Credit Underwriter

Overview

Job Summary 

 

EDA Overview

Join the NJEDA and help lead New Jersey to sustainable economic growth, fostering equitable opportunities and vibrant communities. We offer hybrid work, a supportive culture, and robust benefits, including health insurance, retirement plans, and extensive wellness programs. Make a tangible impact and shape New Jersey's future with innovative economic development at NJEDA.

 

Job Overview

Responsible for the analysis of applications requesting financial assistance under the NJEDA’s loan, conduit bond, and tax incentive programs.

 

 

$65,484 - $81,855

 

Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a managers approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Responsibilities

Duties

 

Daily Tasks and 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.

 

Projects:

• 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.

 

Collaboration and Cross-Divisional Interaction:

• 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.

 

Goals and Objectives:

• 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.

 

Reporting Structure:

• This position reports to Managing Director, Underwriting.

Qualifications

Skills and Qualifications

 

Technical Skills:

• 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

 

Soft Skills:

• Must possess a solution-oriented mindset to allow creative thinking
• Demonstrates a leadership and ownership mindset
• Ability to under