National Underwriting Manager
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POST DATE 9/9/2016
END DATE 4/30/2017
New York, NY
JOB DESCRIPTIONOverview: About CIT
CIT (NYSE: CIT) was born in 1908 when Henry Ittleson found a new way to make financing available to businesses in St. Louis, Missouri. Soon CIT was forging paths across the country, into Canada and overseas. But time and experience have produced innovations unimagined a century ago. True to its pioneering legacy, CIT remains an agent of opportunity, providing new resources and fresh perspectives to over one million clients across thirty industries around the globe.
CIT is a financial holding company. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.
For more than 100 years, CIT has steadily innovated, providing carefully tailored financing solutions to meet the needs of a changing global economy. Along the way, CIT continually redefined what it means to be a financing partner, providing ideas as well as capital to build businesses - and relationships - that have endured for decades.
Responsibilities: * Manage a team of underwriters enterprise wide supporting Commercial Services Factoring and ABL lines of business
* Leadership and oversight of lending activities including credit authority delegation, education, development and quality monitoring across Commercial Services Business Group.
* Provides leadership to the identification and transformation of credit strategy that drives successful business outcomes.
* Accountable to oversee quality and performance monitoring of the portfolio including non-conforming
* Leads lending performance engagement with GSE's, HUD and Investor programs.
* Key business stakeholder accountable for overall credit strategy and lending policy and automated in partnership with Regional General Manager's and Sales Teams
* Identifies key risk insights and areas of opportunity to Commercial Services leadership for action and improvement.
* Recommend strategies and actions to be considered by top management that may impact products, services and process improvements in order to impact business results.
* Understand business strategies and objectives and collaborates across the channel and enterprise to predict current and future needs
* Identify and integrate external market factors that impact or drive business outcomes.
* Assist in the assessment of new deals before term sheet issuance (financial statement analysis and financial modeling, transaction structuring and pricing, participate in meetings with prospects, complete pre-screen credit approval packages, etc.)
* Manage the due diligence process (including analyzing due diligences results); the completion of a comprehensive underwriting approval package (including making presentations to credit committee for approval)
* Facilitate the loan closing process (including negotiating legal documents).
* Trains a team of underwriters on credit policy, underwriting guidelines and pricing
Qualifications: * At least 10+ year's management experience leading distributed teams in a large, highly matrixed institution.
* 5+ years underwriting factoring or ABL transactions
* Ability to underwrite complex factoring and ABL transactions secured by accounts receivable and inventory with seasonal over-formula components and term loans that are cash flow based or secured by trademarks and other intellectual property
* Experience conducting transactions with private equity sponsors, agented and non-agented syndicated deals, acquisition financing, and bulk purchases
* Demonstrated strategic planning and execution leadership
* Proven success achieving objectives requiring a high level of cooperation from people in other parts of the organization.
* Excellent problem solving and analytic capabilities utilized to identify root cause issues/improvement opportunities, and designing approaches/programs to address those issues.
* Excellent written and verbal communication skills and the ability to present complex ideas in a straight forward and understandable manner.
* Strong partnership/collaboration skills.
* A strong and effective manager and leader, capable of attracting, mentoring, retaining and promoting talented and productive staff.
* Bachelor's degree required, advanced degree preferred.