Commercial Mortgage Underwriter, Construction

Equitable Bank - Toronto, ON (30+ days ago)

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Canada's Challenger Bank™
If you're looking for a workplace where employees are passionate about their work environment, then read on. What sets Equitable Bank apart from other companies is its culture. We celebrate and embrace the fabric of diversity, the employee engagement process and collectively take pride in our business successes. Our commitment to our customers, our partners and our employees creates a stimulating and exciting atmosphere that generates innovative products and outstanding service quality.

Equitable Bank is Canada's ninth largest independent Schedule I bank, serving Canadians coast to coast. It offers a diverse suite of residential lending, commercial lending and savings solutions, including high-interest savings products and GICs. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $31 billion in assets under management. In 2016, Equitable Bank launched a digital banking operation, EQ Bank, and introduced the EQ Bank Savings Plus Account. Equitable Bank currently employs over 750 employees across the country.

Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada, while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing ("CMHC") administered National Housing Act.Equitable Bank also offers a range of deposit products including short-term, long-term and Cashable GICs, available in non-registered or Tax Free Savings Account ("TFSA") across Canada. And it offers a High Interest Savings Account, available from authorized investment advisors through the FundServ network.

Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group. It was founded in 1970 as The Equitable Trust Company.

Job Title: Commercial Mortgage Underwriter, Construction
Department: Commercial Credit
Reports To: Manager, Construction Portfolio

Purpose of Job

As part of a growing and dynamic Commercial Construction team, the Commercial Underwriter is mainly responsible for ensuring that the Construction Portfolio is controlled by 1.) processing requests including subsequent advances and ad-hocs, relating to all commercial construction product types and 2.) underwriting renewals, assumptions, refinances (loan increases) and annual reviews.

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 target volumes. In addition, the Commercial Underwriter, Construction will conduct site inspections on loans within the CFG Portfolio including but not limited to renewals, annual reviews and on-going monitoring of all Construction loans.

Additional credit-related and administrative duties are also required such as subsequent advances, reporting and pipeline management, as well as networking with external business partners along with various staff within the Commercial department & other internal departments.

Main Activities:
  • On a daily basis, the incumbent will be responsible with subsequent advances in order to meet prescribed deadlines and manage a pipeline of renewals, refinances, assumptions, annual reviews, ad-hoc requests and. 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. The incumbent will be also required to complete site inspections on the Construction Portfolio, renewing loans, and annual reviews (60%).
  • On a daily basis, the incumbent will communicate with external contacts (partners, servicers, counsel, etc.) and internal contacts (management, funders, coordinators, etc.) to ensure all transactions (sub advances, renewals, annual reviews, etc.) and ad-hoc requests are meeting prescribed deadlines in a timely and efficient manner while delivering superior customer service. The incumbent will ensure that construction projects remain on schedule and on budget. In the event of cost overruns, he/she will work closely with lending partners and the Manager, Construction Portfolio to ascertain cause of overruns while ensuring appropriate mitigants are in place to address same (20%).
  • On a daily basis, the incumbent will be required to work closely with lending partners and internal stakeholders to process post-closing amendments that may be required to address cost overruns, scope changes, Letter of Credit requirements, etc. In addition, the incumbent will be responsible for contributing to special projects as assigned from time to time (10%).
  • On a weekly, monthly, and/or quarterly basis, the incumbent will be responsible for the preparation of specific reports on assigned categories required for the department/Company which will be relied upon by Senior Management (10%).
Knowledge/Skill Requirements:
  • Strong knowledge of the timeline of a construction project, from Zoning and Site Plan Approval requirements to Substantial Completion and Stabilization.
  • Strong analytical skills for the risks that may arise at various stages of a construction project.
  • Proficient underwriting skills preferably with a minimum 2 years’ commercial mortgage experience and/or SFR underwriting experience
  • Highly developed verbal and written communication skills with the ability to communicate to Senior Management and Partners in a clear, concise and professional manner
  • Post-secondary education (diploma/degree) preferably in business or finance or construction
  • Bilingualism (French/English) is considered an asset
  • Sound technical knowledge of commercial real estate underwriting, financial statement analysis and factors affective the commercial mortgage market
  • Good working knowledge of MS Office (primarily Word and Excel)
  • Effective analytical and problem solving skills
  • Strong organizational and time management skills
  • Ability to handle multiple competing priorities
  • Strong negotiation skills
  • Demonstrated ability to work independently to achieve goals
  • Working knowledge of AML/ATF regulations and Corporate/Legal documentation for commercial real estate in multiple jurisdictions across Canada
Equitable Bank is an equal opportunity employer and encourages applications from all qualified candidates. Accommodations are available on request for candidates taking part in all aspects of the selection process. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.