Fairstone Financial Inc.

Manager, Default Recovery - Collections

Fairstone Financial Inc. • $80K — $100K *
Toronto, ON M3C 0E3In-Person
Finance & Insurance
5 - 7 years of experience
1 month ago
Job Overview by Ladders

Qualifications

  • Post-secondary degree or diploma required (University degree preferred)
  • 5+ years of previous People Leadership/Management experience
  • 5+ years of experience in the Financial Industry, with Mortgage and credit card experience preferred
  • Proven leadership skills focused on mentorship and motivation
  • Excellent interpersonal and relationship-building skills
  • Strong written and verbal communication skills
  • Exceptional problem-solving and analytical capabilities.

Responsibilities

  • Lead and develop a team of Specialists to mitigate losses and reduce delinquency
  • Monitor team productivity to ensure efficiency in handling defaults
  • Provide hands-on leadership in managing complex recovery files
  • Review management recommendations for critical escalation and solutions
  • Work collaboratively with third-party partners to establish payment arrangements
  • Optimize recovery rates while managing customer relations and reputational risk
  • Develop and implement recovery strategies based on account risk.

Benefits

  • Award-winning culture recognized as a Great Place to Work in Canada and Montreal's Top Employers
  • Flexible hybrid work model for work-life balance
  • Generous vacation and wellness days for employee well-being
  • Comprehensive health and dental coverage through Manulife
  • Group Retirement Savings Plan with up to 7% employer match
  • Exclusive discounts via WorkPerks and local memberships
  • On-site gym access in London and Montreal
  • Education Assistance Program for continuous skill development
  • Paid volunteer day to support community causes.
Full Job Description
Join Home Trust as a Manager, Default Recovery - Collections, reporting to VP Default Recovery & Accounts Receivable, and be part of our talented and growing team!

About the role:

The Manager of Default Recovery Collection is responsible for overseeing all early-stage collection activities across all internally serviced product lines, ensuring adherence to industry best practices and company policies. This role involves managing and reporting on early-stage delinquency and third-party vendor performance for Residential and Small Commercial mortgages, as well as Credit Card portfolios. The Manager is tasked with implementing changes and improvements within the Default Recovery Collection process, focusing on operational considerations, employee training, and the implementation of controls, policies, and systems. As the primary point of contact for third-party vendor relationships, including collection agencies and service providers, the Manager is responsible for fostering and maintaining professional and effective relationships with these entities.

RESPONSIBILITIES:

Delinquency Resolution
  • Lead and develop a team of highly capable and engaged Specialists to success in mitigating loss and reducing delinquency through applying recovery strategies, process change, industry insights, and coaching
  • Monitor productivity and workflow to ensure optimal team efficiency and effectiveness to mitigate continuing default
  • Take a hands-on leadership approach to ensure prudent handling of complex files
  • Review recommendations to management for critical escalation steps or work out solutions for completeness, accuracy and suitability and risk tolerance.
  • Provide guidance and/or advice pertaining to effective negotiations and forbearance/workout solution opportunities
  • Work collaboratively with third party business partners, specialists and clients to establish feasible payment arrangements that facilitate the recovery of funds. This may involve negotiating payment plans that align with the client's financial capabilities while ensuring the company's interests are safeguarded.
  • Optimize recovery rates while balancing customer outcomes and reputational risk
  • Develop and implement recovery strategies tailored to account risk levels


Operational Effectiveness & Excellence & Business Initiatives
  • Lead team initiatives including policy and procedure maintenance.
  • Meet or exceed monthly, quarterly and yearly targets for cured files and loss reduction
  • Manage external partners and related costs and SLAs (collection agencies, service providers).
  • Monitor reports to ensure results are achieved and to identify trends concerns, performance issues.
  • Champion technical and process enhancements, working with key stakeholders both internal and external.
  • Establish as required and report on team KRI/KPIs and manage performance reviews.
  • Promote a culture of compliance, accountability, and customer-centric recovery.
  • Ensure SLAs are achieved and maintained.
  • Identify opportunities and champion for continuous improvements/solutions.
  • Prepare and deliver performance reports to senior leadership to display target/cure rate results, delinquency avoidance, resolution timelines for delinquent loans, including trends, early warning indicators
  • Actively participate and/or provide leadership on projects aligned with business plan and/or objectives, best practices, and/or system implementation initiatives.
  • Recommend and collaborate technical and process enhancements, working with key stakeholders both internal and external


Risk and Compliance
  • Understand and ensure compliance with governmental, investor, and mortgage insurer guidelines.
  • Incorporates regulatory & compliance requirements into existing business processes & activities
  • Maintain consistent, objective and sound risk assessment in a high-volume customer centric environment
  • Identifies and champions opportunities to mitigate potential risk and to strengthen compliance activities, for the company in daily operational activities
  • Provide oversight to ensure proper implementation of policies, procedures, and adherence to controls to manage risk pertaining to enforcement activities including but not limited to, Anti-Money Laundering, Know Your Client, Privacy, Complaints Handling and Compliance Management, as required by regulations.
  • Proactively identify risks related to business; escalate and provide actionable recommendations. action where required.


