Mortgage Underwriter Jobs

Underwriter – Portfolio and Underwriting Group

Our client, a leading non-bank lender with offices in Toronto and Western Canada has assets under management of $3.0 billion Is currently seeking an Underwriter for their Portfolio and Underwriting group. Seventy percent of the loans are funded by institutional investors, and the remaining thirty percent of the loans are funded by private investors. Our client specializes in commercial real estate loans, particularly land development loans, construction loans, and commercial mortgages.

Responsibilities:

• Establishing personal goals and action plans to support our client’s business objectives and demonstrating an ongoing willingness to assume higher degrees of accountability and responsibility.
• Organize and liaison with 3rd parties (investors, solicitors, consultants etc.) to fund transactions.
• Deliver exceptional customer service from the underwriting, to funding, to repayment of the loan.
• Underwrite and fund high quality, thoughtful Loan Summary packages for all mortgage product types, including land loans, cost to complete construction loans, revolving construction loans, servicing loans, inventory loans and amortizing term loans.
• Analyze loan transactions on a qualitative and quantitative basis to submit detailed Loan Summaries for Investor approval, which will contribute towards the overall profitability of our client.
• Build relationships with the Borrowers to thoroughly understand their needs, and work cohesively with the origination department, mortgage investment group, and funding department to ensure transactions are processed in a timely and efficient manner to deliver superior customer service and meet funding deadlines.
• Keep abreast of changes within diverse industry sectors and proactively identify opportunities to improve the growth and development of the assigned transactions by analyzing Client/Borrower needs, trends, and competitor offerings; and

What your day-to-day tasks will include:

• Ensure all required due diligence material is obtained and reviewed, and is consistent with preliminary underwriting, deal structure, and Investor approval and/or, where applicable, advise Director/VP of any material discrepancies.
• Liaison with investors, solicitors, and 3rd party consultants in order to fund transactions on a timely manner.
• Review all applicants’ credit worthiness by performing a detailed analysis of personal net worth statements, financial statements, credit reports and other financial data relevant to the borrower and transaction.
• Provide potential investment partners with underwriting and transaction materials to support syndication activities.
• Analyze a variety of commercial real estate transactions including, but not limited to, office, retail, industrial, residential, hospitality, and land.
• Prepare commitment letters consistent with underwriting and approved deal structure, and, when required, prepare memos and amendments related to changes from the approved deal structure; and
• Review & make recommendations on Cost Consultant’s progress draw reports.
• Send out Call for Funds to Investors once approved.
• Where required and in conjunction with the Origination team, perform site inspections and meet with borrowers, property managers, appraisers, and other related stakeholders.
• Perform modeling and quantitative analysis related to real estate developments, income-producing properties, and other real estate assets in order to substantiate value and profitability of loan transactions.
• Identify risks and mitigants related to the loan transactions and the borrower and make recommendations to Director/VP.
• Verify all AML requirements are met.
• Respond to Investor inquires.
• Under the guidance of the Director/VP, complete detailed Loan Summaries for submission and approval to Investors, which includes disciplined underwriting, thorough market research and accurate transaction representations.
• Verify all loan advances and ensure all funding conditions have been met and the cost consultant’s reports have been reviewed.
• Correspond with the borrower, mortgage and real estate brokers, and other industry professionals to validate and further substantiate the underwriting assumptions and gain a better understanding of particular markets and asset classes.

Qualifications:

• Excellent communication/presentation, interpersonal and team skills.
• Willingness to work flexible hours, and train both on/off the job to improve general business and lending skills; and demonstrates a high capacity for increasingly complex workloads.
• Excellent attention to detail
• Good knowledge of Finance and a keen interest in the Canadian Real Estate Market/Development Industry.
• Strong personal commitment to professional development.
• Post-secondary Degree in Commerce, Business Administration, Economics, or Finance with an educational focus on Real Estate or Land Development, or equivalent (required).
• 1-2 years of related work experience in the real estate lending industry (required), with Ontario experience preferred or 3-5 years of related work experience in the real estate lending industry to be placed in a more senior role.
• Ability to work independently with confidence and strong commitment to Borrower/Client service.