CIT Group Inc.

  • Vice President, Community Lending

    Location US-CA-Pasadena
    Job ID
    32079
    # Positions
    1
    Job Family
    Originations - Business Development
    Type
    Full-Time
  • Overview

    Founded in 1908, CIT (NYSE: CIT) is a leading national bank empowering businesses and personal savers with the financial agility to navigate their goals. We believe in helping customers turn their ideas into outcomes. Whether those customers are building a business or building their savings, CIT has the experience and agility to empower them to achieve their goals. At CIT, how we do business is just as important as what we do. Our social responsibility programs focus on driving financial and personal empowerment, supporting the environment and advancing wellness. CIT contributes to communities where we live, work and do business through charitable donations, community investments and employee volunteerism.

    Responsibilities

    CIT Bank N.A. is expanding its debt and equity products to help promote community and economic development projects in communities served by our bank network. As one of the largest Financial Institutions headquartered in California, CIT Bank, N.A. provides both debt and equity products to a wide range of community development activities including affordable housing, community facilities, small business development and Community Development Financial Institutions. The Vice President (VP) of Community Lending will be a key leader in the Bank’s achievement of its $7.5 billion community benefits plan related to Lending and Investing and will help grow and manage a portfolio of affordable housing debt products. This position will be responsible for business development, underwriting and assist with portfolio management of the affordable housing portfolio.

     

    RESPONSIBILITIES

    • In coordination with the Director of Community Lending & Investing, the VP will assess the lending and investments in our assessment areas to ensure excellent responsiveness to community development and credit needs
    • Experience in underwriting affordable housing loans (construction and perm) is required including prior underwriting of projects utilizing Low Income Housing Tax Credits and Subsidies (Section 8, VASH, etc.).
    • Experience in the closing of lending and investing opportunities by working with loan administration staff in the coordination of closing and funding which will include working with internal/external attorneys, escrow/title officers and third party consultants.
    • Experience with the construction draw process as it relates to keeping balanced budgets and understanding of change orders. This position will help coordinate draws in coordination with the Construction Administrator.
    • Ability to support CIT’s credit culture which requires extensive due diligence ranging from analysis of financial performance, historical portfolio performance to risk identification and mitigation strategies
    • Experience with the monitoring/asset management of lending and investing portfolio including assisting with timely receipt of reporting and monthly, quarterly and annual internal monitoring reports

    Qualifications

     

    • Must have strong verbal, written and interpersonal communication skills and be comfortable making presentations at conferences and other external meetings, serve on community boards and professional organizations which enhance the profile
    • Extensive knowledge and understanding of current market conditions in terms of pricing, terms, conditions and covenants as well as legal structure and documentation
    • Must be able to quickly build successful relationships with co-workers, executives, and third party partners alike, specifically with affordable housing syndicators and developers (for-profit and not-for-profit groups)
    • Must be able to interface with senior Bank credit officers, lawyers, co-lenders, and other internal and external parties in sourcing, structuring and approving deals
    • Enjoy working in relationship management teams with a proven understanding of the importance of balancing business development, asset quality and community development needs
    • Advanced Microsoft office (Word, Excel, an Outlook skills)
    • Ability to make timely and independent judgement decisions while working in a fast-paced, results-oriented environment while exercising sound judgement with attention to detail and accuracy skills

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