Sr. Underwriter

Craft3 • Astoria, NY

6d • Hybrid

About The Position

Reporting to the Director of Credit Risk, the Sr. Underwriter at Craft3 underwrites commercial loans and conducts financial analysis for prospective and existing borrowers. This role supports lenders through loan closing, post-closing activities, ongoing financial analysis, and credit quality monitoring. As an integral partner of the Lending Team, the Sr. Underwriter builds strong working relationships with lenders, Credit Risk Management, and other underwriters to evaluate new commercial credit opportunities, underwrite new and renewed credit exposure, and help manage a loan portfolio. The work includes gathering information, conducting research and analysis, identifying and mitigating underwriting risk in commercial lending, and interacting with borrowers by phone or, occasionally, in person.

Requirements

• Ability to identify and prioritize Craft3 risks in a proposed or existing borrower; develop appropriate risk mitigation strategies.
• The role will require the ability to read, analyze, and interpret technical procedures, legal documents or governmental regulations and the interpretations impact on deal risk or structuring.
• Basic Algebra skills required.
• Able to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume.
• Proficiency with major software programs; e.g. Contact Management Systems, Word Processing, PowerPoint and Spreadsheet software.
• Six to ten years’ experience in business or financial analysis.
• Preferably in commercial lending, underwriting or the equivalent combination of education and work experience.
• Understanding of financial statement analysis and Generally Accepted Accounting Principles (GAAP) including experience in analyzing historical financials, projections and the nuances of underwriting start-up businesses.
• Thorough understanding of the principles of finance, strong math skills, and the ability to identify and resolve complex financial problems are essential.
• A basic understanding of the principles of community development finance and government guarantees (USDA and SBA).
• Excellent written and oral communication skills, including a comfort level with public speaking.
• Strong customer relationship management skills.

Nice To Haves

• Candidates who demonstrate: Attention to detail
• Able to deal with frequent change, delays, or unexpected events.
• Needs to have an ability to balance multiple work assignments, organized work habits, and work independently and in partnership with lending partners.

Responsibilities

• Underwrite complex large credits (>$1MM), including multi-party borrowers, New Market Tax Credits, 3rd party agreements, or unusual financing structures.
• Prepare and present credit recommendations supported by detailed analysis of financial statements, projections and business plans.
• Evaluate borrower’s cash flow to assess feasibility and appropriate terms.
• Structure loans with appropriate covenants, closing conditions, and third party guarantees or participations to mitigate risk.
• Develop detailed cash flow models for a variety of loan types and structures.
• Summarize complex transactions and assess repayment ability and borrower’s ability to implement their plan.
• Support periodic credit servicing of loans within the portfolio.
• Analyzes industry trends, competitive dynamics and macroeconomic events affecting borrower’s creditworthiness.
• Effectively and efficiently communicate knowledge and expertise to others (internally and externally).
• Mentor and support the development of other Commercial Underwriters.
• Coordinate and support new lender onboarding related to underwriting process
• Participate in community events and outreach activities that elevate Craft3’s visibility.
• Manage multiple projects simultaneously and prioritize workload effectively.
• Coordinate credit pipeline for assigned lenders.
• Seek assistance and insight from others when appropriate
• Assign appropriate risk rating, identify key risks, credit worthiness, covenant compliance.
• Endorse Credit Memos for Staff Loan Committee approval meetings, as assigned.
• Full voting participation on Staff Loan Committee approvals, as assigned.
• Lead training and cross training efforts related to underwriting and credit processes.
• Recommend and implement underwriting process improvements and enhancements to information flow between Underwriters and Lenders.
• Monitor and prioritize the credit review process.
• Ensures compliance with credit policy and funder or guarantor requirements, particularly SBA and USDA on assigned credits.
• Endorse waiver or forbearance of minor covenants violations.

Benefits

• We comply with all applicable laws prohibiting discrimination and make all hiring and employment decisions based on individual qualifications and merit.
• Veterans and individuals with disabilities are encouraged to apply.
• If accommodation is needed to participate in the job application or interview process, or to perform essential job functions, please contact our Talent Acquisition Team at [email protected] , 888-231-2170.
• Employment offers may require final candidates to successfully complete and pass a background check prior to employment, consistent with business necessity and applicable federal, state and local law.
• We're actively working to create a workplace where everyone can thrive.
• We believe different perspectives make us stronger and help us better serve the Pacific Northwest.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: No Education Listed