Purpose of Job
The Associate is responsible for supporting the underwriting team in document fulfillment and due diligence tasks from receipt of deal through to the funding stages.
The incumbent will ensure compliance with the Company’s established lending guidelines and specific deal requirements. Additional duties are also required including reporting and special projects required by senior management.
The incumbent will be working closely with the Commercial underwriting team, the Commercial Originations team, Commercial Funders and Administrators, Mortgage Services, Accounting / Finance and other internal departments.
The development plan for this individual is to become an underwriter for the commercial credit team in 1-2 year’s time.
Main Activities :
On a daily basis, the incumbent will assist with the timely and efficient collection of documents for transactions by communicating with internal contacts (i.
e. underwriters, originators) and external contacts (i.e. partners, brokers, sponsors) to ensure a deal is ready for underwriting and subsequent funding.
The incumbent will scrutinize the files to ensure accurate receipt. The incumbent will also assist underwriters in the preparation of supporting documentation required as part of a credit submission like industry segmentation, aggregate exposure and fintrac (when it does not include down payment verification) (40%).
On a daily basis, the incumbent will assist the underwriter with due diligence items, the list of which will expand per the following timeline and based on the incumbent’s growth (50%) :
Within 3 months :
Sep up loan in Raise system and accurately input loan data including property details, financial statements, personal net worth statements, rent roll and appraisal info.
Verify personal net worth statements, agreements for purchase & sale, commercial leases etc.
Within 6 months :
Complete basic analysis for financial statements, personal net worth statements, market comparable research, ESA / BCA analysis.
Within 9 months :
Complete basic analysis for construction loans such as project costs.
Assist preparing construction advance sheets.
On a daily, weekly, monthly, and quarterly basis the incumbent will be responsible for the preparation of specific reports on assigned categories as well as contributing to special projects required for the department / Company which will be relied upon by Senior Management (10%).
Knowledge / Skill Requirements :
Educational or work background in Financing and Accounting preferred
Extensive working knowledge of MS Office (Word, Excel, Outlook, Power Point)
Excellent attention to detail.
Strong problem solving and analytical skills
Excellent time management and organizational skills
Ability to handle multiple competing priorities
Highly developed verbal and written communication skills with the ability to respond in a clear, concise and professional manner