Commercial Mortgage Underwriter
Purpose of Job:
As part of a growing and dynamic commercial team, the Commercial Mortgage Underwriter is responsible for the underwriting of construction and conventional commercial loans along with operating lines. The Underwriter must adhere to established policies and underwriting standards, meeting compliance and control requirements, while finding creative solutions in a timely manner in order to achieve service goals as well as annual volume targets. Additional credit-related and administrative duties are also required such as reporting and pipeline management as well as networking with external business partners along with various staff within the Commercial department & other internal departments. The position will be located in Toronto.
1. 60% on a daily basis, the incumbent will analyze and underwrite commercial credit facilities together with additional credit related and administrative duties, for all mortgage product types. Construction and conventional loans range in size from $2.5 million up to $50.0 million. Attention must be made to ensure that compliance with the company’s established lending guidelines and procedures are followed with recommendations submitted for approval to management. The incumbent is responsible to ensure all lending criteria have been satisfied on deals underwritten and outstanding documentation/conditions, if any, are being met in a timely manner.
2. 20% on a daily basis, the incumbent will communicate with external contacts (origination partners) and internal contacts (funders, managers, administrators, and commercial mortgage sales staff) to ensure transactions are processed in a timely and efficient manner in order to deliver superior customer service and funding deadlines.
3. 10% on a daily basis, the incumbent is responsible for time management of their deal flow in order to meet prescribed deadlines.
4. 10% on a monthly basis, the incumbent will be responsible for various administrative and reporting duties required for the department/Company which will be relied upon by Senior Management.
• Underwriting skills preferably with 1/2 years commercial mortgage experience
• Demonstrated service excellence within their field
• Post-secondary education (diploma/degree) preferred , preferably in business or finance
• Good working knowledge of MS Office (primarily word and excel)
• Effective analytical and problem solving skills
• Strong business sense combined with sound technical knowledge of secured lending and factors affecting the commercial mortgage market
• Established organizational skills
• Ability to handle multiple competing priorities
• Good time management skills
• Excellent communication skills, both oral and written
• Ability and desire to attend industry-related events as required
• Bilingualism (French/English) is considered an asset
Job Complexities / Thinking Challenges:
The position requires the incumbent to be a self-starter and make sound underwriting decisions as efficiently as possible. Commercial mortgage applications can be complex in nature, requiring creative and innovative thinking and proactive problem solving. The incumbent is required to follow corporate policies, procedures and regulatory requirements in order to work through files and rationalize the recommendations or decisions made. In some cases, viability is assessed with limited access to information or documentation.
The incumbent will operate under direct management from the Manager, Commercial Credit; however, will also work closely with all members of the Commercial department. The accountability of the incumbent falls mainly within the parameters of their daily duties, managing their own deal flow as assigned by management (from assignment stage to post funding). Deals range in size from $2.5 million to $50.0 million with varying loan structures. The overall success of the department relies on the level of efficiency and service provided by the incumbent and the overall success of the Company financial targets relies on identifying transaction risk and mitigation.
All members of the Equitable Bank team are responsible for managing risk and compliance within their departments. As such, employees should maintain and demonstrate the highest standards of integrity and ethical conduct in accordance with the Bank’s code, policies, guidelines and directions.
Key Internal and External Contacts
The incumbent will communicate daily with management, staff within the department and Company, as well as external contacts (origination partners, etc.).
Physical Demands / Working Conditions
Normal office environment with no physical demands; however there is substantial pressure, at times, placed on the incumbent due to the time sensitivity of each transaction and the level of volume faced daily.
Equitable Bank is an equal opportunity employer and encourages applications from all qualified candidates.
- Pay Type Salary
- Equitable Bank, 30 St. Clair Ave West, Suite 700, Toronto, Ontario, Canada