Senior Account Manager, Commercial (Underwriter)

RFA Canada
Toronto, ON
30+ days ago

Job Description

At RFA, we believe in the strength of our foundation.
We are a Canadian-owned mortgage finance company with over 25 years of Canadian real estate experience.
In an increasingly complex residential mortgage market, RFA is committed to common sense solutions that work for our brokers and clients. Our financial strength combined with innovative technology and dedicated service gives us a competitive edge in the market. Brokers and clients can look forward to new products, and industry-leading rates and service.

The Opportunity
To manage commercial mortgages from application to discharge. Duties include underwriting commercial mortgage applications in a timely and effective manner, managing construction draws, ongoing file review and account management. These activities ensure compliance with RFA’s stated risk appetite, mortgage underwriting policies, and applicable guidelines. The scope includes large commercial term, commercial construction, and insured multi-residential underwriting.

Credit Management Results
  • Underwrite to highest credit quality standards as defined by the Risk Appetite Framework and relevant policies and guidelines.
  • Process applications for financing in the Bank’s insured multi-residential, construction, and commercial term financing within RFA’s Underwriting Guidelines, including, but not limited to:
    • Review of credit information
    • Review of real estate appraisals & environmental assessments
    • Review of financial statements
    • Terms and conditions on all mortgage applications
    • Cash flow underwriting for income producing properties
    • Feasibility assessment and exit strategy for construction loans
    • Review of corporate documentation, ID, and subsequent recommendation to the Bank’s Anti-Money Laundering/Anti-Terrorism Financing Group.
    • Completion of funding materials in collaboration with the Treasury and Funding department
  • Portfolio Management duties, including without limitation:
    • Collection, analysis, and management of annual documentation through the term of the loan
    • Completion of quarterly and/or annual review assessments, depending on the product and as hoc as required
    • Processing construction draws
    • Weekly updates to the construction cash flow schedule
    • Monthly, Quarterly and Annual completion of RFA’s risk reporting and monitored loan program
    • Review of construction schedules and draws
    • Collection and review of the commercial and construction pipelines
    • Review of weekly remittance reports
    • Review and underwriting of Assumptions as necessary
    • Review of “Ad-Hoc” requests such as, but not limited to, CMHC mandatory repair releases, change in ownership requests and the addition of release of guarantors
  • Maintain service levels in an environment of high volumes and the competing demands of originators and employees.
  • Maintain direct contact with mortgage originators via updates specific to the application from fulfillment through to closing.
  • Build and maintain exceptional customer service levels.
  • Receive and review all funding materials; arrange for treasury to advance funds on the day of closing
Operational Efficiency and Risk Management
  • Manage work volumes to meet short time lines with a high level of quality.
  • Evaluate real estate and associated risks in a volatile market.
  • Build relationships with internal and external stakeholders
  • Keep up-to-date with evolving policies and procedures.
  • Risk reporting: Document/update all ERM Risk Controls on a quarterly basis
  • Risk reporting: Complete all Resolver Risk Management updates on a monthly basis
  • Portfolio Management: Update the commercial and construction portfolio on a quarterly basis
Regulatory & Compliance
  • Ensure that loans boarded by the Bank meet the Company’s AML standards, including documenting review of complex corporate structures.
  • Backup role: Support the Prefund Quality Control group in reviewing acquired uninsured residential loans to ensure compliance with AML standards and RFA risk protocols.
What you can bring to RFA:
  • Minimum 3 years of commercial mortgage underwriting experience, with detailed working knowledge of real estate and covenant assessments.
  • Undergraduate university degree is an asset.
  • Knowledge and understanding of CMHC policies and procedures relating to multi-unit properties.
  • Knowledge and understanding of the principals of underwriting construction loans.
  • Detailed working knowledge of principles of credit analysis and risk management
  • Intermediate to advanced level user of Microsoft Office
Benefits of Working at RFA:
  • Health & Dental Care
  • Vision Care
  • RRSP Match
  • Vacation & Personal Days
  • Home and Office work conditions
Are you the Right Candidate?
  • Demonstrated ability to assess risk in a fluctuating real estate market
  • Building productive relationships with mortgage brokers, internal mortgage agents and related business partners, understanding the needs that drive a commissioned sales force
  • Demonstrates the ability to make and document decisions that consider all implications and proactive management of risk
  • Demonstration of solid negotiation and problem-solving skills
  • Ability to adapt to changing volumes and tight turnaround times.
  • A very strong customer focus is required with an ability to ensure the customer experience is a positive one
  • An ability to make quick decisions without compromising underwriting quality.


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