New Job Validation Officer - Automotive Dealer Finance - Anjou,Qc (Casual) In Quebec

Validation Officer - Automotive Dealer Finance - Anjou,QC (Casual)
Validation Officer - Automotive Dealer Finance - Anjou,QC (Casual)

Validation Officer - Automotive Dealer Finance - Anjou,QC (Casual)

Company : Scotiabank
Salary : Details not provided
Location : Quebec

Full Description

Requisition ID: 162501

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

The Validation Officer Funding is responsible for completing verification and validation of critical information contained in approved loan / lease applications and other related supporting documents (Indirect Retail and DVLP leases) prior to release of funds.

1. Perform all verification activities related to approved Indirect Retail Loans and DVLP Leases received for funding by:

  • Verifying documentation to checklist to ensure that all original loan/lease documents are included in the funding request package from the dealer (CSA/RLA, application, Bill of Sale, pay stubs or other proof of income, insurance coverage evidence, DVLP Worksheet, Funds Transferred form etc);
  • Verifying that employment/income shown on Credit Bureau file or on pay stubs matches back to the original approved application in the ALS COM System. If different and TDSR is negatively affected (i.e. exceeds 40%), referring the deal by electronic Alert back to Lending for re-decision;
  • Verifying vehicle insurance coverage and residence as required by the Indirect Retail Lending Policy Bulletin or DVLP Monograph;
  • Verifying the validity and accuracy of Conditional Sale Agreement or Retail Lease Agreement in all respects including verifying the collateral description in documents back to the Bill of Sale;
  • Ensuring compliance to AML (Anti-Money Laundering) and KYC (Know Your Customer) policy.

2. Resolve all identified discrepancies by:

  • Identify issues and take corrective measures where the deal received for funding is not in compliance with the original approval:
    • Dollar value not within approval limits;
    • Down payment not equal to approval;
    • Interest rate incorrect;
    • Insurance conditions not met;
    • Registration fee not included;
    • Loan totals added incorrectly; and/or
    • Documents not properly signed;
    • Documentation discrepancies.
    • AML (Anti-Money Laundering) and KYC (Know Your Customer) Policies not met.
    • All above circumstances require that the Funder communicate with the dealer to make corrections to this information; the Validation Officer must phone and /or fax and /or dealer message.
    • Validation Officers can authorize Loan Documents with a difference of up to $250; they must refer differences over this amount and up to $500 to the Manager Operations, without referral back to the Lending area.
    • In the case where a deal requires a signature or initial by the customer or dealer the Validation Officer must prepare the charge back to the dealer and/or follow up for missing or inadequate information.
  • Taking action as directed and follow up all problem situations until resolved (through a BF system) with Lenders and Dealers to ensure correction and enable moving forward with funding.
  • AML à Review Downpayment amount and/or source. Where outside of AML Guidelines, recommend completion of UTR (Unusual Transaction Report) form to DFC Compliance Officer.
  • Insurance Verification à Review and action as required, including authorizing auto approved deals where SAM requested insurance verification, but within policy to waive.

TDSR à Where discrepancy exists over Reported Income versus Confirmed Income, Validation Officers have authority to approve if TDSR does not exceed policy maximums

3. Ensures all lease-end values and expenses shown on lease documents are within Bank guidelines and meet the Bank’s contractual obligations to the Residual Value Insurer, normally without escalation to DFC Management, including:

  • Verifying the validity and accuracy of the following individual lease financial components that will impact the balance of the lease on the Bank’s books at the end of the term:
  • lease add-ons,
  • lease deductions,
  • vehicle model description,
  • low kilometre leases and adjustments,
  • excess kilometres paid up-front by category of car,
  • residual value determination,
  • security deposits paid or waived,
  • vehicle insurance coverages, deductibles and/or exceptions.

  • Preparing DVLP lease exceptions faxes to Automotive Finance and Indirect Lending to obtain approval for adjustments to advance, residual value adjustments for waiver of security deposits or insurance deductible or other policy coverage exceptions related to the lease;
  • Requesting documentation from dealerships to obtain guarantees to cover higher residual values (in excess of standard Insurer-approved residual values) which usually arise out of customer/dealer disputes or dealerships staff errors;
  • Ensuring that all lease-end values are within Bank and/or Residual Value Insurer guidelines and funding these deals without escalating to Management Staff;
  • Escalating lease deals that are outside of Bank and/or Residual Value Insurer guidelines to the dealer; Operations Management or Retail Lending with recommendation for rectification and/or approval prior to funding as needed to control the monetary risk to the Bank.

    4. Performs all validation and funding activities related to approved Indirect Retail Loans and DVLP Leases received for funding by:
  • Forwarding the package of original documents to the Support Officer Funding for upload;
  • Where applicable verify payout and lien release requirements and prepare entries.

5. Provide a high standard of customer service by:

  • Responding to requests for information / clarification from dealerships regarding documentation and funding situations in a professional and efficient manner;
  • Escalating more serious situations/problems to the appropriate officer, as needed for speedy and equitable resolution;
  • Maintaining a positive working relationship with Lending, Accounting and other DFC Staff in order to quickly and efficiently resolve issues/problems before they result in loss of a dealer’s retail business and negatively impacting the commercial business relationship

Functional Competencies:

  • Sound knowledge of specific discipline relative to the business unit, e.g. documentation rules / guidelines;
  • Sound knowledge of automated systems and software packages relevant to the business: ALS COM, Lotus Notes and Microsoft Office;
  • Working knowledge of the Retail Lending and the relevant loan / lease credit policies, procedures, pricing and authorities;
  • Ability to focus on detail;
  • Strong organizational ability;
  • Ability to manage all Funding activities within established time and productivity targets, as set by Automotive Finance & Indirect Lending;
  • Knowledge of the products/services that meet Centre customers’ needs.
  • Strong knowledge of legislative, governance or regulatory rules, Anti-Money Laundering/Anti-Terrorist guidelines

Working conditions:

  • Office working environment generally restricted to workstation except for breaks.
  • Constant telephone interruptions.
  • No travel required.
  • Reviews reports/documentation / computer screens for a significant part of the day.
  • Work can be repetitious, with pressure to meet defined deadlines / targets

Location(s): Canada : Quebec : Anjou

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. 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.