Job Posting Details

Manager, Credit Union Lending, Central 1 Credit Union

Location:Toronto, Ontario
Posting Date:June 29, 2018
Closing Date:until filled
Web Site:www.central1.com
Employment Type:Full-time

Company Description

When you’re passionate about what you do and where you work, the rest comes easy. That’s the culture at Central 1 Credit Union, and that’s precisely what we’re looking for from you. Supporting nearly 150 member credit unions across British Columbia and Ontario, we’re the backbone of the credit union system in both provinces – taking care of everything from online services and product development, to payment processing, trade association services and more.

Our team of over 600 employees represent some of the most innovative, passionate individuals you’ll ever meet; people who honestly care about the organization, its members and each other. In other words, people who love what they do.

Job Description

BASIC FUNCTION:

Credit Union Lending is a key service provided to our member credit unions to assist them in managing their liquidity requirements. The incumbent is accountable for all aspects of the Credit Union Lending business line, applying strategic thinking to the management and day-to-day operations of the department. This role is responsible for creating strategic deliverables, setting pricing, budgeting/forecasting, as well as supporting other strategic initiatives across the organization as required.

The incumbent is responsible for the ongoing effectiveness, profitability and operational soundness of Central 1’s credit union lending function and a portfolio of approximately $5.0 billion in committed credit facilities. This includes management of lending products and services to member credit unions in British Columbia, Ontario and the Atlantic Provinces.  Products and services include overdraft facilities, term loans, letters of credit, financial guarantees, and performance guarantees.

This role as the Manager, Credit Union Lending is a unique opportunity for anyone interested in Corporate Lending, but in a more cooperative/collaborative environment. The manager is accountable for the credit union lending business line which offers over $5 billion in lending facilities to our credit union members, which are also our owners. As such, you will be accountable for a major corporate lending portfolio, but instead of being measured on profitability you will be measured on your ability to create value within the credit union system while minimizing the portfolio’s risk.

One of the primary responsibilities is to manage risk for the department to protect Central 1 and the system from any unexpected losses. Responsibilities include risk rating borrowers, preparing annual and periodic credit reviews of eligible borrowers, and evaluating security arrangements. This involves analyzing the borrowers’ financial statements, the operating environment, business plans and other documents as well as determining the value of security relative to credit exposures.

In conjunction with other departments within Central 1’s Treasury Group, the incumbent supports credit unions by providing liquidity and funding solutions. It is expected that this role adds value for our members and promotes the goals and objectives of Central 1.

The incumbent is expected to provide exemplary customer support across Canada’s time zones to both external and internal customers to ensure the highest level of customer satisfaction in the execution of our business objectives.

SPECIFIC ACCOUNTABILITIES:

MANAGE THE CREDIT FACILITIES PORTFOLIO AND LENDING PRODUCTS AND SERVICES REQUIRED BY MEMBER CREDIT UNIONS AND OTHER BORROWERS, ENSURING THE PROVISION OF LIQUIDITY AND FUNDS WHEN REQUIRED.

  • Provides the optimum level of loan services to each borrower in accordance with Central 1’s policies and ensures that each borrower receives the appropriate services to support their daily and long-term funding requirements.
  • Responsible for the overdraft notification program in accordance with Central 1 policies. Monitors on a daily basis credit facility usage and overdraft balances of credit union and non-credit union borrowers and initiates actions to resolve potential problems.  Notify key individuals of the severity of overdrafts and the appropriate action taken to reduce the loan.  Ensure that notifications are prepared and distributed both to credit unions, non-credit union borrowers and to Central 1 management on timely basis.  Discusses possible solutions for the overdraft with the borrower, and arranges meetings as required between Central 1 staff and senior management/directors of the credit union and non-credit union borrowers.  Co-ordinates the flow of information between Credit Union Lending Department and Central 1’s Senior Management on a timely basis with regards to credit union and non-credit union borrowers that have been identified as a problem or potential problem due to liquidity, cash flow or other problems.
  • Regular review of Central 1’s offering of credit facilities, lending services and products including pricing and lending strategies.

MANAGE THE CREDIT APPLICATION, ANNUAL CREDIT REVIEW AND RISK RATING PROCESSES FOR CREDIT UNION AND OTHER BORROWERS.

  • Responsible for the gathering, analysis, and interpretation of all financial information, documentation and data required to complete risk ratings and new or renewal credit applications.
  • Assesses credit and establishes credit worthiness which includes analyzing financial statements, industry, business and financial risks and the review of a borrower’s liquidity and business plans.
  • Maintain an open dialogue with borrowers. Recommend and provide advice to individual credit unions regarding their facility and loan requirements. Attend meetings with borrowers either on the phone or in person, to develop workable credit solutions either for new credit relationships or for restructuring existing credits.
  • Prepare and submit loan applications and renewals within lending standards and make appropriate recommendations for approval.
  • Monitor performance of accounts to ensure adherence to conditions and covenants of the approved credit, taking appropriate action to bring accounts into compliance where required.
  • Evaluate security and prepare appropriate analysis to support facility requests.
  • Keep current with relevant legislation as it relates to the Credit Union environment.

