CIT Group Inc.

  • Director, Underwriting-Equipment Finance

    Location US-FL-Jacksonville
    Job ID
    30971
    # Positions
    1
    Job Family
    Credit - Credit Decision
    Type
    Full-Time
  • Overview

    Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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 information, visit cit.com.

    Responsibilities

    The Director of Underwritings’ primary responsibility is the adjudication of new leases or loans according to CIT risk appetite, policy and procedure across the Equipment Finance Small Ticket (Jacksonville and Direct Capital) platforms to grow existing programs and new business.

     

    The individual will manage teams responsible for the Office Imaging, Technology and Industrial sectors in Jacksonville and Vendor, Franchise, Retention and Direct Acquisition segments in Direct Capital and will be instrumental to building the quality of the portfolios and the loss and delinquency results across CIT Equipment Finance Small Ticket.

     

    The individual will be responsible for the manual processing of all submissions typically with the goal of maximizing approval rates, and turnaround times subject to credit quality parameters. The role will work closely with the Director of Automated Solutions to ensure most effective decision delivery of all adjudications.   The Director of Underwriting reports into Equipment Finance Small Ticket Chief Credit Officer.

     

    Specifically, he/she will be responsible and accountable to EF-ST Chief Credit Officer and the business platforms for origination, new business grading (PD & LGD), managing and developing sales and vendor relationships, measuring credit adjudication effectiveness and on-going development of the team’s underwriting skillset.

     

    • Make decisions up to the level of delegated authority and recommend and present transactions to higher authority where appropriate
    • Manage and develop teams of underwriters to evaluate new transactions, prescreen transactions, conduct due diligence, prepare credit approval documentation and present to the appropriate authority in order to obtain approval
    • Train a team to analyze financial statements and capital structures, perform sensitivity analysis, conduct industry and competitor analysis to identify transaction risks and mitigates
    • Primary author/owner of the credit standards and manual adjudication procedures framework and implementation of all manual decisioning processes across the Equipment Finance Small Ticket business platform.
    • Responsible for CIT compliance with ECOA, FCRA and Patriot Act
    • Key supporter of CIT growth initiatives in partnership with segment leaders and Business Development teams
    • Work closely with Corporate Risk team to ensure accurate manual grading of risk, regulatory rating accuracy and use of corporate models and compliance with CIT policies, procedures and underwriting standards
    • Interface with customers and vendors as needed to complete diligence as well as to assist the relationship management efforts of the originators.
    • Ensuring minimum pending rates and maximum decision rates within agreed business risk parameters
    • In collaboration with the Director of Automated Decisions, providing regular reporting to the platforms for submissions, approval rates, conversion rates as appropriate to the requirements of the platform
    • Updating the Credit Criteria as appropriate, based on loss mitigation, delinquency and portfolio trends and changing risk analysis to ensure emerging risks are appropriately covered
    • Keeping abreast of market developments with regards to risk management, segment issues/ industry trends, competitive offerings/capabilities and ensuring compliance with regulatory requirements
    • Collaborating with and utilizing cross functional teams to understand business objectives and support underwriting strategies and ensure appropriate underwriting criteria
    • Communicating results and providing logical explanations of decision and underwriting metrics to governance committees, business process owners, and various levels of leadership to drive priorities for risk management

    Qualifications

    • 10+ years credit underwriting experience focusing on direct mid-ticket and enterprise level customer profiles, detailed knowledge of underwriting and financial analysis
    • Strong understanding of vendor sourcing business model and the influence of the vendor relationship, correlation risk and reliance structures to the transaction risk
    • Background in a variety of asset classes required
    • Strong communication skills, both verbally and written, with experience in clearly and concisely presenting deal and program structures to senior and executive level management
    • Strong leadership skills with proven management of teams
    • Ability to analyze performance data
    • A decisive decision maker and ability to provide structured solutions
    • Articulate and able to communicate effectively at different levels across the organization
    • Self-motivated
    • Excellent communication skills - verbal and written
    • Builds partnerships across functions and regions; collaborates well with others
    • Proficient in Microsoft Excel, Access, Word, and PowerPoint
    • Graduate or Postgraduate qualification in a business or statistical discipline preferred

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