Underwriter – Life Insurance Premium Finance

Accounts•Bedminster, NJ

5d•Onsite

About The Position

Peapack Private Bank & Trust is a well-recognized, high-performing boutique bank and a leader in wealth, lending, and deposit solutions. We provide a broad range of sought-after products and services designed to help our clients establish, maintain, and grow their legacy through an innovative approach to private banking. We value a diverse, equitable, inclusive, and safe workplace. Our one-team culture goes to great lengths to show all employees that they are valued members of the organization. We treat one another like family and communicate across the Bank in a transparent and frequent manner, respect and consider feedback from all levels, and operate with a philosophy grounded in hospitality and genuine human kindness. The Department of Credit & Underwriting focuses on commercial loan assets as an important revenue stream. Commercial banking is divided into two sub sectors, commercial real estate lending which involves financing the acquisition of properties, and commercial and industrial commercial banking loans, which help companies get started or expand. Peapack credit risk management is responsible for lending production, underwriting, and closing of investment grade loans, and the credit administration of these loan assets thereafter. The Underwriter I is responsible for supporting the Life Insurance Premium Finance underwriting and lending team in the evaluation, structuring and ongoing monitoring of life insurance premium finance transactions. The role involves evaluating borrower and guarantor financial capacity, life insurance policy performance and collateral values, insurance carrier strength and the overall structure and repayment of credit facilities. Prepare credit approval packages, annual and periodic reviews and ensure compliance with Bank’s credit policies, risk appetite and regulatory requirements. The ideal candidate is detail-oriented, analytical, and eager to develop in a fast-paced commercial banking environment.

Requirements

At least 2 years of experience in commercial credit analysis, underwriting, premium finance, or related financial services roles.
Strong understanding of financial statements, personal financial statements, tax returns, cash—flow analysis and fundamental credit risk concepts.
Demonstrated analytical ability and aptitude for evaluating complex financial and collateral structures.
Proficiency in Microsoft Word, Excel, and financial modeling.
Excellent written and verbal communication skills.
Ability to manage multiple assignments and meet established deadlines.
Familiarity with banking regulations, loan origination systems, and credit risk frameworks.

Nice To Haves

Bachelor’s degree in finance, accounting or economics, preferred.

Responsibilities

Analyze borrower, guarantor and related party financial information, including personal and business financial statements, tax returns, cash flow, net worth and other relevant financial information to assess repayment capacity and overall creditworthiness.
The underwriting of new life insurance premium finance loan requests, including the preparation of loan approval memos and packages for review by senior underwriters and credit approvers.
Review life insurance policy information, including policy illustrations, premium schedules, cash surrender values, death benefits, policy charges, interest crediting assumptions, and other relevant policy characteristics.
Evaluate the adequacy and expected performance of life insurance collateral, including analysis of current and projected cash surrender value relative to current and anticipated loan balances.
Assist in evaluating transaction structure, including loan amount, future premium funding requirements, interest capitalization, borrower equity contributions, maturity, repayments sources and other structural considerations.
Monitor existing premium finance relationships for financial performance, policy performance, collateral performance, collateral coverage, and other risk indicators.
Complete annual and other periodic reviews, including updated borrower and guarantor financial analysis and borrower risk rating.
With guidance from senior team members, identify emerging credit, collateral, policy or structural risks and work with internal stakeholders to recommend appropriate actions.
Collaborate with senior underwriters, bankers, credit approvers and other internal stakeholders to support loan origination and portfolio management.