Lead Underwriter, High Net Worth Tailored Lending

RBC • York, PA

2d • $99,000 - $200,000

About The Position

What is the opportunity? As a Lead Underwriter for our US Wealth Management High Net Worth Tailored Lending business you will be responsible for underwriting Tailored Loans to our clients in the US. These loans will include Securities Based Loans, Unsecured loans, Life Insurance Premium Financing, Commercial Real Estate, Residential Real Estate, Yacht, Aircraft, and other illiquid collateral. Additionally, you will serve as the Portfolio Manager for US tailored loans which will include having responsibility for annual reviews, amendments, waivers, and renewals. In addition to underwriting new loans, you will serve as a subject matter expert for Ultra High Net Worth Tailored Lending and support RBC’s US HNW Tailored Lending Bankers and Financial Advisors by pre-screening proposed credit facilities and reviewing ‘flash terms” and term sheets to ensure they are aligned with the firm’s credit policies, risk appetite, and framework. You will also work closely with the Loan Administration and Servicing teams to ensure deals are booked appropriately and covenants are monitored and tracked accurately. What will you do? Lead underwriting for US Wealth Management Tailored Loans Partner with HNW Lending Bankers and Financial Advisors to review tailored loan credit requests; provides guidance on initial flash terms and term sheets to ensure adherence to Wealth Management policies and risk appetite, and makes recommendations to the group senior leadership as required Perform initial credit due diligence, spread financial data, and run credit models to propose initial borrower and guarantor risk ratings and loss given defaults Draft ETRs (Credit Memos) summarizing credit requests, sources and uses, primary and secondary sources of repayment, key risks and mitigants, and ultimate credit recommendation Keep HNW Lending Advisors informed of underwriting progress and immediately notify them of adverse issues and needed structural changes Work with lender’s counsel to ensure loan documentation properly reflects agreed business terms and conditions Prepare materials and participate in Approval To Pitch and Capital Commitments Committees Liaise with Group Risk Management and obtain decisions that fall outside of delegated authority Partner with loan servicing team to ensure loans are properly booked and funded Review periodic financial disclosures, participate in annual or interim reviews, loan renewals, as appropriate, maintaining timely and accurate risk ratings and classifications Review covenant compliance reporting and works with HNW Lending Bankers, FAs, Clients and GRM to promptly action any breaches Participate in policy / standard reviews and propose changes or updates, as required Partner with Reporting and Analytics teams to develop and present quarterly portfolio reviews What do you need to succeed? Must-have Bachelor’s degree preferably in Finance, Economics, Business or a related field 5 or more years of prior credit risk experience, ideally covering wealth management in the US Prior experience in private client, commercial or corporate account management, credit administration and/or risk management Familiarity with various forms of UHNW tailored loans including Securities Based Lending, recourse commercial real estate, Life Insurance Premium Financing, and Alternative Investments A proven record of sound risk assessment, analytical skills, and judgment A demonstrated ability to pro-actively develop and implement policies and procedures that meet US regulatory expectations and a full knowledge of the process inherent therein Process oriented to help drive efficiencies while ensuring effective controls are developed and adhered to A team player with good interpersonal skills, and ability to work directly with Lending Advisors, Financial Advisors, clients, risk officers, operations, internal auditors and regulators Excellent organizational skills and the ability to tight timetables, completing priorities and multi-tasking Availability to travel: 10-15% of the time What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual. A comprehensive Total Rewards Program include competitive compensation and flexible benefits, such as 401(k) program with company-matching contributions, health, dental, vision, life, disability insurance, and paid-time off. Leaders who support your development through coaching and managing opportunities. Ability to make a difference and lasting impact. Work in a dynamic, collaborative, progressive, and high-performing team. Opportunities to do challenging work. Opportunities to build close relationships with clients. The expected salary range for this particular position is $120,000-$200,000, (New York, NY), $99,000-$176,000, (Florham Park, NJ) depending on your experience, skills, and registration status, market conditions and business needs. You have the potential to earn more through RBC’s discretionary variable compensation program which gives you an opportunity to increase your total compensation, provided the business meets its performance targets and you meet your individual goals. RBC’s compensation philosophy and principles recognize the importance of a highly qualified global workforce and plays a critical role in attracting, engaging and retaining talent that: Drives RBC’s high-performance culture Enables collective achievement of our strategic goals Generates sustainable shareholder returns and above market shareholder value

Requirements

• Bachelor’s degree preferably in Finance, Economics, Business or a related field
• 5 or more years of prior credit risk experience, ideally covering wealth management in the US
• Prior experience in private client, commercial or corporate account management, credit administration and/or risk management
• Familiarity with various forms of UHNW tailored loans including Securities Based Lending, recourse commercial real estate, Life Insurance Premium Financing, and Alternative Investments
• A proven record of sound risk assessment, analytical skills, and judgment
• A demonstrated ability to pro-actively develop and implement policies and procedures that meet US regulatory expectations and a full knowledge of the process inherent therein
• Process oriented to help drive efficiencies while ensuring effective controls are developed and adhered to
• A team player with good interpersonal skills, and ability to work directly with Lending Advisors, Financial Advisors, clients, risk officers, operations, internal auditors and regulators
• Excellent organizational skills and the ability to tight timetables, completing priorities and multi-tasking
• Availability to travel: 10-15% of the time

Responsibilities

• Lead underwriting for US Wealth Management Tailored Loans
• Partner with HNW Lending Bankers and Financial Advisors to review tailored loan credit requests; provides guidance on initial flash terms and term sheets to ensure adherence to Wealth Management policies and risk appetite, and makes recommendations to the group senior leadership as required
• Perform initial credit due diligence, spread financial data, and run credit models to propose initial borrower and guarantor risk ratings and loss given defaults
• Draft ETRs (Credit Memos) summarizing credit requests, sources and uses, primary and secondary sources of repayment, key risks and mitigants, and ultimate credit recommendation
• Keep HNW Lending Advisors informed of underwriting progress and immediately notify them of adverse issues and needed structural changes
• Work with lender’s counsel to ensure loan documentation properly reflects agreed business terms and conditions
• Prepare materials and participate in Approval To Pitch and Capital Commitments Committees
• Liaise with Group Risk Management and obtain decisions that fall outside of delegated authority
• Partner with loan servicing team to ensure loans are properly booked and funded
• Review periodic financial disclosures, participate in annual or interim reviews, loan renewals, as appropriate, maintaining timely and accurate risk ratings and classifications
• Review covenant compliance reporting and works with HNW Lending Bankers, FAs, Clients and GRM to promptly action any breaches
• Participate in policy / standard reviews and propose changes or updates, as required
• Partner with Reporting and Analytics teams to develop and present quarterly portfolio reviews

Benefits

• A comprehensive Total Rewards Program include competitive compensation and flexible benefits, such as 401(k) program with company-matching contributions, health, dental, vision, life, disability insurance, and paid-time off.
• Leaders who support your development through coaching and managing opportunities.
• Ability to make a difference and lasting impact.
• Work in a dynamic, collaborative, progressive, and high-performing team.
• Opportunities to do challenging work.
• Opportunities to build close relationships with clients.
• The expected salary range for this particular position is $120,000-$200,000, (New York, NY), $99,000-$176,000, (Florham Park, NJ) depending on your experience, skills, and registration status, market conditions and business needs.
• You have the potential to earn more through RBC’s discretionary variable compensation program which gives you an opportunity to increase your total compensation, provided the business meets its performance targets and you meet your individual goals.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees