Head of Equity Release Mortgages
Role Purpose (This is a brief explanation, which summarises the overall objective of the role)
Reporting to the Head of Illiquid Credit, this role will lead the investment oversight in Equity Release Mortgages (“ERM).
This role will support in ERM loans, by providing robust risk management oversight, coordination across internal and external teams in addition to challenge on investment strategy, portfolio construction and loan management.
Key Accountabilities (These are the key deliverables and outcomes of the role)
- Responsibility to identify, measure, monitor, manage, control and report on all risks of lifetime residential mortgages (Equity Release),
- Act as the central point of contact with regards ERM across internal and external teams
- Work closely with ERM originators to on-board new ERM transactions either sourced via originators or directly from the market
- Challenge the originators/internal colleagues on risks taken,
- Lead the internal credit assessment of the ERM portfolio,
- Challenge the originators and loan service providers in respect of customer risk, ensuring mechanisms are in place to manage emerging risks and exit risks,
- Support ERM valuations process oversight undertaken by Finance to ensure it is robust and appropriate,
- Introduce best-in-class ERM industry knowledge, regulatory requirements, strategy and practice,
- Ensure appropriate business input into legal agreements for all ERM transactions,
- Ensure appropriate governance is in place to oversee the assets,
- Oversee a regular audit of the originator’s processes,
- Represent in the interaction with the PRA in respect of ERM discussions,
- Ongoing monitoring of loan portfolio performance and creditworthiness and own the MI and management reporting Development and/ or evaluation of recommendations for stressed and distressed loans and presenting these to management,
- Oversight of execution of actions on distressed loans including workout plans,
- Chair/Co-Chair the ERM committee.
Additional Accountabilities (If the role is either an FCA Senior Manager or Certified role, and/or a Management Cascade Group role please insert the relevant generic accountabilities which can be found on the intranet within the Role Profile section)
Skills, Knowledge and Experience (Please do not provide number of years experience)
- Demonstrable track record of analysing, evaluating and managing ERM loans
- Strong credit risk underwriting skills in residential real estate lending
- Knowledge and experience of credit rating methodologies.
- Experience of managing loan workouts
- Strong ERM market presence, well known in the market (clients, advisors, banks, other insurance companies, lawyers etc.).
- Track record of delivery and working collaboratively with others.
- Rating agency experience
- Knowledge and experience of Solvency II regulation and Prudent Person Principle
- Experience of valuation for ERM/private credit assets
- Experience of credit capital modelling
- Experience in engaging with external governance bodies and regulators
- Ability to form independent judgements
- Strong written, oral, interpersonal, and presentation skills and the ability to effectively interface with senior management.
- Managing risk
- Planning and Organisation
Qualifications (Insert essential or desired qualifications, if none required, insert N/A)
- Degree level education with relevant experience and professional qualifications
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