Senior Credit Underwriting Analyst

EQ Bank | Equitable Bank; Saskatoon; On-site; CAD 80,000 - 100,000; Full time

Job summary

A leading Challenger Bank in Canada seeks a Senior Credit Underwriter to analyze and recommend residential mortgages. The ideal candidate will have 3-5 years in mortgage origination, strong analytical skills, and knowledge of Alt-A products. Responsibilities include reviewing mortgage applications, maintaining relationships with originators, and ensuring compliance with regulations. The company offers a competitive salary, bonuses, and comprehensive benefits, making this a fulfilling opportunity in an innovative banking environment.

Benefits

Competitive discretionary bonus

Market-leading RRSP match program

Medical, dental, vision, life, and disability benefits

Employee Share Purchase Plan

Maternity/Parental top-up

Generous vacation policy and personal days

Professional development and comprehensive Career Development program

Qualifications

• 3-5 years of experience in residential mortgage origination.
• Sound knowledge of Alt-A products and related regulations.
• Strong interpersonal skills and a team-oriented mindset.

Responsibilities

• Review and analyze Alt-A residential mortgage loans.
• Make credit recommendations within delegated authority limits.
• Maintain relationships with third-party originators.

Skills

Analytical skills

Risk assessment

Communication skills

Attention to detail

PC skills including Microsoft Office

Education

University degree in finance, business, or related field

Job description

Join a Challenger

Being a traditional bank just isn’t our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians.

How do we get there? With a talented team of inquisitive and agile challengers that break through the status quo. So, if you’re passionate about redefining the future of banking—while having fun—this could be your next big opportunity.

Our company continues to grow, and today we serve more than 780,000 customers across Canada through Equitable Bank, Canada’s Challenger Bank™, and through Equitable Bank’s wholly‑owned subsidiary, Concentra Bank, which supports credit unions that serve more than six million members. Together we have over $138 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people’s lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World’s Best Banks list since 2021.

The Work

The Senior Credit Underwriter is responsible for reviewing, recommending, approving, or declining Alt‑A mortgages originated from third‑party channels and renewals from the prime portfolios within their delegated credit limits. As a key member of the RESL team, the Underwriter assists in engaging third‑party originators/servicers and the Credit adjudication process of the bank’s residential mortgages. This position requires the ability to analyze each mortgage deal with a high degree of professional critical thinking and to use expert judgement to recommend or decline Single‑Family Residential Mortgages offered by the Bank’s third‑party partners while exercising sound lending judgement, service, and profitability.

Core Responsibilities

• Recommending or approving the purchase or renewal of single‑family residential mortgages originated from third‑party partnerships and Concentra’s legacy direct lending business.
• Reviewing and analyzing Alt‑A residential mortgage loans credit file documentation (credit reports, income/employment documentation, and funding documents) to assess application in accordance with Residential Mortgage Underwriting Guideline and other relevant policy/guideline and procedures.
• Cross‑referencing the originator’s underwriting to both the RMMG – Third Party and EQB’s internal Corporate Underwriting guidelines to ensure consistency.
• Making credit recommendations and approvals on individual mortgage deals within current delegated authority limits.
• Reviewing mortgage data accuracy and integrity to ensure information is consistently captured and documented in accordance with internal standards.
• Analyzing and validating all reported observations and providing detailed and accurate documentation to substantiate findings.

Build and Maintain Relationships with Internal and External Stakeholders

• Prioritizing applications and workflow to ensure consistent and sound risk assessments are maintained while managing high volumes and a continued focus on service excellence.
• Establishing and maintaining positive relationships with mortgage originators to build loyalty to the Bank.
• Providing excellent customer service to other departments and third‑party originators through professional written and verbal communication.
• Daily fielding of originator inquiries while maintaining the highest level of internal and external customer service.
• Updating third‑party originators of all interest rate changes and updates.
• Designing, implementing, and preparing reports, papers, plans, dashboards, and templates for clients, senior management, and multiple internal committees.
• Reporting key metrics to the Managing Director, Consumer Markets—non‑conforming loans, exceptions, standard approval/declines, and pre‑approvals.
• Working closely with internal departments to provide feedback and support recommendations that continuously improve internal processes.
• Identifying opportunities and gaps in procedural guidelines and making recommendations for effective changes.
• Developing, implementing, documenting, and evaluating processes and procedures across credit portfolios with internal teams.
• Staying current with the latest industry knowledge, competition, and market trends.

Fraud and Compliance Support

• Submitting an Unusual Activity Report (UAR) for loans suspected of containing fraud and performing risk assessments on a broader scale when identified.
• Assisting in the identification of new and evolving fraud trends or systematic issues and patterns.
• Timely escalation and reporting of any evidence of fraud identified through detailed review.
• Assisting with portfolio risk management practices and reporting, ensuring compliance with lending policies and procedures.
• Ensuring disciplined execution of applicable corporate credit policies, strategies, and market best practices.
• Assessing third‑party originator performance and accuracy by reviewing loan decisions for residential mortgages.
• Providing input and support to internal and external audits and annual servicer reviews.
• Monitoring action plans for fraudulent/watch list accounts in adherence to internal controls.

Let’s Talk About You!

• University degree or equivalent—preferably in finance, business, or a related field.
• A minimum of three to five years in a related role pertaining to residential mortgage origination (underwriting and operational).
• Sound knowledge of Alt‑A products, Prime and Reverse mortgages, operations, processes, services, systems, and associated risks and controls.
• Demonstrated ability to review residential mortgage documentation, audit, perform analyses, validate, and document potential risk to determine the appropriate course of corrective action and/or make recommendations of such action.
• Extensive knowledge of underwriting best practices and application to day‑to‑day work.
• In‑depth understanding of Residential Mortgages underwriting processes and requirements.
• Sound understanding of mortgage‑related regulatory requirements (OSFI II B20, AML/ATF) and mortgage insurer requirements (CMHC, Genworth).
• PC skills—including Microsoft Outlook, Word, Excel, PowerPoint, and other software applications used within the organization.
• Strong analytical skills, excellent organizational skills, and the ability to complete responsibilities in a busy and time‑sensitive environment.
• Strong verbal and written communication skills, strong interpersonal skills, and the ability to work effectively in a team setting.
• Self‑motivated, detail oriented, and able to make decisions under pressure.
• Excellent time management, analytical, and problem‑solving skills.
• A pride in providing superb customer service.

What We [For Full‑Time Permanent Roles]

• 💰 Competitive discretionary bonus
• ✨ Market‑leading RRSP match program
• 🩺 Medical, dental, vision, life, and disability benefits
• 📝 Employee Share Purchase Plan
• 👶🏽 Maternity/Parental top‑up while you care for your little one
• 🏝 Generous vacation policy and personal days
• 🖥 Virtual events to connect with your fellow colleagues
• 🎓 Professional development and comprehensive Career Development program
• 💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience

Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.

We commit to providing a barrier‑free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond.

All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.

We can’t wait to get to know you!