Vice President, Commercial Lending/Underwriting
PenFed Credit Union is hiring a Vice President, Commercial Lending/Underwriting at our headquarters in McLean, Virginia. The primary purpose of this role is to provide leadership to the development and growth of the Commercial/Member Business Loan (MBL) program at PenFed that includes organic originations, participations, and syndications. This position will partner with internal stakeholders including but not limited to Relationship Managers, Treasury, BSA, Legal teams and external stakeholders (partnering financial institutions) in the processing and decision of commercial loan transactions. This position will also ensure that the loans are underwritten to comply with policy and/or are appropriately mitigated.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.
- Underwrite complex CRE and C&I loan transactions for new and existing members with complicated borrowing structures, formulating mitigated risk recommendations, synthesized in the form of well-written and accurately analyzed narratives.
- Prepare and submit credit packages with recommendations to approve or disapprove extensions of credit to the loan committee.
- For real estate transactions, reviews property operating statements, leases, rent rolls, real estate schedules to perform detailed cash flow analysis. Performs stress testing scenarios on construction projects and stabilized income-producing real estate properties.
- For C&I transactions, reviews cash flow cycles, conducts sensitivity analysis, evaluates Borrower’s cash flow and their ability to provide adequate debt coverage for the proposed transactions, as well as determine cushions of protections.
- Complete risk ratings as a means to proactively mitigate potential risk associated with each asset within the portfolio. Has strong understanding of the Credit Union’s commercial credit culture, credit policy, and procedures and is able to accurately risk-rate loans using the Credit Union’s methodology.
- Perform routine annual reviews of relationships within portfolio and reviews loan documents and approvals to determine information that is needed for renewals/modifications.
- Facilitates timely receipt and analysis of current and adequate financial statements of all types, tax returns, and financial statements of sponsors/guarantors, as well as their contingent debt.
- Attend member/prospect calls to gain a thorough understanding of the member/prospect and their business in order to determine the merits of specific loan requests and loan structure, as well as assist in the management of the member relationship.
- Provide leadership to the development of the lending platforms.
- Testing and review of covenant compliance as defined within loan documents. Makes recommendations for monitoring relative to risk and policy, including revision to existing covenants Underwriting of Monitored Lines of Credit, and periodic monitoring via Borrowing Base Calculations throughout the life of the loan.
- Play a key role in implementing lending platforms to support CRE and C&I transactions.
- Provide Subject Matter Expertise to the Allowance for the Loan Losses (ALL) and loss forecasting processes.
Education and Experience
Equivalent combination of education and experience is considered.
- Bachelor’s degree in related field required. Master’s degree preferred.
- Minimum of fifteen (15) years’ of commercial property underwriting experience with a strong emphasis on advanced underwriting skill and risks analysis.
- Minimum of five (5) years’ experience related experience in a Director role.
- Familiarity with ISO rating rules, Class and Specific Loss Cost Rating factors, ISO construction types, claims analysis, review of commercial inspections.
- Knowledge of commercial property market trends, familiarity with point of sale systems, and various commercial policy forms such as Acord forms and coverage types.
- Demonstrated analytical, cash flow modeling and conceptual skills, formal credit training is a plus.
- Strong knowledge of loan structuring with ability to balance credit union objectives and borrower expectations.
This position will supervise employees
Licenses and Certifications
General Lines Agent License is preferred
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*
Ability to travel to various worksites and be on-call may be required
Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 1.8 million members and over $25 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, Okinawa, and Portugal. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.
Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.
We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 531-444-8329.