GWIM Custom Lending Senior Credit Underwriter
Chicago, IL 60629 In-Person
1 month ago
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Job Description
Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates' physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
The Senior Credit Underwriter (SCU) is aligned with the Credit Executive (CE) in their goal of developing new custom lending relationships with strategic wealth clients, driving funded loan balance and revenue growth in a responsible and profitable manner, and managing a portfolio of existing lending relationships. The SCU performs and documents in-depth financial analysis for credit approval of ultra-high-net-worth clients (individuals, family offices, trusts, special wealth vehicles, etc.) in compliance with policy, procedures, and GWIM underwriting standards and guidelines.
Purpose:
The purpose of the SCU is to use key financial measures and a consistent, structured financial approach to underwrite custom lending requests and mange a loan portfolio in alignment with our risk appetite, policies, and procedures.
Responsibilities:
• Support loan growth through high quality underwriting activities
• Build credibility by developing, deepening, and sustaining a value-driven relationship with business partners
• Collaborate with Sales, Risk, Operations, and Portfolio Management to execute underwriting approval documents for custom lending transactions (new, renewal, modification) in a timely and accurate manner and in alignment with policy and procedures
• Prepare clear and concise written analysis of custom lending transactions, accurately detailing the client financial status, identifying, and mitigating key credit risks and mitigants, and documenting the terms and conditions of the transaction correctly
• Identify, escalate, and debate issues and deliver accurate and consistent data
• Maintain asset quality within the defined GWIM risk appetite limits
Necessary Activities (Includes but not limited to):
* Complete Credit Approval Memos (CAM) and Modifications to obtain credit approval for complex, custom loan products (marketable securities, commercial real estate, fine art, hedge fund, yacht, unsecured and subscription finance)
* Synthesize appropriate financial information to understand the client's financial standing, including liquidity, leverage, cash flow, key risks/mitigants and legal structure (trusts, special wealth vehicles, etc.) and apply sound reasoning to arrive at an appropriate credit decision
* Ability to cut to the heart of a complex issue and document in a clear and concise manner
* Consistently apply established procedures, policies, and practices to make financial decisions (accurate spreads, risk rating, financial modeling, necessary approvals, etc.)
* Provide lending guidance and policy expertise in upfront deal discussions with partners
* Review and negotiate loan structure/covenants during documentation process, according to creditworthiness, collateral, and risk appetite
* Proactively manage pipeline and timely deal flow of new and existing transactions
* Day to day management of loan portfolio in conjunction with partners to ensure timely and accurate execution of: collateral releases, SER preparation, renewals, resolution of failed covenants, risk rating migrations, CREEAS input, loan modifications and waivers, and past dues
* Identify and recommend process improvements
Required Qualifications:
• Strong financial analysis, accounting skills, and deal structuring for borrowers with complex balance sheets and income streams
• 3-5+ years of commercial/private wealth management credit experience
• Strong negotiation and communication skills
• Proficiency in Word, Excel and PowerPoint
• Excellent interpersonal skills and the ability to build business partnerships with risk, services and client teams who may not be co-located
Desired Qualifications:
• Formal Credit Training and/or Commercial/Wealth Management credit experience preferred
• Bachelor's degree in business administration, finance, accounting or economics preferred
Skills:
• Active Listening
• Credit Documentation Requirements
• Credit and Risk Assessment
• Financial Analysis
• Underwriting
• Analytical Thinking
• Attention to Detail
• Loan Structuring
• Portfolio Analysis
• Written Communications
• Collaboration
• Collateral Management
• Continuous Improvement
• Decision Making
• Portfolio Management
Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110)
Pay and benefits information
Pay range
$86,900.00 - $119,300.00 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
Benefits
This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates' physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
The Senior Credit Underwriter (SCU) is aligned with the Credit Executive (CE) in their goal of developing new custom lending relationships with strategic wealth clients, driving funded loan balance and revenue growth in a responsible and profitable manner, and managing a portfolio of existing lending relationships. The SCU performs and documents in-depth financial analysis for credit approval of ultra-high-net-worth clients (individuals, family offices, trusts, special wealth vehicles, etc.) in compliance with policy, procedures, and GWIM underwriting standards and guidelines.
Purpose:
The purpose of the SCU is to use key financial measures and a consistent, structured financial approach to underwrite custom lending requests and mange a loan portfolio in alignment with our risk appetite, policies, and procedures.
