Avp/Vp, Underwriter- Cre/ Equity Investments, Community Lending

Overview
CIT, a division of First Citizens Bank, is expanding its role in community and economic development in communities served by the bank. As one of the Country's largest financial institutions, CIT provides both debt and equity products to a wide range of community development activities including affordable housing, community facilities, small business development and other community development projects.
The Underwriter will help lead the analysis, underwriting, presentation, and syndicator negotiations of pricing, CRA allocations and closing process for a high volume of equity investment transactions throughout the US. The individual in this role has an opportunity for significant growth and advancement. The Assistant Vice President (VP) of Community Investments will be a key player in the Bank's achievement of its $16 billion community benefits plan related to Lending and Investing. This position will be responsible for underwriting including conducting market and credit analyses by providing credit decision makers with in-depth risk analysis to make informed credit decisions for the bank including Fund suitability, prepares summary and supporting information for approval decisions and presents facts and offers opinions concerning the equity investment's impact on the community. Applies problem solving skills and uses creativity to turn challenges into viable transactions. Fosters the development of relationships with lead generators to enhance the quality and quantity of applications.
Responsibilities

• Prepare and analyze proprietary financial equity models for tax credit funds, preservation funds, or small business investment corporations
• Review underlying assets and verify the information provided meets Community Development qualifications.
• Spread financial information from financial statements and tax returns
• Analyze area poverty level, median income, economic hot zone or need for affordable housing to assist in determining viability of project.
• Ensure complete and through analytical narrative and commentary on request, provides recommendations on structural enhancements to mitigate risk or help achieve other goals for the Bank
• Prepare detailed analysis on the investment and the proposed impact on the community and prepare clearly written communication that reflects thorough and complete analysis, and a well-reasoned recommendation with supporting rationale for Credit approval.
• Proactively communicate with the Syndicators throughout the process and process applications within timelines specified for products and applicable programs. Ensure all due diligence is complete to timely and accurately close and fund the loan.
• Perform other duties as assigned or required.

The base pay for this position is relative to your experience but the range is generally $120,000 to $155,000 per year. This position is eligible for variable compensation, which may be in the form of incentive, bonus, or commission pay. First Citizens offers a competitive, comprehensive benefits program which you can review here: https://jobs.firstcitizens.com/benefits.
Qualifications

• Bachelor's degree (BA/BS) from four-year College or University
• 3 years related commercia real estate underwriting experience.
• Prior financial institution commercial underwriting experience with a focus in community development lending or investments preferred.

Preferred

• Experience in underwriting affordable housing or community facility projects required including prior underwriting of projects utilizing Low Income Housing Tax Credits, New Markets Tax Credits, Historical Credits, Subsidies (i.e., Section 8, VASH, etc.) or other community development projects. .
• Experience in the closing & funding of lending/investing opportunities by working w/ loan administration staff, internal/external attorneys, escrow/title officers & third-party consultants.
• Ability to support CIT's credit culture requiring extensive due diligence and analysis of financial performance, historical portfolio performance, risk identification & mitigation strategies
• Strong verbal, written & interpersonal communication skills, comfortable presenting at conferences & external meetings, serve on community boards & professional organizations
• Extensive knowledge and understanding of current market conditions, tax credit pricing, terms, conditions, and covenants as well as legal structure and documentation
• Able to build successful relationships w/ co-workers, executives, third-party partners & affordable housing syndicators & developers (for-profit and not-for-profit groups)
• Must be able to interface with senior Bank credit officers, lawyers, co-lenders, and other internal and external parties in sourcing, structuring, and approving deals
• Enjoy working in relationship management teams with a proven understanding of the importance of balancing business development, asset quality and community development needs
• Advanced Microsoft office (Word, Excel, an Outlook skills). Strong excel modeling preferred
• Ability to make timely & independent judgement decisions while working in a fast-paced, results-oriented environment, exercising sound judgement w/ attention to detail & accuracy skills
• Superior critical thinking skills and solid commercial credit and analytical skills and a thorough understanding of general economic theory as it relates to the lending and business environment including thorough level of knowledge in commercial credit analysis, underwriting, administration, policy, and procedure.
• Experience with underwriting and evaluating non-profit organizations highly desired