Primary Purpose of the Role/Job

The Senior Underwriter/ Underwriter, Alternative Mortgage is responsible to adjudicate new originations for Residential Lending with focuses on alternative lending and specialize underwriting in alternative program as well as any new products/ lending channel/ programs.

Key Responsibilities & Accountabilities

• Analyze and assess loan applications and evaluate key financial indicators such as credit scores, assets, and collateral to assess the overall risk profile of the borrower.
• Assess the reasonableness and plausibility of the borrower’s income according to industry standards, location, job type and other relevant factors. Identify potential risks or inconsistencies in the income documentations provided and make lending decision accordingly.
• Review supporting documentation to ensure alignment with the income level and assess the borrower’s ability to repay the loan.
• Use critical thinking and judgment to identify potential risks on the application with sound mitigation.
• Make informed underwriting decisions based on a balanced evaluation of borrower characteristic, creditworthiness, asset strength, and compensating factors such as high credit scores or significant assets.
• Ensure all underwriting decisions comply with external regulatory requirements as well as the Bank’s internal policy and guidelines. Maintain compliance with lending guidelines, AMLATF and other regulatory requirements, industry standards.
• Prepare detailed reports on underwriting decisions for management and other stakeholders.
• Collaborate with loan officers, brokers, and other internal teams to clarify underwriting requirements, address issues, and communicate decisions regarding stated income loans.
• Provide updates to senior management and other departments regarding the status of loan applications and underwriting results.
• Monitor industry trends, regulatory changes, and best practices to ensure continued compliance and optimal underwriting practices.
• Address and resolve any issues or discrepancies identified during the underwriting process, providing solutions to mitigate risks and ensure timely loan processing.
• Familiar with OSFI B-20 guidelines as well as other governing industry/regulatory requirements under FCAC/Privacy/AMLATF

Education Requirements
Bachelor’s Degree is required, preferably in business or finance; or equivalent experience in financial services or a related field

Work Experience Requirements

• 7+ years of work experience in Canadian Banking/financial institution with significant experience in Residential Lending in prime lending and preferably strong experience in Alternative Lending
• Strong communication skills (verbal, written and presentation)
• Strong proficiency with Microsoft Office applications – i.e. Word, Excel, PowerPoint
• Extreme attention to detail
• Ability to work effectively within a team environment as well as independent work
• Ability to prioritize, perform well under pressure and meet time sensitive deadlines
• Legally eligible to work in Canada