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New Jersey Economic Development Authority (NJEDA) · 6 months ago

Credit Underwriter

New Jersey, United States

Full-time

Hybrid

Mid, Senior Level

$65K/yr - $82K/yr

5+ years exp

The New Jersey Economic Development Authority (NJEDA) is dedicated to fostering sustainable economic growth and vibrant communities in New Jersey. The Credit Underwriter will be responsible for analyzing applications for financial assistance, structuring loans, and preparing financial reviews to support the EDA's tax incentive programs.

Financial ServicesSecurityWeb Hosting

No H1B

Responsibilities

Reviews applications for completeness, evaluates loan requests and determines how to best structure the loan/guarantee if not determined in advance. Follows up with applicant, lending partner, or business banking officer for additional information. May conduct site visits with applicants to discuss projects

Interviews applicants regarding business, financial/operational matters, and personal financial information. Negotiates collateral or loan conditions when appropriate

Prepares loan underwriting including financial statements, business and personal cash flow analysis, collateral analysis and the strengths, weaknesses, and mitigants of each loan to be approved, analysis of public policy considerations, and compliance with internal program policies

Prepares financial reviews in support of the EDA’s tax incentive programs. Presents written analyses at internal committees and provides support at EDA Board

Provides insight and recommendations in respect to loan structure, risk identification and mitigation. Provides advice on loan risk mitigation to internal and when appropriate external partners

Represents the Underwriting department when appropriate at external meetings with lending partners

Reviews draft commitment letters prepared by Closing Services to ensure consistency with credit approval. Responds to applicant questions/challenges, handles modifications and obtains approval for the same when applicable

Monitors outstanding loan commitments to ensure projects proceed and loans are closed in a timely basis

Collaborates with Closing Services to ensure applicant’s compliance with conditions contained in commitment letters are met prior to loan closing. Approves closing memorandum and recommends approval to Managing Director and Closing Services

Provides training and mentorship to less experienced underwriting officers

Success of this role will be measured based on the quality of analyses presented to Managing Director for review and approval. High quality analyses are clear and concise, articulate all material strengths, weaknesses, and mitigants, and require minimal revisions and corrections

Success is measured by the continued development of the officer and overall success in meeting department policies and procedures per quality control reviews

Qualification

Commercial Credit KnowledgeLoan Underwriting PrinciplesFinancial Analysis SkillsReal Estate AppraisalsMarket Feasibility StudiesMicrosoft Office SuiteAnalytical SkillsLeadership MindsetInterpersonal SkillsNegotiation SkillsDetail-oriented

Required

Knowledge in Commercial Credit including: Understanding of GAAP, income, balance sheet and cash flow statements, personal net worth statements, and tax returns

Ability to understand loan documentation, appraisals and environmental reports

Knowledge of sound commercial lending and underwriting principles, industry standards and regulatory compliance

Ability to evaluate and interpret market and feasibility studies

Ability to understand and interpret real estate appraisals

Must possess a solution-oriented mindset to allow creative thinking

Demonstrates a leadership and ownership mindset

Ability to understand loan approval procedures, closing and disbursement processes

Demonstrates interpersonal and negotiation skills when dealing with external business professionals and NJEDA staff

Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and foster communications with business professionals and EDA staff

Ability to prioritize workload, must be highly organized, detail-oriented, handle various tasks simultaneously and work independently within limited time constraints with minimal supervision

Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff

Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers

Analytical skills with a keen focus on details and audit trails

Minimum five years commercial banking and real estate lending experience including client relationship management

Advanced degree or industry specific certification may be substituted for 1 year of experience

Bachelor's Degree with emphasis in business, planning, project management, public administration, finance, or closely related field and/or equivalent professional experience

Formal credit training preferred

Proficient in Microsoft Office Suite, Moody's Financial Analyst skills, CRM, Lexis Nexus, and the ability to learn new software packages

Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position