Commercial Mortgage Underwriting Associate, CMHC
Toronto
Commercial Credit CMHC – Commercial Credit CMHC /
Full Time /
Hybrid
Join a Challenger
Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.
We are a big (and growing!) family. Overall we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.
The Work
As part of a growing and dynamic commercial team, the Commercial Mortgage Underwriting Associate CMHC is responsible for supporting the underwriting team from receipt of deal through to the funding stages for document fulfilment and review, loan set-up and reporting. They will ensure compliance with the Company’s established lending and AML guidelines and specific deal requirements manner in order to achieve service goals and department-level targets. Additional duties include assistance with the management of loan maturities, maintenance of team pipelines, Ad-Hoc reporting and special projects required by senior management. The incumbent will be working closely with the Commercial underwriting team, Commercial Funders and Administrators and other internal departments.
The core parts of your role would be to:
- 60% On a daily basis, the incumbent will support the Commercial Underwriting team with the ongoing management of active loans. Specifically, the incumbent is responsible for prompt set-up of new loans on SIT and RAISE as well as data management and the processing of CAFS for all approved loans. In addition, the incumbent will further support Underwriters with due diligence required to obtain Credit approval on new transactions. Activities may include the review and analysis of financial statements, lease agreements and other 3rd party documents. Attention must be made to ensure that compliance with the company’s established lending guidelines and procedures, along with AML guidelines, are followed with recommendations submitted for approval to management. The incumbent is responsible to ensure all lending criteria have been satisfied on deals underwritten and outstanding documentation/conditions, if any, are being met in a timely manner. Additional duties include loan modification requests, various ad-hoc request along with other day-to-day requirements.
- 25% On a daily basis, the incumbent will engage in regular communication, analysis/judgement and follow-up with Lending Partners and various internal colleagues to ensure that timely status updates on loan maturities are recorded. The incumbent is also responsible for processing loan maturities, extensions and renewals on SIT and RAISE on a timely basis to meet the requirements of securitization and origination timelines.
- 10% On a daily basis, the incumbent will communicate with external contacts (partners) and internal contacts (funders, managers, administrators, and QA) to ensure transactions are processed in a timely and efficient manner in order to deliver superior customer service and meet closing deadlines.
- 5% - On a daily basis, the incumbent will be responsible for the preparation of specific departmental pipeline reports that will be relied upon by Management. (This includes designing and formatting Cyberquery and Excel-based reports)
Let's Talk About You!
- Have a minimum of 2 years’ commercial mortgage administration experience
- Post-secondary education (diploma/degree) preferred, preferably in business or finance
- Good working knowledge of MS Office (primarily Word and Excel)
- Effective analytical and problem-solving skills
- Strong business sense combined with sound technical knowledge of secured lending and factors affecting the commercial mortgage market
- Established organizational skills
- Ability to handle multiple competing priorities
- Good time management skills
- Excellent communication skills, both oral and written
Job Complexities/Thinking Challenges
- The position requires the incumbent to be a self-starter and make sound decisions as quickly and efficiently as possible using considerable creativity. Commercial mortgage applications can be complex in nature, requiring in-depth reviews of documentation, creative and innovative thinking and proactive problem solving. The incumbent will be required to support the entire underwriting team for the afore-mentioned activities, as such will need to be organized and manage their time/priorities well. In addition, the incumbent will support new Company initiatives and understand the impact process changes may have on other functional areas within the Company. Projects and Assignments may be diverse in nature, requiring creative and innovative thinking and proactive problem solving.
#LI-Hybrid
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy and personal days
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. 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.
We can’t wait to get to know you!
