conducting appropriate due diligence thereon in order to meet the Bank’s credit and quality standards, including anti-money laundering and anti terrorist financing standards, and maintaining the bank’s desired reputation with the public and regulators
  • Accurately reviewing and if needed, correcting data electronically supplied by Achiever Brokers, inputting data to computer underwriting program and reviewing the merits of the application, and determine a “pass”, “fail” or “further consideration” decision for each mortgage application
  • Within a designated discretionary limit for mortgage applications which are “passed” by the system, approve or decline mortgage transactions and recommend to a higher level those which are qualified for further review if the incumbent considers them to be credit worthy
  • Issuing and following-up on commitments
  • Obtaining Mortgage Insurer approval for insured loans
  • Ordering and reviewing appraisals for conventional mortgages, if required
  • Assembling, analyzing and ensuring receipt of all relevant information and documentation prior to onward submission of the file to the Mortgage Funding Department for timely instruction to solicitors
  • With the assistance of statistical information provided by the supervisor or other areas of the Bank, monitor mortgage broker and mortgage borrower performance and take appropriate action to ensure that substandard performance is corrected or if it is not, take appropriate action to terminate the relationship with the mortgage broker
  • Monitor mortgage broker activities and bring any activities which appear worthy of further investigation to the attention of appropriate Bank officers (supervisor or S&I)
  • Ensuring Mortgage Brokers are familiar with the Bank’s Cross-sell program and desire to promote multiproduct customers commencing with the Broker Sales Process
  • Conducting meetings with Achiever Brokers in regards to partnering with SMA to provide a warm hand off to Scotiabank branches of clients on closing. Conducting sales presentations with respect to non-mortgage bank retail products in order to educate the assigned brokers in how to cross sell other bank products and to obtain the cooperation of the assigned brokers in doing same
  • Facilitating prompt turnaround times and ensuring accuracy, courtesy and knowledgeable service when dealing with mortgage brokers and their office staff
  • Maintaining the confidentiality of Bank and customer information
  • Being fully aware of and complying with Bank’s Privacy Code and Guidelines for Business Conduct

FAQs

What is the purpose of the Broker Relationship Manager role?

The Broker Relationship Manager is responsible for growing residential mortgage business from a designated portfolio of Mortgage Brokers by developing relationships, providing high levels of service, and assisting in cross-selling other bank products to mortgage customers.

What are the major accountabilities of the Broker Relationship Manager?

Key accountabilities include business development, relationship management, underwriting, facilitating customer acquisition and cross-sell opportunities, and ensuring high standards of customer service.

What experience is required for this position?

Extensive experience in residential mortgage underwriting, knowledge of the mortgage broker industry, and expertise in the bank's mortgage products, policies, and procedures are required.

How does the Broker Relationship Manager contribute to business development?

The Broker Relationship Manager promotes the growth of profitable residential mortgages by managing relationships with existing brokers and developing new business relationships through prospecting and effective communication.

What are the qualifications needed for this role?

Candidates should have proven interpersonal and communication skills, strong organizational abilities, thorough knowledge of the real estate market, and understanding of broker compensation and external marketing programs.

How many mortgages should a successful Broker Relationship Manager fund monthly after becoming mature in their role?

After 18 to 24 months in the position, a successful Broker Relationship Manager should fund an average of about 40 mortgages per month.

Where will the Broker Relationship Manager be working?

The incumbent will work from home and must provide a suitable space to conduct business without distractions.

Which locations are available for this position?

The locations for this role are Saskatoon and Regina in Saskatchewan, Canada.

Is there a support system for new hires who might need accommodations?

Yes, Scotiabank is committed to creating an inclusive and accessible environment and supports candidates who require accommodations during the recruitment process.

What is the importance of customer service in the Broker Relationship Manager role?

High standards of customer service are crucial to fostering overall customer satisfaction and ensuring timely, accurate, and knowledgeable service when dealing with mortgage brokers and their staff.

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Scotiabank

Finance
Industry
10,001+
Employees

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