Director of Lending
New York, NY
Full Time
Executive
Senior Manager/Supervisor
Compensation:
Renaissance offers a comprehensive benefits package, recognition, and opportunities for professional growth, with competitive salaries. The salary range for this position is between $90,000 and $110,000, an annual bonus, based on organizational and individual performances, may be given based on the candidate's relevant performance.
Position Summary:
Reporting to the Managing Director, the Director of Lending is responsible for providing leadership and management of all lending activities, including leading the underwriting credit risk team, managing credit risk, interest rate risk, compliance risk, loan product development, service level expectations, and impact. The Director of Lending is to ensure the underwriting team performs due diligence and close loans in a timely manner, service Renaissance's targeted market borrowers, monitor and maintain relationships with key borrowers, and collaborate well with internal leaders across functions.
Responsibilities:
Leadership:
Renaissance offers a comprehensive benefits package, recognition, and opportunities for professional growth, with competitive salaries. The salary range for this position is between $90,000 and $110,000, an annual bonus, based on organizational and individual performances, may be given based on the candidate's relevant performance.
Position Summary:
Reporting to the Managing Director, the Director of Lending is responsible for providing leadership and management of all lending activities, including leading the underwriting credit risk team, managing credit risk, interest rate risk, compliance risk, loan product development, service level expectations, and impact. The Director of Lending is to ensure the underwriting team performs due diligence and close loans in a timely manner, service Renaissance's targeted market borrowers, monitor and maintain relationships with key borrowers, and collaborate well with internal leaders across functions.
Responsibilities:
Leadership:
- Determine and coordinate Renaissance’s lending activities to ensure loan applications are in compliance with funder contracts and state and federal law, rules, and regulations.
- Ensure Underwriting and Business Advisors staff are adequately trained and knowledgeable in: (1) lending best practices, (2) relevant funder eligibility, state, and federal lending rules, regulations, and policies for administering lending programs, and (3) Renaissance’s credit policy.
- Ensure that underwriting staff operates consistently with internal policies and procedures, organizational mission, strategic plan, and operating plan.
- Partner with senior management team to complete funding loan applications, fulfill lending deployment goals by the lending team, and complete periodic reports as required by funder(s).
- Weekly training and call reviews with Underwriters and Business Advisors.
- Lead the team of Underwriters to meet organizational goals through on-going communications and training.
- Ensure Underwriters meet their goals and provide individual guidance if goals are not met.
- Coach, develop, and motivate the Underwriters’ technical and soft skills.
- Attract and retain a diverse team of Underwriters.
- Recognize, appreciate, reward, and elevate great performance in accordance with organizational values.
- Collaborate and communicate with cross-functional departments to ensure seamless implementation of organization initiatives and ensure processes and procedures are developed, refined, and met to achieve organizational goals.
- Develop and implement annual lending production goals for the underwriting department.
- Develop and maintain internal relationships with senior staff to ensure lending products and program goals serve target community goals.
- Proactively work with internal staff and external partners, including financial institutions, foundations, investors, public entities, and other stakeholders, to expand the availability of Renaissance’s lending capital.
- Partner with senior management team and technology officer to ensure our technology infrastructure adheres to our credit policy and funding compliance needs and to improve our technological processes and systems as needed.
- Work with senior management team to prepare reports on lending production for internal and external stakeholders.
- Review loan application packages from the Loan Origination team to ensure the loan package is eligible to move forward into loan underwriting.
- Direct the work of Underwriters to include loan processing, loan documentation, due diligence based on credit policy, credit analysis, and approval or denial of loan applications.
- Review the quality of Underwriter’s due diligence and ensure each loan complies with Renaissance’s credit policy and funders’ requirements.
- Present loans to the loan committee for approval or denial.
- Establish closing requirements and work with the Closing and Portfolio Management team and others as needed to complete required documentation and close loans.
- Develop, manage, and oversee all lending standards, practices, procedures, and protocols.
- Develop strategies to streamline lending operations.
- Study loan portfolio to determine underwriting risk and make recommendations to loan committee to adjust credit policy by expanding or tightening the credit matrix.
- Research into new markets and/or new loan products while retaining strong customer base: (1) research and evaluation of feasibility of new lending products and (2) develop and implement plans for expansion of lending programs.
- Keep abreast of changes in the industry and changing trends in lending and respond quickly to changes, aiming to maintain competitiveness in product design and delivery channels.
Qualifications:
- MBA or MA strongly preferred, preferably in business, accounting, finance, or community development.
- A Bachelor’s degree plus five years of additional relevant experience may substitute for an advanced degree.
- Experience managing a team of 3+ staff.
- Formal or informal experience managing a small business.
- Excellent knowledge of local businesses and resources in New York City, Long Island, Mid-Hudson Valley, and New Jersey.
- Strong background in client management and customer service.
- Strong analytical, verbal, written, and interpersonal communication skills, with the ability to present information to a diverse customer base.
- Finance and Accounting knowledge preferred.
- Commitment to the confidentiality of sensitive materials and information.
- Strong organizational skills with attention to detail.
- Ability to quickly gain knowledge of local businesses and resources.
- Hands-on experience working with small business owners is a plus.
- Experience working with low-income individuals in diverse communities.
- Proven ability to multitask, work under pressure, and meet deadlines.
- Proficiency in Microsoft Office Suite (specifically MS Excel and Word), Salesforce, and Google Documents.
- Location Requirement: This is a hybrid remote position with initial 3 months of on-site training. Has to be willing to travel between NJ, NYC, LI, and Mid-Hudson.
- Bilingual skills in Chinese, Korean and/or Spanish is highly desirable.
How We Work:
At Renaissance, we are committed to serving the communities we support with dedication and excellence. We are a results-driven organization focused on empowerment and impact. Our employees are accountable, pragmatic, innovative, and collaborative, with a strong commitment to community service and development. We embrace strategic thinking and a commitment to treating each other and the communities we serve with respect and dignity. We have an aptitude for technology and a strong desire to continuously learn. This philosophy expands to the way we manage our work and the way we put our best foot forward. Expectations for all staff:
- Support efforts that ensure a safe and healthy work environment.
- Appreciates the value of working collaboratively with individuals who bring a wide range of perspectives, experiences, and ways of thinking.
- An understanding of how systems and structures can affect people's opportunities and experiences in different settings.
- Maintain a positive, helpful attitude.
- Enjoy your time at work!
Who We Are:
Renaissance’s mission is to transform low-to-moderate income (LMI) communities and under-resourced entrepreneurs in our target markets by providing affordable small business loans, training, and counseling services. We serve the New York Metro Area, including New York City, Long Island, the Mid-Hudson Valley, and New Jersey.
We are US Treasury certified Community Development Financial Institution (CDFI), Small Business Administration (SBA) Intermediary Microlender, and SBA Community Advantage (7a) lender.
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