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Associate, Underwriting Commercial
2 weeks ago
Overview:
Glasslake is a rapidly growing mortgage lender. Since the start of our operations in 2023, we have expanded presence across Canada in Ontario, Alberta and British Columbia. We are seeking a seasoned **Associate, Underwriting Commercial** to join our operations in the Toronto office.
This is an individual contributor role and will primarily be responsible for evaluating the credit worthiness and management capabilities of the borrower/guarantor, the real estate collateral securing the proposed loan, adequacy of the loan structure for transactions and maintaining the relationship with broker and lender partners. This role requires knowledge, experience and understanding of small balance and large commercial lending with an understanding of residential lending considered an asset, preferably in the alternative lending space.**Responsibilities**:
- The following job functions are not all-inclusive. The employee will be required to perform other job-related tasks/responsibilities as requested. Job duties may change as required by the needs _of the company.
- Conduct in-depth review, analysis and research of balance sheets, income statements, cash statement, text returns and projections to underwrite mortgage files.
- Interpret and analyze financial information from multiple sources, including reporting services, credit bureaus, credit reports, and other industry data to inform underwriting decisions.
- Assess the borrower’s ability to generate income sufficient to repay existing and proposed debt
- Review appraisal, environmental, and other reports to identify risk areas and recommend mitigating solutions and next steps.
- Prepare narrative memo analysis of the financial review, demonstrating a thorough understanding of financial condition.
- Recommend various loan structures (and pricing structures) that balance risks and rewards.
- Underwrite and decision files based on sound credit with particular emphasis on adherence to credit policy and requirements, risk culture, financial analysis/modeling, risk evaluation and mitigation and proper loan structuring
- Meet production requirements and department goals.
- Adhere to applicable compliance obligations including Privacy, Anti-Money Laundering/Anti-Terrorist Financing and internal Anti-Fraud Policy requirements.
- Ensure effective communication between Relationship Managers, Loan Administration, Loan Documentation, Funding Control and other departments involved in the loan process.
- Liaise with lender partners on large volume transactions
- Participate in pre-commitment and post-closing inspection as part of a continuous monitoring of the credit-risk management framework as well as improve efficiency and reduce costs.
- Recommend process improvements with Loan Origination System and assist with the implementation.
- Adhere to underwriting guidelines and department policies and procedures
- Perform second level one up reviews/approvals on loans recommended for approval from Underwriters, where it is above their authority
- Establish relationships with Sales/Acct Management that optimizes business potential with brokers
- Perform other duties as needed.
Qualifications:
- At least 5-8 years of experience in commercial underwriting, financial analysis or deal structing in financial services; experience in residential lending considered an asset
- Bachelor's degree in business, finance, or a related field preferred
- Formal credit or commercial loan training and some previous credit decisioning preferred
- Knowledge of credit/underwriting of small commercial real estate loans.
- Exposure to a wide variety of commercial credits and the professional/executive market segment is preferred
- Knowledge of financial accounting theory and logic, loan structuring, commercial products and services
- Solid credit fundamentals in a commercial environment
- Working knowledge of bankruptcy, foreclosure and litigation matters is considered an asset
- Ability to work effectively in a fast-paced environment.
- High integrity and a high level of respect for confidentiality
- Strong written and verbal communications skills.
- Strong analytical and intuitive investigative skills.
- Ability to manage multiple tasks and prioritize workflows often under tight deadlines
- Strong independent decision-making capabilities and attention to detail.
- Skilled in negotiating issues and resolving problems and influencing decisions to meet performance goals
- Strong skills in Word, Excel and Outlook
- Ability to establish and maintain working relationships with co-workers, staff and external contacts, and to work effectively in a professional team environment
- Demonstrate leadership abilities