Responsibilities:
• Support loan growth through high quality underwriting activities
• Build credibility by developing, deepening, and sustaining a value-driven relationship with business partners
• Collaborate with Sales, Risk, Operations, and Portfolio Management to execute underwriting approval documents for custom lending transactions (new, renewal, modification) in a timely and accurate manner and in alignment with policy and procedures
• Prepare clear and concise written analysis of custom lending transactions, accurately detailing the client financial status, identifying, and mitigating key credit risks and mitigants, and documenting the terms and conditions of the transaction correctly
• Identify, escalate, and debate issues and deliver accurate and consistent data
• Maintain asset quality within the defined GWIM risk appetite limits
Necessary Activities (Includes but not limited to):
* Complete Credit Approval Memos (CAM) and Modifications to obtain credit approval for complex, custom loan products (marketable securities, commercial real estate, fine art, hedge fund, yacht, unsecured and subscription finance)
* Synthesize appropriate financial information to understand the client's financial standing, including liquidity, leverage, cash flow, key risks/mitigants and legal structure (trusts, special wealth vehicles, etc.) and apply sound reasoning to arrive at an appropriate credit decision
* Ability to cut to the heart of a complex issue and document in a clear and concise manner
* Consistently apply established procedures, policies, and practices to make financial decisions (accurate spreads, risk rating, financial modeling, necessary approvals, etc.)
* Provide lending guidance and policy expertise in upfront deal discussions with partners
* Review and negotiate loan structure/covenants during documentation process, according to creditworthiness, collateral, and risk appetite
* Proactively manage pipeline and timely deal flow of new and existing transactions
* Day to day management of loan portfolio in conjunction with partners to ensure timely and accurate execution of: collateral releases, SER preparation, renewals, resolution of failed covenants, risk rating migrations, CREEAS input, loan modifications and waivers, and past dues
* Identify and recommend process improvements
Required Qualifications:
• Strong financial analysis, accounting skills, and deal structuring for borrowers with complex balance sheets and income streams
• 3-5+ years of commercial/private wealth management credit experience
• Strong negotiation and communication skills
• Proficiency in Word, Excel and PowerPoint
• Excellent interpersonal skills and the ability to build business partnerships with risk, services and client teams who may not be co-located
Desired Qualifications:
• Formal Credit Training and/or Commercial/Wealth Management credit experience preferred
• Bachelor's degree in business administration, finance, accounting or economics preferred
Skills:
• Active Listening
• Credit Documentation Requirements
• Credit and Risk Assessment
• Financial Analysis
• Underwriting
• Analytical Thinking
• Attention to Detail
• Loan Structuring
• Portfolio Analysis
• Written Communications
• Collaboration
• Collateral Management
• Continuous Improvement
• Decision Making
• Portfolio Management
Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110)
Pay and benefits information
Pay range
$86,900.00 - $119,300.00 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
Benefits
This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.
About Bank of America
Learn More About Bank of AmericaBank of America Merrill Lynch is the corporate and investment banking division of Bank of America. It provides services in mergers and acquisitions, equity and debt capital markets, lending, trading, risk management, research, and liquidity and payments management. It was formed through the combination of the corporate and investment banking activities of Bank of America and Merrill Lynch following the acquisition of the latter by the former in January 2009.
Bank of America completed the acquisition of Merrill Lynch & Co on 1 January 2009. Bank of America began rebranding all of its corporate and investment banking activities under the Bank of America Merrill Lynch name in September 2009. In April 2010, Bank of America Merrill Lynch appointed Christian Meissner as head of investment banking for Europe, Middle East and Africa. In April 2011, Bank of America Merrill Lynch integrated its corporate and investment banking operations into a single division. In October 2013, Bank of America Merrill Lynch was recognised as the Most Innovative Investment Bank of the Year in The Banker's Investment Banking Awards.
Join the dynamic team at Bank of America Corporation, a premier global financial institution where innovation, leadership, and growth go hand in hand. As one of the largest banks in the world, we offer unparalleled job opportunities and a culture that values diversity, inclusion, and professional growth.
Work You’ll Do
At Bank of America Corporation, you’ll be part of a team that’s dedicated to making a real difference. Whether you’re helping families buy their first home, advising businesses on expansion, or developing cutting-edge financial technologies, your work will have an impact. Our commitment to leadership in the financial industry has never been stronger, and we need passionate, skilled professionals to lead our journey.
