Senior Underwriter, Residential Mortgages (Alternative Lending)

Vault Credit Corporation; Toronto; On-site; CAD 90,000 - 130,000; Full time

Job summary

Vault Credit Corporation, a non-bank mortgage lender, seeks a senior underwriter for residential mortgages with an emphasis on alternative lending to shape how we assess and approve complex files.

You will adjudicate findings, help set underwriting guidelines, and collaborate with brokers to reach a yes within sound credit policy while managing the pipeline with the team.

Qualifications

• 5+ years of residential mortgage underwriting experience.
• 3+ years in alternative or non-prime lending.
• Knowledge of the Canadian mortgage market.
• Ability to explain decisions to brokers, colleagues and senior leadership.
• Nice to have: policy writing or training experience.

Responsibilities

• Adjudicate alternative residential files within your authority limit, looking past the score to the full borrower/story.
• Contribute to underwriting guidelines, exception criteria and pricing recommendations.
• Structure solutions with brokers on complex files and issue commitments with appropriate conditions.
• Review appraisals and income/employment documents; apply KYC/AML and flag risk.
• Work with the Mortgage Fulfillment team to manage the pipeline and close deals on time.
• Share feedback to improve process and turnaround.
• Track the market and trends to recommend adjustments.

Job description

Senior Underwriter, Residential Mortgages (Alternative Lending)

Bring your alternative lending expertise to Vault

Vault is a non-bank mortgage lender with decades of combined experience in financial services and real estate. We lend where the big institutions say no. We are looking for a senior underwriter who has done this work before and wants a hand in shaping how we assess and approve complex files.

You will be one of the senior voices on our Underwriting Team: deciding the tough files, helping set how they are assessed, and helping brokers get to a "yes" within sound credit policy.

What you will do

• Adjudicate alternative residential files within your authority limit, looking past the score to the full story of the borrower, income and property, and escalation with a clear rationale when needed.
• Contribute to underwriting guidelines, exception criteria and pricing recommendations as our business evolves.
• Structure solutions with brokers on complex files (self-employed, non-traditional income, credit challenges, new-to-Canada, equity take-out) and issue commitments with appropriate conditions.
• Review appraisals and income/employment documents for accuracy and legitimacy; apply KYC/AML requirements and flag fraud or compliance risk.
• Work with the Mortgage Fulfillment team to manage the pipeline and close deals on time.
• Share feedback and experience with colleagues to improve process and turnaround.
• Track the market, competitor offerings and trends, and recommend adjustments.

What you bring

• 5+ years of residential mortgage underwriting experience, including 3+ years in alternative or non-prime lending, and working knowledge of the Canadian mortgage market.
• Proven judgment on complex files: income analysis for self-employed and non-traditional borrowers, credit repair profiles, and collateral risk.
• Comfort making decisions with limited direction, and the credibility to explain them to brokers, colleagues and senior leadership.
• Strong written and verbal communication; precise documentation habits.
• Ability to work in a changing environment as our business grows and evolves.
• Nice to have: system testing knowledge, private lending experience, mortgage agent licensing, experience writing policy or training others.

Why Vault

• A senior role with real influence on credit decisions, policy and results.
• Fast, accountable decisioning and direct access to leadership; a small, friendly, flexible, growth-focused team.

Vault is committed to creating a diverse environment and is proud to be an equal opportunity employer. Upon request, Vault will provide reasonable accommodation during the recruitment and selection process. Should you require accommodation, please advise.