External Loan Underwriter Mortgage Banking

EXTERNAL LOAN UNDERWRITER, MORTGAGE BANKING

WHAT IS THE OPPORTUNITY?

A mortgage loan underwriter is responsible for evaluating and assessing loan applications to determine a borrower's creditworthiness and their ability to repay the loan based on a predetermined set of investor guidelines. The underwriter must be fluent in Fannie/Freddie delivery and third-party investor delivery. They will be required to work with Capital Markets and/or the Investor Representative to ensure adherence to the buyer's criteria and also facilitate interpretation of guidelines for the Mortgage Banking originations team. Their duties include analyzing financial documents such as credit reports, income statements, tax returns, and bank statements to assess risk to CNB and ensure little to no buyback exposure for CNB. The underwriter decides whether to approve, deny, or request additional information for the loan application based on the various investor requirements. Strong analytical skills, attention to detail, and knowledge of multi-investor guidelines is crucial for this role.

What you will do

• Loan Application Review - review all submitted loan applications to ensure all necessary documentation is complete, accurate, and meets Fannie/Freddie and/or Investor guidelines.
• Risk assessment - Evaluate borrower's financial status, credit history, employment stability, and other risk factors needed for a credit decision.
• Property appraisal review - Assess property appraisals to confirm the value aligns with the loan amount and determine if the property meets all investor collateral criteria..
• Compliance - Ensure that all underwriting decisions comply with federal, state, and CNB regulations as well as meet established investor criteria.
• Decision making - Approve, conditionally approve, or deny mortgage loan applications, providing clear reasoning, conditions for each decision, and alignment to all internal and external guidelines.
• Communication - Collaborate with loan officers, processors, and other stakeholders to gather additional information, clarify discrepancies, and discuss loan conditions.
• Documentation - Maintain thorough and accurate records of underwriting decisions and all related communications both internal and external.
• All City National products, financial solutions and services are to be provided ethically and with integrity in a manner that is consistent with the client-first culture and values embodied in City National's PRIDE statement.

Must-Have*

• Bachelor's Degree or equivalent
• Minimum 5 years' experience structuring and underwriting Fannie/Freddie or multi-investor loans.
• Minimum 3 years of Microsoft Office experience

Skills and Knowledge

• College degree in Business Administration or a related field and/or a minimum of seven years' experience in underwriting large and complex private banking loans, which includes analyzing, interpreting, and evaluating financial statements, cash flow analysis, familiarity with various borrower structures, family office organizations, trusts, collateral issues and values, loan structuring and personal financial statements and tax returns is preferred.
• Prefer experience underwriting private equity co-invest loans.
• Highly knowledgeable in private banking credit policies and procedures.
• Strong credit analysis and accounting skills with the ability to communicate skillfully and effectively in both verbal / written forms
• Good organizational skills
• Ability to work well independently and in teams and interact effectively with all levels of Bank personnel and outside contacts

Compensation

Starting base salary: $44.28 - $75.42 per hour. Exact compensation may vary based on skills, experience, and location.

*To be considered for this position you must meet at least these basic qualifications
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.

Benefits and Perks

At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks.

ABOUT CITY NATIONAL

City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92.03 billion in assets as of April 30, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $96.83 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves.

*City National Bank does business in Miami and the state of Florida as CN Bank.

For more information about City National, visit cnb.com.

EQUAL OPPORTUNITY EMPLOYER & REASONABLE ACCOMMODATION
City National Bank is an equal opportunity employer committed to promoting and maintaining a diverse, equitable and inclusive working environment where differences are valued and encouraged. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by the laws or regulations in the locations where we operate or in our Code of Conduct. READ MORE

If you are a qualified individual with a disability or a disabled veteran, you have the right to request a reasonable accommodation for any part of the employment process. Please contact us via email or leave a message at (213) 673-9139. These contact methods are dedicated to applicants whose disability prevents them from successfully applying online. Only messages left for this purpose will be returned. Responses may take up to two business days.