People Leadership
  • Oversee Manage and motivate Team lead(s) and Specialists to complete their daily deliverables within established targets (with both accuracy and timeliness)
  • Ensure adherence to requirements and deliverables.
  • Offer effective leadership through coaching, guidance, feedback, and developmental opportunities via annual performance reviews and ongoing team monitoring.
  • Oversee training of new team members and ensure continuous training to keep standard operating procedures current and comprehensive.
  • Foster collaborative teamwork to encourage synergies, ensuring departmental and company objectives are met.
  • Oversee and refine work assignments to ensure healthy allocation, engagement, purpose, and team culture.
  • Conduct performance reviews and provide ongoing feedback
  • Set performance goals, KPI's and productivity standards


What we're looking for:

  • Post secondary degree or diploma required (University degree preferred)
  • 5+ years of previous People Leadership/ Management experience
  • 5+ years of experience in Financial Industry, with Mortgage and credit card experience strongly preferred
  • Proven leadership skills focused on mentoring and motivating professionals.
  • Excellent interpersonal and relationship-building skills.
  • Strong written and verbal business communication skills.
  • Proven diplomacy, negotiation, conflict resolution, and people management skills.
  • Technical proficiency with Microsoft Office (Excel, Word, Teams, Outlook, PowerPoint).
  • Proactive, self-starter attitude.
  • Ability to multitask in a fast-paced, deadline-driven environment.
  • Exceptional time management and organizational skills.
  • Professional maturity and exceptional problem-solving/analytical skills.


What you'll love about working here:

  • Award-Winning Culture: We're proud to be recognized as a Great Place to Work Canada 2025 and one of Montreal's Top Employers 2025 by Canada's Top 100 Employers.
  • Work-Life Balance: Enjoy flexibility with our hybrid work model designed to support your lifestyle.
  • Time to Recharge: Generous vacation based on your role, statutory holidays, plus 6 wellness days to prioritize your well-being.
  • Compensation Package: Competitive base salary plus an annual incentive bonus tied to performance.
  • Comprehensive Benefits: Robust health and dental coverage through Manulife, as well as virtual healthcare through Dialogue.
  • Future-Ready Savings: Group Retirement Savings Plan with up to 7% employer match.
  • Exclusive Perks: Discounts from top retailers via WorkPerks, plus location-based perks like gym memberships and Toronto Bike Share.
  • On-Site Fitness: Gym access at our London and Montreal offices.
  • Continuous Growth: Education Assistance Program and Fairstone Academy for training and skill development.
  • Family Support: Parental leave top-up program to help you during life's big moments.
  • Community Impact: One paid volunteer day to give back to causes that matter to you.


What you can expect - pay & process:

  • Expected base salary range is $80,000 - $100,000 per year, plus the opportunity to earn 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.


If what you read excites you, we'd like to hear from you! Please submit your application and we'll contact you if you become selected for first stages of the interview process.

Learn more: https://www.fairstone.ca/en/about/canadian-lender

Follow us on LinkedIn: https://www.linkedin.com/company/fairstone/mycompany/

If you have a preferred language for communication, please kindly inform us whether you prefer French or English on your application.

Time Type:
Full time

Job Type:
Permanent

About Fairstone Financial Inc.

Fairstone Financial Inc. is a Canadian financial services company that provides personal loans, mortgages, and other financial products to consumers across Canada. The company was founded in 1923 and has since grown to become one of Canada's largest non-bank lenders, with over 200 branches and 2,000 employees. Fairstone Financial Inc. is committed to providing responsible lending practices and has implemented various initiatives to promote financial literacy and consumer protection. The company is also committed to sustainability and has implemented various initiatives to reduce its environmental impact.
Learn more about Fairstone Financial Inc.
Size
2,000 employees
Industry
Finance & Insurance
Net Income
$50 million
5 Year Trend
+5%
Revenue
$200 million
NASDAQ
* Ladders Estimates

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