Commercial Mortgage Underwriter, CFG

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 $33 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, Commercial Finance Group
Department: Commercial CFG Origination
Reports To: Vice President, Origination

Purpose of Job

The Commercial Underwriter CFG is responsible for supporting the Senior Account Managers and Vice President, Origination by analyzing commercial mortgage loan requests, which shall include all mortgage loan types, and assisting with the achievement of annual department target volumes. The incumbent is accountable for supporting the Origination team in the analysis, preparation, execution and fulfillment of commercial mortgages within designated Canadian geographic areas. In this role, the Commercial Underwriter must be knowledgeable about Equitable Bank’s mortgage products and processes while having a good understanding of the underwriting, risk and compliance guidelines to ensure all files meet industry and company regulatory requirements.

The Incumbent will also be responsible for maintaining and updating commercial mortgage files/pipeline report from the acknowledgement/letter of intent stage to the funding stage by acting as a liaison between the underwriting, funding and compliance departments. Additional duties will include weekly, monthly and quarterly reporting, networking with partners, clients, brokers and other external business partners as well as staff within the Commercial Lending group and other internal departments.

Main Activities:
1. Analytical Support (40%)
On a daily basis, the incumbent will analyze commercial mortgage requests to determine suitability based on company lending guidelines, limits and parameters. Attention must be made to ensure that compliance with the Bank’s established lending guidelines and procedures are followed. The Incumbent is responsible to ensure a thorough review of pertinent documentation to assess credit worthiness of transactions by aligning Equitable Bank’s lending criteria with partner/customer needs. Communication with internal contacts (i.e. senior underwriters, underwriters, funders) and third party providers (i.e. Lending Partners, Brokers, Clients) will be required to obtain/review/analyze loan requests.

2. Process Support (30%)
Assist in the processing of transactions accurately and within specified timeframes, working in tandem with the Credit and Funding teams to ensure all lending criteria has been satisfied and outstanding documentation or conditions, if any, are being met in a timely manner.

3. Origination Support (20%)
The incumbent will assist the Senior Account Managers, and Vice President, Origination in meetings and presentations with brokers, clients, partners and credit department to fully understand the nature of the loan requests, the needs of the customers and lending criteria adherence. Participation in industry and company events (sales presentations, networking events, etc.) will be required.

4. Workflow (5%)
On a daily basis, the incumbent is responsible for time management of their workflow along with the team in order to meet prescribed deadlines.

5. Reporting (5%)
The incumbent will be responsible for the preparation and updating of pipeline reporting

Knowledge/Skill Requirements:
  • Proficient underwriting skills with a minimum of 5 years’ commercial mortgage underwriting experience
  • Experience with construction lending guidelines and requirements
  • Post-secondary education (diploma/degree) preferably in business or finance is required. Specialization in Real Estate (e.g., Urban Land Economics, Real Property Valuation/Assessment ) a definite asset
  • Sound technical knowledge of commercial real estate underwriting, financial statement analysis and factors affective the commercial mortgage market
  • Bilingualism is an asset
  • Effective analytical and problem solving skills
  • Working knowledge of AML/ATF regulations and Corporate/Legal documentation (both direct and partner originated transactions) for commercial real estate in multiple jurisdictions across Canada
  • Excellent working knowledge of MS Office (primarily Word, Excel and PowerPoint)
  • E.A. or AACI designation an asset
  • Strong organization and time management skills with the ability to handle multiple competing priorities
  • Demonstrated ability to work independently to achieve goals
  • Strong negotiation skills
  • Highly developed verbal and written communication skills with the ability to respond in a clear, concise and professional manner
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.