Retail Credit Underwriter

DUCA Financial Services Credit Union Ltd.; Toronto; Hybrid; CAD 64,000 - 80,000; Full time

Job summary

DUCA Financial Services Credit Union Ltd. is seeking a Retail Credit Underwriter to join our growing team. The role focuses on underwriting, processing, and approving retail credit applications, including complex residential mortgage cases, within established lending authorities and service standards.

The position supports Member relationships, partners with stakeholders, and strives for process improvements to enhance efficiency and experience. Hybrid work options may apply.

Qualifications

• Minimum 5 years of residential mortgage underwriting experience.
• Experience with prime and non-conforming/alternative lending.
• University or college degree or equivalent combination of education and relevant work experience.

Responsibilities

• Underwrite complex retail lending and mortgage applications within delegated authorities.
• Review and verify mortgage information and supporting documents.
• Adjudicate credit applications and establish terms within lending authorities.
• Escalate and resolve complex lending decisions and credit-related matters.
• Collaborate with internal and external stakeholders to improve underwriting processes.

Skills

Credit analysis

Mortgage underwriting

Risk management

Attention to detail

Education

Bachelor’s degree or equivalent

Tools

Microsoft Excel

Job description

We’re a vibrant, exciting credit union that lives its "profits with a purpose" philosophy in every financial transaction, product, interest rate, and community initiative we offer. Founded in 1954, DUCA has grown from a single branch credit union in Toronto to 19 branches across Southern Ontario with over 85,000 Members we are proud to serve.

We exist to help People, Businesses and Communities Do More, Be More, and Achieve More™.

DUCA (www.duca.com) is distinguished for the following:

• Positive, un-big bank like service experience delivered through Member-facing staff in branch, on the phone (Member-Connect) and via our Mobile mortgage specialists, Wealth Management advisors and Commercial and Business Banking Account Managers.
• Competitive rates.
• Personalized financial solutions, guidance, and service with the lowest possible fees for both Personal and Business Members.
• Profit sharing among Members.
• Multiple ways to bank—online, mobile app, phone/full-service Member Connect Contact Centre, and, of course, in-branch—DUCA is accessible 24/7
• A community philosophy of “profits with a purpose” culminating in the creation of the DUCA Impact Lab (www.ducaimpactlab.com), a charitable foundation committed to helping the credit challenged and underbanked. This led to DUCA's designation as a B-Corp certified organization, the first ever credit union to receive this global recognition.

A career with DUCA means you’ll find endless opportunities to make a difference with your unique abilities and perspectives. Our people live their purpose while helping others Do more, Be more and Achieve more with their money and their lives. At DUCA, you’ll be part of a vibrant and collaborative team where you’ll be supported to excel and make an impact, no matter what role you play.

DUCA is looking for a Retail Credit Underwriter to join our growing team!

Job Purpose & Summary

The Retail Credit Underwriter is responsible for underwriting, processing, and approving retail credit applications, with a focus on complex, non-conforming, and alternative mortgage applications within prescribed lending authorities and established service-level expectations. The incumbent ensures that all application documentation complies with DUCA's credit lending guidelines and procedures while effectively identifying and mitigating potential risks.

The role contributes to the development and maintenance of Member relationships, fosters strong partnerships with internal and external stakeholders, and identifies opportunities for continuous process improvement to enhance operational efficiency and Member experience. In addition, the Retail Credit Underwriter is responsible for managing escalations and supporting retail credit decision-making as needed.

Key Accountabilities and Duties

• Underwrite retail lending applications escalated by branch lenders, including personal lending and complex residential mortgage application, within established lending authorities and service standards.
• Review, analyze, and verify mortgage application information, including financial statements, income documentation, property assessments, appraisals, and supporting documentation for complex transactions such as porting, assumptions, covenant releases, refinances, and exceptions.
• Assess credit bureau reports and supporting documentation to ensure accuracy and compliance with DUCA's credit lending guidelines, insurer requirements, and external regulatory guidelines, including Canada Mortgage and Housing Corporation (CMHC) and Canada Guaranty.
• Evaluate and analyze documentation received from all business streams and borrowers to ensure compliance with Anti-Money Laundering (AML), Know Your Client (KYC), and fraud prevention requirements.
• Adjudicate credit applications and establish appropriate terms and conditions within delegated lending authorities, exercising sound judgment to balance risk management, Member needs, and business objectives.
• Review all documentation supporting lending decisions and approvals to identify, assess, and mitigate potential credit, operational, and regulatory risks.
• Act as the primary escalation point for complex lending decisions, exceptions, and credit-related matters, including providing support and decision-making authority.
• Respond to inquiries from branch lenders and other stakeholders to facilitate the accurate and timely completion of credit and mortgage transactions.
• Build and maintain strong working relationships with internal and external stakeholders to support collaboration, service excellence, and business growth.
• Participate in projects, initiatives, and system enhancements that support the ongoing development and efficiency of the Credit team.
• Identify opportunities for process improvements and contribute recommendations to enhance underwriting effectiveness, operational efficiency, risk management, and Member experience.
• Provide subject matter expertise to various channels within DUCA credit-related matters, lending guidelines and underwriting best practices, as required.

Education and Occupational Experience

• University or college degree, or an equivalent combination of education and relevant work experience.
• Minimum 5 years of experience in residential mortgage underwriting, including business-for-self applications.
• Minimum 5 years of experience underwriting both prime and non-conforming/alternative lending products.

Knowledge Skills & Attributes

• Ability to effectively manage multiple responsibilities simultaneously, including semi-annual LOC reviews, co-op package reviews, title changes, and mortgage assumptions.
• Expert knowledge of business-for-self lending, including the analysis and interpretation of financial statements, T1 Generals, and supporting income documentation.
• Demonstrated sound credit judgment with the ability to make accurate lending decisions.
• Strong knowledge of credit analysis principles, risk assessment, and risk management practices.
• Comprehensive understanding of retail lending and residential mortgage products.
• Results-oriented with the ability to thrive in a high-volume, deadline-driven environment.
• Excellent attention to detail, analytical thinking, and problem-solving skills.
• Strong interpersonal, organizational, and time management skills.
• Proven conflict resolution, negotiation, and decision-making abilities.
• Advanced knowledge of mortgage fraud risks, prevention, and detection techniques.
• Proficient in Microsoft Excel and other related business applications.

Working Conditions

• Some roles eligible for hybrid work environment

Department: Retail Credit

Primary Location: Corporate Office

Employment Status: Full-time, Permanant

Salary: The annual salary range for this position is $64,023 to $80,029. Actual annual base salaries will vary depending on relevant job-related factors such as experience, knowledge, skills, qualifications, and education/training. This position may be eligible for discretionary bonuses.

Number of Existing Vacancies: 1

DUCA is committed to employment equity and encourages applications from all qualified candidates. Recruitment related accommodations will be provided upon request.

Our hiring process includes AI screening for keywords and minimum qualifications. Talent Acquisition Partners review all results.

Qualified applicants are encouraged to submit their application. Applications must include a resume.

We thank all applicants but only those considered for an interview will be contacted.