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Title:  Senior Analyst. Securitization

 

 

 

Requisition ID: 104111

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

 

 

Purpose

 

The Senior Analyst performs the day-to-day operations of residential mortgage securitization activities for RESL in support of the capital and liquidity needs for the Bank.  

 

The Senior Analyst is responsible for the accurate setup, maintenance and reporting of financial data related to the Mortgage Backed Securities (MBS) program and Covered Bond Program (CB).  The Senior Analyst prepares and executes sales and purchases of mortgages between bank entities as requested and reconciles balances between GL accounts and prepares internal accounting reports.

 

The Senior Analyst works under the general direction of the Manger, Securitization and within the framework of existing Bank policies and procedures and approved transaction limits.  He/She is expected to be self-motivated and work with a high degree of independent judgment and expertise in carrying out his/her accountabilities and in prioritization of workload.  The Manager provides guidance on key or complex issues.


Key Accountabilities

 

1.    Administer MBS program including sales, purchases and remittance

 

•    Prepare for the issuance of MBS for Canada Mortgage and Housing Corporation (CMHC) MBS Program by pooling residential mortgages for Canada Mortgage Bond ("CMB") Program, as well as pools held on the Bank's balance sheet
•    Using mHUB, assess qualifying assets through understanding of assets and pool qualification criteria
•    Completion of all required documentation specific to CMHC's National Housing Association (NHA) MBS program, ensuring accuracy and completeness
•    Initiate automated entries through mHUB and prepare any required manual journal entries and send to SMC Finance, and other Bank divisions as required
•    Work with Bond Trading Desk to obtain pool prices for monthly remittance
•    Follow approved procedures to ensure completeness and accuracy of Remittance processing, including review of CPTA edits prior to finalizing Remittance
•    Ensure all securitization related fees due to CMHC and monthly remittance due to CPTA are made on time
•    Prepare Letter of Direction to custodian and maintain accurate DCI record

•    Ensure we have sufficient fund code inventory to handle new pools created
•    Assist Manager with requested analysis to Group Treasury , SMC Finance, and other bank areas on matters regarding securitization issues

 

2.    Execute Mortgage Sales to Optimize the Bank's Liquidity and Capital Structure

 

•    Create and execute pools for mortgage sale transactions as follows:

 

1.    Between the Bank and its subsidiary companies

 

2.    Between the Bank and Scotia Mutual Fund

  • Prepare daily valuation of Mutual Fund portfolio
  • On monthly basis, ensure asset in the pool are meeting established asset eligibility criteria
  • Prepare balance statements as requested
  • On annual basis, prepare portfolio statement for audit purpose

 

3.    Between the Bank and the Covered Bond programs

  • Prepare monthly valuation of Cover Bond portfolio
  • On monthly basis ensure asset in the pool are meeting established asset eligibility criteria
  • As requested by Group Treasury, execute mortgage sales to top up the Cover Bond pools.

 

•    Ensure all purchases/sales are in compliance with detailed agreements

•    Calculate all fees as required for servicing, guarantees etc.

•    Prepare and execute all sales agreements as required

•    Initiate automated entries through mHUB and prepare any required manual journal entries and send to SMC Finance, and other Bank divisions as required

•    Prepare all files for completeness and appropriate documentation on time and in an orderly manner for ease of reference during audits

 

3.    Administer CMHC Social Housing program bidding and sales

 

•    Work with the Bond Trading Desk to prepare and submit the tender price for Social Housing pools as they become available
•    For successful bids, prepare for the issuance of the CMHC Social Housing pool ensuring all criteria is met as set out by CMHC
•    Completion of all required documentation specific to CMHC's Social Housing program ensuring accuracy and completeness
•    Initiate automated entries through mHUB and prepare any required manual journal entries and send to SMC Finance and other Bank divisions as required.

 

4.    Responsible for preparation of reports as they relate to the NHA-MBS program and weekly Investor Remittance reports

 

•    Monthly remittance accounting and journal entries/ inclusive of cashflow and liquidation reports
•    Weekly TLS/mHUB principal reconciliation report
•    Weekly Investor Remittance report for Mutual Fund and RRSP portfolios and remittance of payments received on portfolios
•    Investigate and resolve accounting balance discrepancies related to investor loans


5.    Portfolio Insurance maintenance

 

•    Keep track of insurance data change feedback from CMHC and update insurance data on TLS via file repair process
•    Assist Manager in conducting analysis of uninsured mortgages to satisfy the criteria for utilizing of the Bank’s substitution capacity on a quarterly basis, as well as for new purchases, for CMHC, Genworth and Canada Guaranty insurances, as applicable

•    Prepare bulk insurance data conversion on TLS 

 

6.    Provide excellent customer service and support to internal and external stakeholders

•    Respond promptly, accurately and thoroughly to telephone and written enquiries/correspondence; investigate/resolve issues. 
•    Identify operational/systems issues and escalate for resolution. 

 

 

7.    Assist Manager and Senior Manager, Securitization with various projects, analysis and audit activities as required

 

•    Ensure all regular work complies with CMHC guidelines on NHA MBS program and Registered Covered Bond program and proper documentations are maintained, for ease of reference during audits.  
•    User testing of new mHUB releases
•    Analysis requested by Group Treasury, SMC Finance, and other bank areas on matters regarding securitization
•    Cross training and providing backup support to maximize knowledge transfer among the group
•    Assist with the design/recommendation/implementation/documentation of new/updated securitization procedures


Education and Other Requirements


•    Post-secondary education preferred with major in finance/accounting/business or equivalent Industry experience
•    Accounting designation not required but preferred
•    Strong focus on accuracy, timeliness, thoroughness; extreme attention to details and ability to multi-task. Understanding of and proficiency in financial mathematics; net present value calculations, annuities, internal rate of returns; understanding of market valuations, discount rates and basis points
•    Advanced proficiency in personal computer skills, including spreadsheets, word-processing applications, databases, and systems
•    Knowledge and experience in Securitization including structure of securitization deals, process, rules and regulations
•    Solid communication/interpersonal/negotiating skills for managing bids and interacting with other Bank stakeholders (Scotia Bond Trade) on yield determinations
•    Ability to perform well under stress
•    A high degree of self-assurance/initiative and business sense is required to perform responsibilities independently within established parameters

 

Location(s):  Canada : Ontario : Toronto 

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.  

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.


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