Director of Underwriting

2 weeks ago

St Augustine, United States Cowford Consulting Full time

The Director of Underwriting will focus on developing processes and personnel to cultivate top-notch underwriters, demonstrating sound critical reasoning and conviction. Additionally, this role will establish first-look valuation and execution analysis for incoming submissions and conduct data integrity reviews to ensure consistent quality in fully underwritten files before submission for loan approval.


Requirements:

  • Bachelor's degree in finance, economics, business, or a related field. MBA or a Master's in Finance (preferred).
  • Minimum of 5+ year's experience in private credit, direct lending, or credit underwriting in multifamily industry.
  • Strong credit analysis skills such as analyzing financial statements, conducting due diligence, and evaluating the financial health of owner/operator or developers' organization.
  • Experience in understanding lending regulations, disclosure requirements, and compliance frameworks.
  • Proficiency in financial modeling to include building financial models, conducting sensitivity analysis, and stress testing assumptions.


Responsibilities:

  • Playing an integral role within the larger Credit team, you will provide direct support to the Director of Risk, mentor junior team members, and serve as a resource to the Sales Team and other operating departments.
  • Maintaining a “first contact point,” of the pipeline and quickly determining the borrower’s ability to exit the loan while evaluating loan strength through factors such as ROI, DSCR, and After Repair Value.
  • Developing a deal narrative encompassing the viability and valuation of the project, considering the market, borrower's experience, and expertise in the subject market. This involves conducting initial screening calls with first-time borrowers to establish rapport and familiarize the credit team with the story behind each borrower's expected success.
  • Managing the pipeline of residential loans by allocating deals based on capacity and familiarity with clientele, developing daily agendas, and providing insights through weekly reporting.
  • Conducting a final integrity analysis to ensure loans meet credit standards, are leverageable, and have crafted analytical narratives highlighting the operator’s ability to exit. Additionally, ensuring data entry accuracy.
  • Occasionally participating in Credit Committee meetings or providing written support toward actionable recommendations.
  • Support Debt placement for takeout financing.
  • Compiling data from all tools and platforms to provide insights that the team can use to meaningfully enhance the 'Pro Deal Mentality' ingrained in the Credit team.
  • Underwriting loan requests and documents, including borrower financials, credit report, tax returns, bank statements, REO schedules, personal financial statements, investment track records, appraisals, and property inspections, in order to properly assess risk factors.
  • Reviewing appraisals and secondary valuations in depth with special focus on appropriateness of value and comparables.
  • Ensuring that any loans perceived to have risk always have clearly stated and identified mitigants.
  • Exhibiting a deep understanding of firm's loan underwriting guidelines, pricing grids and leverage partners’ credit boxes to identify loans that are ineligible.
  • Continuously providing feedback and suggestions on ways for DLP Capital to improve its processes and procedures.


Benefits and Perks:

Unlimited PTO, health/dental/vision/life insurance, 401(k) matching, learning/educational incentives, Volunteer Time Off, well-being programs, company events, self-improvement/productivity tools, & the incredible feeling of making a difference.

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