Underwriter-Chicago

Company: IFF

Location: Chicago, IL

Job Function: Accounting


Background

The Organization
IFF improves the world by strengthening nonprofits and the communities they serve. As a mission driven lender, real estate consultant, and developer, IFF helps communities thrive by creating opportunities for low-income communities and persons with disabilities. Key to our success has been a deep sense of purpose, a broad perspective, and a relentless focus on achieving positive results. Across the Midwest, we help clients from every sector, including human service agencies, health centers, schools, affordable housing developers, and grocery stores. Staff contributes its extensive business experience with an unrivaled connection to the mission of IFF and the nonprofit clients it serves.

IFF is looking for candidates with a commitment to the work we do who can demonstrate their creativity, diligence, enthusiasm, growth-mindset, thoughtfulness, and passion to make meaningful change in the areas of economic and racial justice.

Equity, Diversity, and Inclusion

Partnering to create thriving communities is at the heart of everything we do.  We leverage knowledge, capital, and resources to advance equitable and transformational outcomes in under-resourced communities, guided by our commitment to be an inclusive, anti-racist and anti-oppressive institution that honors communities as asset-rich and as experts in their own stories.

Summary

Basic Job Function
Analyze and evaluate loan applications and make appropriate recommendations regarding loan approval. Work closely with lenders to ensure thorough and efficient throughput of loan requests.

Responsibilities

Job Duties and Responsibilities:

  1. Key point of contact for client loan requests. Responsible for underwriting, seeking approval, and facilitating the closing and monitoring of loans, including those requiring complex structuring.
    1.  Responsible for guiding prospective borrowers through the loan application, approval and closing process.
    2. Screens projects for alignment with IFF and department goals. Evaluates loan requests, including the agency’s financial condition and projections, site analysis and building plans, operating plans, potential risks and other relevant data to support a recommendation of whether or not to make a loan. Follow up as necessary with agency and others to obtain additional information.
    3. Coordinating as necessary with the Chief Credit Officer, underwrite, structure, package and present loan recommendations for approval to loan committees. Document terms and conditions and issue commitment letter.
    4. Provide technical assistance on financing and financial systems to improve capacity of applicants and borrowers.
    5. Support IFF’s Customer Relationship Management database with data input to ensure that accurate and comprehensive information on all aspects of loan program is readily available, from initial contact through project closing and long-term monitoring. Contribute quantitative and narrative materials for fund raising applications and required reporting.
    6. Establish closing requirements and work with IFF Closing and Escrow Services team, borrower, attorneys, and others to facilitate closing process in timely and efficient manner.
    7. Work with the Portfolio Management team to support post-close monitoring including customer check-ins or site visits as required. Coordinate customer relationship management with Portfolio Management and support effective relationship communications. Identify potential issues and support Portfolio Management work with the borrowing agency to minimize late payments and foreclosures. As needed, work with Portfolio Management to negotiate and follow up on restructures or workouts.
  2. Work closely with lenders to ensure ultimate client satisfaction and regional production goals are being met.
    1. Respond in a timely manner to inquiries from prospective borrowers, providing information regarding IFF lending programs, assessing loan readiness, and assisting as necessary to prepare loan submissions and related paperwork.
    2.  Follow up in a timely manner with leads provided through telephone calls, meetings or other marketing efforts.
    3. Conduct in-person and virtual presentations or workshops for customers and prospective borrowers as arranged and scheduled with the Managing Director of Lending or in coordination with other partners.
    4. Closely coordinate with lenders to ensure clear roles and responsibilities for each client and/or project to ensure efficient and high quality results.
  3. Participate with other Capital Solutions staff to research, develop, and improve lending programs, policies and procedures, marketing materials, application forms, tracking procedures, program goals, and general communications.
  4. Provide guidance and mentorship to junior Capital Solutions staff.
  5. Maintain required job knowledge, skills and core professional competencies. Attend and participate in required educational programs and staff meetings.
  6. Perform other duties as assigned.

Performance Measures:

  1. Achievement of team lending and program goals. Long term quality of closed loans.
  2. Complete, accurate, and thoughtful analysis for thorough understanding of underwriting and lending issues on all loan applications and portfolio and risk assessment reports.
  3. Solutions to identified issues and challenges relating to loan program implementation.
  4. Cultivates a culture of openness in information sharing. Encourages open communication, cooperation, and the sharing of knowledge.
  5. Models personal accountability that promotes ownership and engagement.
  6. Builds and maintains effective working relationships with colleagues, peers and team members.
  7. Values and supports differences in others, contributing to an inclusive work environment. Demonstrates the ability and willingness to communicate effectively with people of diverse backgrounds and experiences to create a collaborative, collegial, and caring community.
  8. High level of satisfaction with both internal colleagues and external contacts.

Requirements

Position Qualifications:
Education: Bachelor’s Degree or equivalent combination of education and/or experience required, preferably in business, accounting, or finance.

Previous Experience: Minimum of five years’ experience in banking, finance, or real estate finance required. Demonstrated competence in commercial lending terminology and credit and financial statement analysis. Experience with marketing loan products.

Special Knowledge & Skills: Familiarity with the nonprofit sector strongly preferred; familiarity with construction and lending practices and terminology; strong interpersonal skills; comfortable in presentation and workshop situations; proficient computer software user, including spreadsheets (Excel) and databases.

Additional Requirements: Some travel within the Midwest including occasional overnight travel; occasional evening and weekend work; able to inspect active construction project sites.

Compensation and Benefits

Salary and benefits are discussed in interview.

How to Apply

Application Instructions: Please visit our Careers section of our website to apply online.  https://theapplicantmanager.com/jobs?pos=i5187&fs=1.0em

Both a resume and cover letter are required.

IFF does not offer relocation packages; must be authorized to work in the United States; IFF does not sponsor applicants for work visas.