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Broker Relationship Manager

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Scotiabank

7d ago

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

AI generated summary

  • You need extensive mortgage underwriting experience, knowledge of broker-generated mortgages, strong communication skills, organizational ability, and familiarity with real estate markets and broker compensation.
  • You will manage broker relationships, promote mortgage products, ensure compliance, conduct presentations, and track performance to enhance service and grow the mortgage portfolio.

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 main responsibility of a Broker Relationship Manager?

The main responsibility of a Broker Relationship Manager is to grow residential mortgage business by managing relationships with a designated portfolio of Mortgage Brokers, focusing on providing high levels of service and assisting the bank in cross-selling other bank products.

What qualifications are required for this position?

The position requires extensive experience in residential mortgage underwriting, knowledge of the mortgage broker industry, expert knowledge of bank mortgage products, strong interpersonal and communication skills, sound organizational skills, and thorough knowledge of the real estate market and mortgage-related products.

What are the major accountabilities of a Broker Relationship Manager?

Major accountabilities include business development, relationship management, underwriting, customer onboarding/cross-sell facilitation, and ensuring high standards of customer service in line with Scotia Service Standards.

How many mortgages is a successful Broker Relationship Manager expected to fund per month after becoming mature in their position?

A successful Broker Relationship Manager is expected to fund, on average, about 40 mortgages per month after being in the position for about 18 to 24 months.

What are the working conditions for this role?

The incumbent will work from home and must provide a suitable space to conduct business without distractions, but this space is not required for mortgage broker meetings.

Is there any particular territory that Broker Relationship Managers need to manage?

Yes, Broker Relationship Managers will manage business development relationships within a defined geographic territory.

How does a Broker Relationship Manager ensure compliance with the bank's policies?

They ensure compliance with the bank's policies by actively pursuing effective operations in accordance with Scotiabank's values, code of conduct, and by adhering to operational, compliance, and conduct risk obligations in their day-to-day business activities.

How will the role contribute to customer satisfaction?

The role will contribute to customer satisfaction by delivering timely, accurate, and knowledgeable service to mortgage brokers, ensuring compliance with the bank’s privacy standards, and fostering strong relationships through effective communication.

What is the primary focus when managing relationships with broker partners?

The primary focus is to build, manage, and monitor ongoing relationships to encourage growth in mortgage referrals and ensure the retention and growth of brokers within the Achiever Tier.

Is there a focus on cross-selling other bank products?

Yes, part of the role includes facilitating opportunities for cross-selling other bank products to mortgage customers through mortgage brokers.

Scotiabank

Finance
Industry
10,001+
Employees

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