Senior Credit Underwriter

Job Summary 

Analyzes commercial loan applications of greater complexity and higher dollar value, and structures credit arrangements, in order to generate interest income while limiting credit losses, to support the operations and fulfill the NJEDA mission, mentors less experienced underwriting staff. Primarily responsible for loans under programs such as Direct Loans, Premier Lender Program, and the Department of Environmental Protection and completing financial reviews in support of EDA tax incentive programs. 

$85,680 - $107,100

Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a managers approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Essential Duties and Responsibilities 

• Interviews applicants regarding business, financial and operational matters and personal financial information; negotiates guarantees, collateral or loan conditions and conducts site tours. 
• Reviews applications for completeness, evaluates loan request and determines how to best structure the loan/guarantee if not determined in advance.  Follows up with applicant, banker or business development officer for needed information. May conduct site visits with applicants to discuss projects. 
• Prepares loan underwriting including financial statements, business and personal cash flow analysis, collateral analysis and the strengths, weaknesses and mitigants of each loan to be approved, analysis of public policy considerations and compliance with internal credit and program policies. Presents each loan for consideration at monthly loan review committee. 
• Reviews draft commitment letters once loan and/or guarantees are approved for consistency with Board approvals and correctness.  Responds to applicant questions, negotiates changes and obtain approvals as required. 
• Monitors the outstanding loan commitments to ensure projects proceed and loans are closed on a timely basis.   

• Reviews applicant’s compliance with conditions of approval prior to closing of loan and ensures current financial and other information has been received.  Approves closing memorandum and recommends approval to Managing Director and transfers to Closing Services to close. 
• Prepares financial reviews in support of the EDA’s tax incentive programs.  Financial reviews include an in-depth analysis of the project’s capital stack, applicant’s proforma and projected internal rate of return, financial viability of the applicant business, and a review of feasibility studies and appraisals.  Presents written analyses at internal committees and provides support at EDA Board. 
• Interacts and collaborates with members of EDA product teams and contracted external consultant for Advisory Services for NJEDA Programs and Projects.   
• Teaches, mentors and oversees the work of less experienced underwriting staff.  Ensures quality and timeliness of written work and readiness of applications for consideration by the loan review committees.  
• Participates in special projects as required by Underwriting Department and EDA initiatives. 

• Promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers. 
• Performs other duties and special projects, as assigned. 
• Must complete annual and semiannual self-assessment as required. 

Preferred Skills and Abilities 

• Advanced knowledge in complex Commercial Credit including: 

• Understanding of GAAP, income, balance sheet and cash flow statements and personal net worth statements and tax returns. 

• Ability to understand loan documentation, appraisals and environmental reports. 
• Knowledge of sound commercial lending and underwriting principles, industry standards and regulatory compliance 

• Ability to understand loan approval procedures, closing and disbursement processes. 
• Excellent interpersonal and negotiation skills when dealing with external business professionals and NJEDA staff. 
• Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and foster communications with business professionals and EDA staff. 

• Ability to prioritize workload, must be highly organized, detail-oriented, handle various tasks simultaneously and work independently within limited time constraints with little or no supervision. 
• Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff. 
• Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers.   
• NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred. 
• Advanced Microsoft Office Suite, database skills, Moody’s Financial Analyst and have the ability to learn new software programs.  

Preferred Qualifications 

Education and Experience Requirements 

• Bachelor’s degree in accounting, Finance or Business Administration and/or equivalent professional experience 
• Minimum seven years commercial banking/lending experience, including client relationship management. 
• Formal credit training preferred. 
• Demonstrated knowledge in Project Finance 
• Demonstrated knowledge of Renewable and Clean Energy projects 

Advanced degree or industry specific certification may be substituted for 1 year of experience. 

Physical Demands 

• Minimal 

• Ability to work outside normal business hours, as needed. 

Travel 

• As necessary to events, meetings, businesses, etc. 

Certificates and Licenses Required 

• License: Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position. 

Note 

The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job.  This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position. 

Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time.  Nothing in this job description shall be interpreted to conflict, eliminate or modify the employment-at-will status of NJEDA employees.   

This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA. 

NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs. 

Equal Opportunity Employer 

NJ SAME Program 

Position Requirements 

• Foreign degrees/transcripts must be evaluated by a reputable evaluation service at your own expense and must be submitted prior to a start date.  If this cannot be provided within 21 days of an offer the offer will be rescinded. 
• Must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011, to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources. 
• Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.  
• Must review the required NJEDA Ethics Guidelines.  
• Those guidelines to can be found here:  
• https://www.nj.gov/ethics/docs/ethics/plainlanguage2021.pdf 
• https://www.nj.gov/ethics/docs/ethics/2022_uniformcode_april.pdf