Vice President, Community Development Credit Risk
The Vice President, Community Development Credit Risk (VPCDCR) has direct underwriting responsibilities, with expertise in credit risk management. The VPCDCR underwrites complex transactions and provides leadership and direction in Cinnaire’s community development finance business. This position assists in the development and maintenance of Cinnaire’s credit risk management structure.
Major Position Duties and Responsibilities:
Assists the Executive Vice President, Credit Risk (EVPCR) in developing, managing and amending, as appropriate, Cinnaire’s underwriting guidelines for community development transactions.
Assists the EVPCR in developing, managing and amending, as appropriate, Cinnaire’s overall credit risk management structure.
Assists the EVPCR in assessing and maintaining policies, procedures, and goals for the Underwriting function to continually improve performance. Includes periodic updates to the Underwriting manual.
Coordinates and assists in the training of new staff, providing continuing training and education for all team members as needed.
Oversees the work of analysts and other underwriters in community development transactions, including training and mentoring as needs.
Identifies potential structural enhancements in order to improve credit and reduce risk.
Effectively communicates credit issues to the EVPCR.
Underwrites and closes loans.
Prepares and reviews Loan Committee reports prior to distribution to committee.
Coordinates updates of the Loan Committee Report templates as needed.
Assists Customer Engagement staff in negotiating investment terms for preparation of application letters.
Prepares and advises Credit Risk and Customer Engagement team members on moderately complex property level pro forma cash flow statements and financial models.
Assists in review of proformas, application letters, and commitment letters for potential community development investment to ensure term and pricing of proposals are competitive and meet underwriting guidelines.
Communicates with investors to secure investor approval of loans and to develop and maintain relationships.
Identifies and advises Credit Risk team members on factors of the proposed investment that differ from standard underwriting criteria (waivers) and develops appropriate mitigants.
Advises Credit Risk team members in the negotiation of the terms of the investment with the developer as reflected in the commitment letter and final loan documents.
Participates in Investment Committee and Loan Committee meetings as needed.
Participates in bi-weekly pipeline meetings.
Participates in investor meetings to represent Underwriting function as needed.
Participates in industry activities, including industry conferences, trade shows, education opportunities, and other events that benefit Cinnaire business relationships.
Maintains business relationships with investors, CDFIs, developers, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and any other related parties.
Participates in departmental meetings and company-wide meetings.
Performs other duties which may be requested by Cinnaire management and executive staff.
Required Job Competencies:
Expertise in credit risk management for community development finance.
Knowledge of the real estate development process.
Knowledge of financial programs and products designed to expand community economic development initiatives and the availability of affordable housing, including but not limited to, Low Income Housing Tax Credits and Section 42 of the Internal Revenue Code, Section 8, Rural Development 515, HOME and other governmental programs.
Minimum 10 years’ experience in real estate, lending, investment, and underwriting.
Bachelor Degree in real estate, finance, or business
MBA desired but not essential.