Commercial Underwriter
About The Position
Hanover Bank is seeking a full-time Commercial Underwriter in Hauppauge, New York. The role underwrites commercial loans, including commercial and industrial (C&I) and commercial real estate (CRE) loans, in compliance with company credit policies and procedures. The underwriter analyzes character, collateral, cash flow, capital, and conditions to make informed, objective credit decisions. The position reviews and analyzes loan documentation and financial information, prepares credit memoranda, supports completion of loan packages, and communicates with clients and internal stakeholders about underwriting issues and information needs. It also includes portfolio management, annual reviews, risk-rating recommendations, loan extensions and modifications, monitoring market conditions, and contributing to the development of underwriting processes and procedures. The role reports to the Director of Commercial Credit for discussion of potential underwriting exceptions.
Requirements
- College degree in Business, Finance, or a related field.
- 6–10 years of experience in CRE and/or C&I underwriting.
- Formal credit training or commensurate training or experience.
- Excellent verbal and written communication skills.
- Ability to interact professionally with a diverse group of people.
- Excellent organizational skills.
- Highly motivated and flexible.
- Committed to learning new skills.
- Basic PC, network, email, Director, Internet, and word-processing skills.
Responsibilities
- Examine credit file documentation for accuracy and completeness.
- Review financial statements, tax returns, personal financial statements, loan-to-value ratios, credit reports, appraisal reports, and Phase I reports.
- Analyze cash flow and collateral and perform required underwriting stress tests for proposed commercial originations.
- Discuss potential underwriting exceptions with the Director of Commercial Credit.
- Discuss new loan transactions with the sponsoring Lending Officer and Senior Management when appropriate.
- Prepare written credit memoranda for new loans or renewals for signature approval or Loan Committee approval.
- Assist loan processing staff in obtaining information needed to complete incomplete loan packages.
- Keep current on changes to loan underwriting policies and procedures.
- Communicate with clients about underwriting issues and requests for additional data, including contacting customers directly when needed.
- Periodically review commercial loans and assess cash flow to evaluate debt service coverage, collateral coverage, and risk-rating classifications.
- Ensure compliance with regulations, policies, and procedures, and perform additional accountabilities as required.
- Monitor market conditions affecting commercial real estate and local market information affecting C&I customers.
- Manage the portfolio, including extensions and modifications of existing loans.
- Conduct annual reviews and make risk-rating recommendations for existing loans.
- Perform other credit-related responsibilities as needed.
- Aid in developing underwriting processes and procedures.
Benefits
- Medical, dental, and vision insurance, with HSA, FSA, and commuter benefit options.
- Company-paid life insurance and accidental death and dismemberment (AD&D) insurance.
- Company-paid long-term disability insurance.
- Voluntary additional life and AD&D insurance for employees, spouses, and dependents.
- Voluntary short-term disability insurance.
- Pet insurance.
- Legal services plan.
- Accident insurance.
- Hospital indemnity insurance.
- Cancer care insurance.
- 401(k) plan with company match.
- Paid personal time off (PTO).
- Paid company holidays.
- Annual performance bonuses.
- Annual salary increases.
- Company-sponsored events.
- Employee contests and recognition programs.
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What This Job Offers
Job Type
Full-time
Career Level
Senior
