Funding Validation Officer - Scotiabank, Hamilton

AI Summary

The Funding Validation Officer at Scotiabank, located in Hamilton, Ontario or Anjou, Quebec, is responsible for verifying and validating information within approved indirect loan and lease documents. This role ensures compliance with regulations and internal policies before the release of funding to automotive dealerships. Key duties include reviewing loan and lease agreements and associated documents for accuracy and adherence to bank guidelines. Ideal candidates possess a college or university degree or at least two years of relevant banking or financial experience.

About the Role

As a Funding Validation Officer within Scotiabank's Dealer Centre of Excellence in Canada, you will play a crucial part in the automotive finance business. Your primary responsibility involves performing comprehensive verification activities for approved indirect loans and leases prior to funding. This includes meticulously reviewing all loan and lease documentation against the contract message, ensuring every required document, such as applications, bills of sale, proof of income, and insurance documents, is present and accurate in the funding package received from the dealer. You will attach these documents to the validation screen and ensure any necessary lending documents are reviewed by the lending team as per stipulations. A critical aspect of this role is verifying vehicle insurance coverage and residence in accordance with the Indirect Retail Lending Policy Bulletin, alongside confirming the validity and accuracy of the Retail Credit Agreement or Retail Lease Agreement, including collateral descriptions. This detailed work directly supports the bank's operational integrity and mitigates potential financial risk.

Ensuring Compliance and Resolving Discrepancies

A significant part of this position involves ensuring all lease documents strictly adhere to Scotiabank guidelines and meet the bank’s contractual obligations to the Residual Value Insurer. This includes verifying the accuracy of all financial components impacting the lease's amortization and requesting additional documentation from dealerships for guarantees covering higher residual values. You will escalate any variances that fall outside bank and/or Residual Value Insurer guidelines to the dealer or Funding Manager, recommending rectification or approval to control monetary risk to the bank. Furthermore, you will be responsible for identifying and resolving discrepancies where documents are not in compliance with the original approval, communicating with the dealer to facilitate corrections, and adhering to the Contract Variance Policy Guide. This role also champions a customer-focused culture, responding professionally to dealership inquiries and escalating serious issues to supervisors for swift resolution, maintaining positive working relationships across the bank to prevent negative impacts on retail and commercial business relationships. You will actively pursue efficient operations, ensuring adherence to day-to-day business controls to meet obligations regarding operational risk, regulatory compliance risk, AML/ATF risk, and conduct risk, including reviewing down payment amounts and sources against AML guidelines.

Skills and Working Environment

To succeed in this role, candidates should possess a college or university degree, or a minimum of two years of related experience in a similar position, with banking, financial, or leasing experience being highly desirable. Sound knowledge of specific discipline relative to the business unit, such as documentation rules and guidelines, is essential. Strong computer skills, including proficiency in Excel, Windows, Word, Outlook, and automated GL systems, are required. Familiarity with automated systems and software packages relevant to the business, such as ALS COM, Outlook, and Microsoft Office, is also important. Knowledge of legislative, governance, or regulatory rules, including Anti-Money Laundering/Anti-Terrorist/Know Your Customer guidelines, is crucial. A working knowledge of Scotiabank’s Retail Lending and relevant loan/lease credit policies, procedures, pricing, and authorities will be beneficial. The ability to focus on detail and thrive in a fast-paced productivity environment is key. This position operates in a standard office-based environment, with non-standard operating hours from Monday to Saturday, and requires overtime during month-end driven peak periods. The successful candidate for the Quebec location must also have sufficient knowledge of English, in addition to French, for regular interaction and collaboration with groups and individuals based in Toronto and other English-speaking clients.