Manager, Credit Solutions, CMHC Underwriting

Why FirstOntario?Competitive compensation packagesTop-tier health and wellness benefits, including comprehensive benefits packages, a yearly health spending account and personal spending accountEnhanced mental health benefits through SunLife and TELUS HealthExclusive banking benefitsUp to $1000 per year towards professional developmentPension PlanFlex-work environmentCompany-wide Employee Volunteer program (Blue Wave Program)Employee and Family Assistance ProgramJob OverviewThe Manager, Credit Solutions & CMHC Underwriting is responsible for leading the underwriting, credit management, and administration of a commercial lending portfolio with a primary focus on CMHC-insured multifamily term financing and construction lending. The role provides leadership to a team of Commercial Business Analysts and works closely with Commercial Account Managers, Credit Adjudication, and key internal stakeholders to support the growth of the FirstOntario's CMHC lending platform while maintaining sound credit risk management practices. The position plays a critical role in transaction structuring, underwriting quality, regulatory compliance, operational efficiency, and delivering an exceptional member experience.RoleLead and oversee the underwriting and execution of CMHC-insured multifamily loans, including MLI Select, standard rental housing, retirement residence, affordable housing, and purpose-built rental transactions.Lead, coach and support team of commercial Business Analysts, strengthening technical skills, business knowledge, performance, and communication of key changesProvide subject matter expertise and coaching to Commercial Business Analysts and Account Managers regarding CMHC policies, eligibility requirements, application processes, and underwriting standards.Partner with Commercial Account Managers to identify, structure, and deliver competitive CMHC financing solutions that align with member objectives and Credit Union risk appetite.Review, analyze, and approve complex financial models, development budgets, construction draws, market studies, appraisals, environmental reports, and third-party due diligence associated with insured lending opportunities.Act as the primary liaison with CMHC and internal stakeholders throughout application, commitment, construction, and funding stages.Support the development and implementation of underwriting standards, procedures, and best practices related to CMHC-insured financing programs.Monitor changes to CMHC programs, MLI Select criteria, housing policies, and industry trends, ensuring timely communication and implementation across the team.Provide portfolio oversight of insured multifamily and construction lending exposures, including covenant monitoring, risk assessment, and annual review processes.Support strategic growth initiatives focused on rental housing, affordable housing, seniors housing, and sustainable development opportunities.Develop reporting and portfolio analytics relating to CMHC-insured lending volumes, approval ratios, turnaround times, and portfolio performance.Participate in discussions with developers, owners, consultants, brokers, municipalities, and affordable housing organizations to support business development efforts.Communicate with members on a day-to-day basis, responding to questions and inquiries regarding products, services and advice.Be aware of enterprise risk management issues as they relate to Lending Services and bring forward strategic and risk issues for discussion, review and solutions.Demonstrate a strong understanding of our products and services and be able to communicate to business members and future business members how we can improve their financial livesProvide support to the conventional lending portfolio and perform other duties as required Required SkillsPost-secondary diploma or degree in Business Administration, Commerce, Economics, Finance, or a related field, or an equivalent combination of education and industry experience. Professional designations or advanced credentials such as CFA, CPA, AACI, P.App, MBA, or completed commercial lending, real estate finance, or credit risk programs are considered as assets.Minimum 4 to 6 years of commercial lending experience with significant exposure to commercial real estate financing, credit underwriting, and portfolio management.Minimum 2 years of experience underwriting multifamily, CMHC-insured, institutional real estate, or comparable income-producing real estate transactions.Strong understanding of CMHC underwriting requirements, application processes, mortgage loan insurance products, borrower and property eligibility requirements, affordability requirements, and construction financing structures.Advanced financial analysis and real estate underwriting skills, including cash flow analysis, net operating income analysis, debt servicing calculations, development feasibility assessment, sensitivity analysis, covenant structuring, and loan-to-value, loan-to-cost, debt yield, debt coverage assessment, and review of 3rd party reportsWorking knowledge of affordable housing, purpose-built rental housing, retirement residences, seniors housing, mixed-use developments, and multifamily investment properties.Strong business acumen and the ability to balance member experience, operational efficiency, and prudent risk management.Strong leadership capabilities with experience coaching, developing, and monitoring the performance of underwriting, credit, or commercial banking professionals.Exceptional interpersonal, communication, negotiation, relationship management, and presentation skills, with the ability to communicate complex credit and CMHC concepts clearly to internal and external stakeholders.Ability to identify, assess, and mitigate enterprise risk factors and ensure compliance with applicable regulations, legislation, CMHC requirements, and FirstOntario policies and procedures.Confident and skilled in taking initiative, assessing requirements, developing plans, solving problems, and leading plans through to execution.Resourceful, detail-oriented, and comfortable working in a fast-paced environment with competing deadlines and high-quality expectations.Extremely comfortable using technology, including Microsoft Office, Word, Excel, and financial modelling tools.Willing to work flexible hours and travel throughout the region to accommodate business needs, networking, member meetings, site visits, and community involvement.Embraces the philosophy of lifelong learning and stays current on credit, investment products and services, CMHC program changes, internal processes, and industry best practices.Role Success Measures High-quality, complete, and well-supported credit submissions with clear recommendations and appropriate risk mitigation.Effective execution of CMHC-insured lending transactions, including improved turnaround times, strong application quality, and proactive issue resolution.Consistent achievement of annual review, renewal, covenant monitoring, arrears, and portfolio management targets.Demonstrated contribution to the growth, quality, and operational maturity of the Credit Union's CMHC-insured lending platform.This role is hybrid in Hamilton, ON. This posting is for an existing vacancy.Salary Range: $81,110 to $111,527 annually.Compensation for this role reflects a combination of skills, experience, and internal equity. Those whose experience more closely aligns the role's requirements may be placed higher within the salary range. You will learn more about FirstOntario Credit Union's total rewards package during the interview process.Our inclusive work environment welcomes diversity and supports accessibility. If you require accommodation at any time during the recruitment process, please let us know.