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Commercial Credit Analyst

4 months ago

Old Toronto, Canada IC Savings Full time

Company Overview

IC Savings is a credit union that focuses on bringing the benefits of co-operative banking to more than 21,000 personal and business members, whether online, by mobile or in branch at its eight locations in the Greater Toronto Area. To learn more, visit www.icsavings.ca.

Job Overview

Commercial Credit Analyst is responsible for instructing, advancing and closing mortgage files in accordance with company policies and procedures. The position supports the commercial department in underwriting and completing annual reviews on existing commercial loans and assists in meeting overall commercial targets. As a key member of the team the role is instrumental in funding new loans, assisting the Commercial Underwriters with portfolio risk management and relationship management.

Major Duties & Responsibilities

Commercial loan funding and servicing:

  • Instruct Solicitor on new deals and co-ordinate closing process with applicable third parties, to ensure that all approvals and pre-funding requirements have been met.
  • Setup loan details in the banking system from various sources, including commitment letter, credit summary, legal documents etc., set up of loan file.
  • Post all advances in mortgage system, ensures all entries reconciled and discrepancies are resolved in a timely manner.
  • Process construction/progress draws on a regular basis, as per established credit and policy and procedures.
  • Keep the credit, cashflow and security files up-to-date and in order.
  • Perform adhoc requests on existing portfolio, including partial discharges, PPSA registration etc.
  • Prepare statement of advance for approval by management, calculate interest adjustments, tax holdbacks and monthly tax components, if required.

Cash flow, financial analysis and annual reviews:

  • Conduct annual reviews on existing loans when required in association with the Commercial Underwriters.
  • Complete monthly, quarterly and annual covenant testing and margining calculations.
  • Follow up with members in obtaining updated reporting or other inquiries as directed by the Commercial Underwriters.
  • Provide recommendations on loan renewals, existing member refinances and annual reviews

Portfolio risk management and trend analysis:

  • Monitor the performance of the commercial portfolio, identify risks and bring them to the attention of management.
  • Keep all management reports up to date (e.g., pipeline report, loan arrears report, delinquency report, overdue annual review reports etc.).
  • From time to time prepare files for audit and liaise with the staff/management to provide information required by auditors.
  • Use data analysis to prepare management reports on an ad-hoc basis when requested by management.
  • Keep abreast with industry trends and use the knowledge to make sound underwriting recommendations.

Perform other duties as assigned.

Minimum Skills, Experience, Functional Competencies and Technical Abilities:

  • 3-5 years of experience in commercial loan administration and servicing, preferably in the banking sector.
  • Completion of post-secondary education in business, finance, management or similar, or a relevant combination of education and work experience.
  • Well versed in the identification of risk and warning trends in commercial lending.
  • Capable of analyzing and interpreting financial statements including trend analysis and ratio calculations.
  • Knowledgeable of small business and commercial banking products and services
  • Cognizant of the applicable regulations, legislation and credit union policies and procedures
  • Display integrity and a genuine desire to help others.
  • Ability to thrive in a high volume, fast-paced environment, with the flexibility to put in the extra time necessary to maintain service levels at busy times of the year
  • Professional, self-motivated and self-sufficient in approach to work, with solid interpersonal skills and ability to work within a team environment.
  • Strong organizational and time-management skills.
  • Strong analytical skills with attention to detail and concern for data accuracy.
  • Ability to build and maintain positive and effective relationships with others.
  • Strong oral and written communication skills, a good listener, articulate, ability to effectively present information and respond to managers, referral sources and members.
  • Strong work ethic: ability to work to achieve desired production results.
  • Working knowledge of MS Office suite (Outlook, Word, Power Point, etc.) including advanced Excel functionality.

Working Conditions/Physical Effort

  • Professional, team-oriented, office environment.
  • Standard corporate business hours based on 37.5-hour work week (Monday to Friday from 9:00 am to 5:00 pm); ability to work extended hours, if required.
  • The physical demands are representative of those that must be met by being able to successfully perform the essential functions of the job; these include, but are not limited to: sitting, walking, considerable use of computer and phone, seldom moving items up 25 pounds in weight.

How to Apply?

If you think you have what it takes to be a successful member of our team, please submit your resumé.

IC Savings is committed to accommodating people with disabilities as part of our hiring process. If you have special requirements, please advise Human Resources during the recruitment process.

IC Savings has implemented Covid-19 vaccination policy, requesting all employees, including new hires, to be fully vaccinated. The requirement to be fully vaccinated is subject to the Ontario Human Rights Code, and the Company will provide suitable accommodation, whenever possible, to individuals who cannot be vaccinated due to disability or other grounds protected by the Code.

While we thank all applicants for their interest, only those selected for an interview will be contacted.

Job Types: Full-time, Permanent

Benefits:

  • Company events
  • Dental care
  • Employee assistance program
  • Extended health care
  • Life insurance
  • On-site gym
  • Paid time off
  • RRSP match
  • Store discount
  • Vision care

Flexible Language Requirement:

  • French not required

Schedule:

  • 8 hour shift
  • Day shift
  • Monday to Friday

Experience:

  • commercial loan administration and servicing: 3 years (required)

Work Location: In person

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