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CIBC Mortgages, Lending & Insurance (CMLI) acts as CIBC's manufacturer of mortgage, lending and insurance products. Using a multi-brand/multi-channel strategy, CMLI is responsible for the development, distribution, servicing and profitability of various mortgage brands & distribution channels (CIBC Residential Mortgages, PCF Mortgages, Home Loans Canada and Mortgage Center Canada) as well as CIBC Lending & Insurance products (home equity and personal loans, lines of credit, overdrafts and creditor insurance)
Our department is currently expanding and we are looking for 5 new mortgage underwriters to join our team.
Job Purpose: The Residential Mortgage Underwriter is accountable for reviewing, processing and approving residential mortgage applications received from branches, agents/brokers, and alternate distribution channels in a timely and effective manner, resulting in the achievement of the CIBC mortgage target.
- Negotiate/approve/recommend/decline, within established guidelines and authorized lending limits of up to $1,000,000, moderately complex residential mortgage applications to be secured by new or existing real estate.
- Reviewing credit information.
- Reviewing real estate appraisals for consistency with prevailing market conditions.
- Completing Insurer approval process, where applicable.
- Negotiating terms and conditions for marginal applications.
- Documenting and advising all parties of decision and the rationale.
- Authorize advance offunds, set interest rate and level payment amount.
- Monitor approved mortgages to ensure maintenance of good lending practices within established guidelines by adjudicating files referred to by the junior underwriter and reviewing resubmitted complex applications which have been allocated by the junior underwriter.
- Analyze and prepare reports for corrective action by the incumbent and referring any issues to the escalation officer or manager. Refer as appropriate, any substandard loans to the escalation officer, team leader, manager or Credit Risk Department.
- Handle, as required, correspondence and telephone inquiries from brokers channels. For example, handle inquiries from brokers on how to submit a deal, review a deal prior to submission to determine interest, review of conditions attached to approvals, track conditions on the Target adjudication system so deals can fund, issue commitments, and modifications after commitment.
- Regular contact with mortgage specialists, builder representatives and other CIBC/FirstLine personnel to provide information, explanation and assistance in the approval process.
- Occasional contact with customers/builders to provide information or clarification regarding Bank policies.
- Some contact with solicitors and appraisers regarding details of particular transactions.
- Occasional contact with other financial institutions to share information relative to the mortgage industry.
- Regular contact with mortgage insurers such as Canada Mortgage and Housing Corporation (CMHC) and Genworth to obtain information and liaise with on behalf of branches and the mortgage sales forces.
Job Complexities and Challenges:
- Managing work volumes to meet short time lines with a high level of quality where errors in judgment could result in financial losses.
- Evaluating real estate and associated risks in a volatile market.
- Negotiating better loan quality (e.g. where branches/sales representatives have committed to mortgages of poor quality) to ensure CIBC lending standards are met.
- Handling difficult interactions and unpopular decisions, balancing customer satisfaction with standards established by CIBC/FirstLine.
- Negotiating terms and conditions creatively for borderline applications.
- Obtaining accurate and sufficient information to make valid lending decisions where information is withheld or falsified.
- Building relationships with business partners.
Physical Demands and Working Conditions:
- Dexterity and coordination is regularly required to access and enter computer database information.
- Attention to detail is regularly required when reviewing applications to ensure accuracy and completeness of information.
- Meeting short timelines for approvals.
- Fluctuating work volumes.
- Maintaining concentration despite frequent interruptions and noisy open office atmosphere.
- Ability to effectively manage the pressure caused by high volumes and demanding clients in a fast paced work environme
- 1-2 years mortgage underwriting experience and/or a combination of previous credit/mortgage lending experience.
- 2 years working experience with internal or external Mortgage Sales Forces/Brokers.
- Detailed working knowledge of insured residential mortgage policies and procedures and the residential mortgage industry in general.
- Detailed working knowledge of principles of credit analysis and risk management related to residential mortgages.
- Working knowledge of financial analysis sufficient to understand financial statements and assess financial viability.
- Knowledge of PC software and mainframe applications sufficient to input data, call up information and create and edit documents.
- Detailed working knowledge of legislation regarding risk-related mortgage law.
- Developed influential skills sufficient to negotiate effectively with business partners and to convince others of the preferred options and alternatives.
- Strong interactive skills sufficient to communicate detailed factual explanations.
- Good written and verbal communication skills, in both French and English
- Ability to work complex mortgage transactions- (multiple rental units).
- Compliance with all CIBC regulatory training and ensures these programs and policies are applied consistently across the business. The incumbent is personally responsible for compliance with all such regulatory and governance programs.
Attributes: - Building Trust - Teamwork and Partnering - Accountability - Results Orientation - Service Orientation -
Thorough - Agile and Adaptable.
Regular full time position: 37.5hrs/week - Days required to work: Monday to Saturday. Bilingual required
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