MANAGE SECURITY DOCUMENTATION AND LEGAL AGREEMENTS

  • Ensure all agreements between Central 1 and member credit unions pertaining to Credit Union Lending are obtained, up to date and valid.
  • Regular review of security agreements to ensure continued effectiveness.
  • Coordinate preparation, review and execution of legal agreements. Work with Central 1’s internal legal counsel to ensure documents are in compliance with policies, relevant Acts and Regulations and within conditions of the formally approved credit.
  • Liaise with legal counsels and external credit providers to negotiate legal agreements including external priority agreements, where a security postponement is granted.

RESPONSIBLE FOR ISSUING LETTERS OF CREDIT AND FINANCIAL GUARANTEES

  • Oversee the issuance of letters of credit and guarantees. Letters of credit are issued directly by Central 1 or by RBC though Central 1.
  • Maintain records of issued letters of credit and guarantees.
  • Manage renewals and fees collection.

RESPONSIBLE FOR CREDIT UNION LENDING MONTHLY/QUARTERLY/YEAREND AND REPORTING FOR INTERNAL AND EXTERNAL DISTRIBUTION.

  • Maintain records of Credit Union Lending portfolio, credit facilities limits and borrowings.
  • Prepare and distribute various reports to Central 1’s Senior Management and Regulators, as required.

RESPONSIBLE FOR THE PREPARATION OF CREDIT AND COUNTERPARTY RISK POLICY, STANDARDS AND PROCEDURES FOR CREDIT UNION LENDING. ENSURE STRUCTURE OF CREDIT UNION LENDING PROGRAM MEETS CREDIT UNION AND CENTRAL 1 EXPECTATIONS AND OBJECTIVES.

  • Ensure appropriate credit and counterparty risk standards are maintained and continue to reflect the changing business circumstances and risk appetite of both Central 1 and its members.
  • Prepare and recommend policy changes to improve Central 1’s lending services to member credit unions and non-credit union members.
  • Maintain and update Management Standards and Procedures.
  • Recognize and report exceptions to policies and standards, if appropriate.
  • Recommend structure and pricing of credit facilities.

RESPONSIBLE FOR A DEPARTMENT BUDGET

  • Prepare the department annual revenue and expense budget. This includes a forecast of credit facility balances and loan utilization expectations.
  • Analyse and recommend appropriate levels for standby fees and loan rates based on Central 1’s liquidity funding costs and market conditions, including competitive pricing.

PERFORMS OTHER DUTIES AS REQUIRED.

Qualifications

Education:

  • Completion of undergraduate university degree (or higher) with a core focus on finance, economics, or accounting;
  • CFA designations is considered an asset (along with other professional designations)

Work Experience:

  • A minimum of five years of relevant industry experience in corporate lending, credit underwriting, or another credit-related role; thorough understanding of credit adjudication processes and related legal agreements are required.
  • Strong preference for familiarity with financial concepts such as financial modelling, financial performance metrics and funds transfer pricing
  • Familiarity with the credit union system, financial institution regulatory oversight, and an understanding of financial reporting is preferred but not required

Skills:

  • Management and leadership skills, ability to take accountability for the oversight and management of the department and large lending portfolio
  • Strong analytical and quantitative skills with attention to detail are a requirement.
  • Demonstrated ability to analyse credit risks and make considered recommendations based on interpretation of results, sound business judgement, relationship considerations and market factors present at the time.
  • Knowledge of statistical concepts, corporate finance, and accounting are required.
  • Organization and accuracy is required in all areas of job responsibility, including loan analysis, the preparation and/or review of credit applications, financial documents and other related tasks. Accuracy is imperative as poor judgement, weak analysis and/or inadequate monitoring may result in increased risk and or financial loss to Central 1.
  • Strong problem-solving skills demonstrated by an ability to develop creative alternatives to address specific business situations and requirements.
  • Professional interpersonal and relationship building skills that enable successful outcomes are essential due to frequent contact with senior management at Central 1, credit union CFOs/CEOs and managers, lawyers and auditors. From time to time contact may be required in an information sharing or advisory capacity with ministry officials and provincial regulators regarding credit union facilities.
  • Excellent client service ethic. Able to deliver service to clients that meet their expectations and across time zones.  Able to deal with complex and difficult client situations in a diplomatic and professional manner. Able to persuade, through negotiation, a desired outcome that satisfies all parties’ needs and meets department goals.
  • Well-developed verbal and written communications skills with emphasis on report writing. 
  • High proficiency in financial modelling and financial database programs; ability to build financial models using spreadsheets or other computer tools.

Additional Information

As much as we believe in working hard, we also believe in personal growth and taking time for ourselves. Accordingly, our total rewards philosophy amounts to one of the best compensation and benefits packages in the industry – from performance-based incentives and extended benefits, to training and education reimbursements and ample vacation time.

Central 1 is committed to diversity and inclusion. If you have a request for a disability-related accommodation, we will work with you to meet your needs.

Reporting to: Director, Securitization and Mortgage Funding

Grade:  F

Date Posted: June 29, 2018

Internal applicants must apply by July 6, 2018

*Unsolicited resumes from vendors will not be accepted for this or any position at Central 1*