Explore a World of Opportunities
From entry-level positions to leadership roles, Bank of America Corporation offers a variety of career paths in areas such as investment banking, technology, marketing, and risk management. Our job opportunities span the globe, providing the chance to work alongside the best in the industry and develop skills that will propel your career forward.
Internship Programs
Kickstart your career with Bank of America Corporation’s internship programs. These opportunities provide hands-on experience and a chance to engage in meaningful work that complements your academic studies. Interns gain invaluable networking opportunities, receive mentorship from seasoned professionals, and learn about the culture and operations of a global financial leader.
Benefits and Growth
Bank of America Corporation is committed to the well-being and continuous professional development of our team members. We offer a competitive benefits package that supports the health, financial stability, and work-life balance of our employees. Our training programs and development initiatives ensure that every team member has the opportunity to grow and advance within the company.
Inclusive Culture
We believe our strength lies in our diversity. Bank of America Corporation fosters an inclusive environment where all employees can thrive. Through diversity training and a commitment to equal opportunities, we cultivate leadership and innovation that reflect the wide-ranging communities we serve.
Join Our Team
Are you ready to advance your career at a company that’s at the forefront of the financial industry? Explore the positions available at Bank of America Corporation and find where your skills and interests align with our needs. We are continuously hiring and looking for individuals who are curious, creative, and eager to drive change.
Stay Connected
Keep up to date with the latest from Bank of America Corporation Careers by subscribing to our job alert emails. Tailor your subscription to receive updates that match your career interests and get insider tips that can help you during your application and interview process.
Bank of America Corporation is not just a company—it’s a place where you can shape your future and the future of finance. Join us and be part of a team that’s redefining what a bank can be.
Bank of America completed the acquisition of Merrill Lynch & Co on 1 January 2009. Bank of America began rebranding all of its corporate and investment banking activities under the Bank of America Merrill Lynch name in September 2009. In April 2010, Bank of America Merrill Lynch appointed Christian Meissner as head of investment banking for Europe, Middle East and Africa. In April 2011, Bank of America Merrill Lynch integrated its corporate and investment banking operations into a single division. In October 2013, Bank of America Merrill Lynch was recognised as the Most Innovative Investment Bank of the Year in The Banker's Investment Banking Awards.
Bank of America Corporation Careers
Join the dynamic team at Bank of America Corporation, a premier global financial institution where innovation, leadership, and growth go hand in hand. As one of the largest banks in the world, we offer unparalleled job opportunities and a culture that values diversity, inclusion, and professional growth.
Work You’ll Do
At Bank of America Corporation, you’ll be part of a team that’s dedicated to making a real difference. Whether you’re helping families buy their first home, advising businesses on expansion, or developing cutting-edge financial technologies, your work will have an impact. Our commitment to leadership in the financial industry has never been stronger, and we need passionate, skilled professionals to lead our journey.
Explore a World of Opportunities
From entry-level positions to leadership roles, Bank of America Corporation offers a variety of career paths in areas such as investment banking, technology, marketing, and risk management. Our job opportunities span the globe, providing the chance to work alongside the best in the industry and develop skills that will propel your career forward.
Internship Programs
Kickstart your career with Bank of America Corporation’s internship programs. These opportunities provide hands-on experience and a chance to engage in meaningful work that complements your academic studies. Interns gain invaluable networking opportunities, receive mentorship from seasoned professionals, and learn about the culture and operations of a global financial leader.
Benefits and Growth
Bank of America Corporation is committed to the well-being and continuous professional development of our team members. We offer a competitive benefits package that supports the health, financial stability, and work-life balance of our employees. Our training programs and development initiatives ensure that every team member has the opportunity to grow and advance within the company.
Inclusive Culture
We believe our strength lies in our diversity. Bank of America Corporation fosters an inclusive environment where all employees can thrive. Through diversity training and a commitment to equal opportunities, we cultivate leadership and innovation that reflect the wide-ranging communities we serve.
Join Our Team
Are you ready to advance your career at a company that’s at the forefront of the financial industry? Explore the positions available at Bank of America Corporation and find where your skills and interests align with our needs. We are continuously hiring and looking for individuals who are curious, creative, and eager to drive change.
Stay Connected
Keep up to date with the latest from Bank of America Corporation Careers by subscribing to our job alert emails. Tailor your subscription to receive updates that match your career interests and get insider tips that can help you during your application and interview process.
Bank of America Corporation is not just a company—it’s a place where you can shape your future and the future of finance. Join us and be part of a team that’s redefining what a bank can be.
