What a mortgage administrator does
A mortgage administrator looks after mortgages once they fund. Depending on your business, that might mean setting up new loans in the servicing system, processing payments, tracking property tax and insurance, preparing renewal offers, issuing payout statements and discharges, and following up on arrears. In a brokerage, the title can also cover the person who prepares files for funding and keeps lender documents organized. Either way, mistakes show up quickly as borrower complaints or investor questions.
In Ontario, a business that receives borrower payments on behalf of others and remits them needs a mortgage administrator's licence from FSRA unless it is exempt, as banks and credit unions are. That licence belongs to the company, not the employee, but it means your staff work inside a regulated process. Since October 2024 the mortgage sector has also had FINTRAC obligations. Finch screens for servicing experience, accuracy and comfort with compliance procedures.
Typical responsibilities
- Board newly funded mortgages and set up payment schedules in the servicing system
- Process payments, returned items and prepayments, and reconcile accounts
- Prepare renewal letters, payout statements and discharge requests
- Track property tax, insurance and other conditions that protect the security
- Follow up on arrears and escalate defaults according to policy
- Prepare statements and reports for lenders and syndicate investors
Qualifications and credentials
- Experience in mortgage servicing, funding or administration at a lender, brokerage or credit union
- Strong spreadsheet skills and experience with mortgage servicing or banking software
- Understanding of charges, renewals, assignments and discharges
- Awareness of FINTRAC record-keeping and privacy obligations
- A post-secondary diploma in business or office administration is often preferred
Who hires a mortgage administrator
- Licensed mortgage administrators servicing portfolios for investors
- Mortgage investment corporations and private lenders
- Mortgage brokerages with funding and back-office teams
- Credit unions and trust companies
Where we recruit mortgage administrator candidates
We fill mortgage administrator roles for employers across Toronto and the GTA, including North York, Scarborough, Etobicoke, Vaughan, Markham, Richmond Hill, Mississauga, Brampton, Oakville, Burlington, Oshawa and Pickering, and for employers across Canada. GTA employers can meet us at our North York office by appointment.
What Finch checks before you meet a candidate
- Servicing systems and portfolio types they have worked with
- Accuracy, checked with a short reconciliation or document exercise
- How they handle arrears conversations and difficult borrowers
- Understanding of the paperwork behind renewals, payouts and discharges
- Reliability around month-end and investor reporting deadlines
Interview questions to ask
- A borrower says their payment went through, but it does not appear in the system. What do you check?
- How do you keep track of upcoming renewals and maturities across a large portfolio?
- Tell us about a time you caught an error before it reached a borrower or investor.