|Job Title:||Residential Mortgage Underwriter - Vancouver Location|
Director, Residential Lending Position: Residential Mortgage Underwriter
Apply to Emily Pantrey, Talent Acquisition Partner - firstname.lastname@example.org
The Residential Mortgage Underwriter is responsible for successfully contributing to overall portfolio growth and maximizing profitability in an environment focused on operational and service excellence. This role is responsible for determining the credit worthiness of customers based on established lending criteria, exception management and pricing determinations all while meeting performance targets, ensuring adherence to service standards and building exceptional third-party relationships.
â€¢ Successfully contribute to the Residential Lending results, ensuring growth and profitability targets are being met.
â€¢ Develop a network of mortgage brokers and respond to inquiries in a timely manner to meet service standards and foster positive relationships.
â€¢ Maintain knowledge of Community Trust residential mortgage underwriting policies, procedures and products.
â€¢ Negotiate, structure and evaluate received mortgage applications according to internal policies.
â€¢ Manage portfolio risk by exercising consistent, objective and sound credit decisions within authorized limits, escalating with rationale to support recommendation where appropriate.
â€¢ Issue mortgage commitments with appropriate conditions and follow up with mortgage brokers for sign back.
â€¢ Work in collaboration with the Mortgage Officer to closely manage pipelines, collect outstanding documentation needed to satisfy the requirements as stipulated in the commitment and close deals on a timely basis.
â€¢ Provide the highest level of internal and external customer service.
â€¢ Participate in business development activities, tradeshows and presentations as required.
â€¢ Maintain up to date knowledge of the competition, industry trends and market conditions.
â€¢ Ensure accurate record keeping â€“ both electronic and paper based and ensure that all records are stored and retained to meet Company standards.
â€¢ Identify continuous improvement opportunities.
â€¢ Follow AML procedures on all files with an emphasis on â€œKnow Your Clientâ€ rules.
â€¢ Pro-actively identify actual and potential violations of AML regulatory requirements, internal policies and procedures or other AML/ATF risk situations at an early stage. Conducts appropriate inquiries and investigations in relation to any such situation and ensures that corrective actions and/or risk mitigation actions are implemented in a timely manner or escalated appropriately.
â€¢ Adhere to compliance and operational risk controls in accordance with companyâ€™s policies and procedures.
KNOWLEDGE & SKILLS:
â€¢ Minimum of 2 years related experience in residential origination, particularly Alternate Lending.
â€¢ Post-Secondary Education preferred.
â€¢ Demonstrates interpersonal and relationship building skills.
â€¢ Solid understanding of the general characteristics, attributes and risk factors associated with various loan types.
â€¢ Strong knowledge of Microsoft applications (including Word, Excel and Power Point)
â€¢ Demonstrates strong negotiation and sales skills.
â€¢ Solid written and verbal business communication skills.
â€¢ Strong analytical skills.
â€¢ Demonstrates effective organizational and time management skills.
â€¢ Solid written and verbal business communication skills.
â€¢ Exceptional analytical skills and a keen eye for detail.
Your Career as a Mortgage Broker
To become registered as a mortgage broker, interested individuals must meet prescribed educational requirements. The Sauder School of Business Real Estate Division at the University of British Columbia provides a course offered through distance learning. For more information, please call 604-822-8444 or visit www.realestate.ubc.ca for the Mortgage Brokerage Licensing Program details.
The CMBA-BC also offers a practical course – the Canadian Mortgage Brokers Course – which provides participants with information currently not part of the UBC mortgage brokers’ course curriculum. This course is not mandatory. It is designed for new or soon-to-be mortgage brokers and will also be very helpful for people in related industries. It provides a clear picture of the processes involved in seeking and obtaining approval of mortgage financing. Please visit our Events Centre for more information on the CMBA-BC course.
Applicants must either complete or challenge the UBC course and then must register with the Financial Institutions Commission (FICOM). FICOM is the government body that regulates mortgage brokers and can be reached at 604-660-3555.
Frequently Asked Questions
Yes, you must register and obtain a license from FICOM prior to working as a mortgage broker. It is an offence to carry on the business of a mortgage broker in British Columbia without proper registration and licensing. Please refer to paragraphs above for details on educational requirements.
Mortgage Brokers are compensated on a commission basis so incomes vary widely from one individual to another. A successful mortgage broker will earn an income similar to other successful sales professionals.
While there is no regulation prohibiting this, most companies do not hire part time brokers. It is a challenging career that requires a high level of effort, knowledge and attention to detail. Most employers find that part time brokers are not able to devote the time and energy required to properly serve their clients’ needs in a professional manner.
Many different personalities can be successful but there some common skills and traits that most brokers have. Mortgage Brokers must be fluent in reading, writing and conversing in English. They require knowledge of mathematics to at least the high school level. Integrity is crucial when dealing with clients, financial institutions and other professionals in the real estate industry. Strong interpersonal and stress management skills help brokers deal with clients who are looking for calm guidance and timely answers about an important financial transaction.
A mortgage broker is generally a sales position and requires prospecting for clients. Most new mortgage brokers spend a great deal of time early in their career building a referral network of realtors, accountants, lawyers and other professionals who trust and refer clients to the broker. Over time successful brokers also build a large base of satisfied clients who refer friends and associates to the mortgage broker based on their own positive experience. Some mortgage brokers find advertising successful and some employers provide leads to new brokers.
The provincial regulator requires course completion through the Sauder School of Business. This course can be taken over the period of one year, with written exams at completion. Once you have passed your exams, you will need to find an employer, preferably with an CMBA-BC corporate member. (All graduates are required to work for an existing designated company for a minimum of two (2) years before independent office opportunities.) Once employed, you must submit your registration to FICOM for your license. Then it is time to Become A Member of CMBA-BC and start attending our educational and networking events. Let us help you launch your career!