Director of Underwriting

UnderwritingFull TimeOntario

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Position: Director of Underwriting

Reports To: The COO

Company: Magenta Capital Corporation

Supervises: 4

Location: Remote, WFH

Travels: Up to 10%


About Magenta


Magenta is one of Canada’s largest and most established Canadian Mortgage Investment Companies on the verge of an exciting scale-up. Since 1994, Magenta Capital Corporation has provided flexible mortgage solutions that truly help our borrowers. As a leader in the alternative mortgage lending space, we partner with brokers to solve their client’s short-term credit challenges and facilitate their return to traditional lending channels. Magenta sources, underwrites, and manages a portfolio of mortgages secured by properties located in Ontario.

Most importantly, Magenta is now poised to make a giant leap forward in its corporate evolution as it takes advantage of the generational opportunity in the alternative mortgage market. If you are a dynamic professional with an entrepreneurial spirit that wants to be an integral part of this unique opportunity, then we want to meet you.


About your role


Reporting to the COO, the Underwriting Director will take on a senior leadership role by providing support, guidance, and mentoring to team members while helping develop and execute business unit priorities. The Director of Underwriting ensures the department operates at maximum efficiency, productivity, and profitability to achieve corporate goals, objectives and service levels. The ideal candidate for this role has a passion for underwriting and leading people.


What you’ll work on:


· Complex deals and finding solutions for our broker clients

· Manage the productivity of the underwriting team, ensuring efficient and effective workflow is achieved

· Collaborate with the leadership team on the development and prioritization of strategic initiatives

· Produce and analyze various financial reports that assist the team in its daily activities and communicate important outputs to leadership teams

· Maintain working knowledge of all Information Systems/Programs with underwriting, and analyze/recommend improvements t work processes and procedures

· Serve as a credit supervisor to all team members

· Manage escalations from brokers and act as point of contact for brokers when necessary

· Ensure departmental guidelines, procedures policies and credit risk objectives are adhered to

· Oversee the completion of underwriting file reviews and audits as required

· Participate in relationship management activities to build Magenta’s mortgage business

· Attract, coach, mentor and train team members to develop them according to their personal abilities and development plan

· Enable team members to achieve consistent and quality credit decisions while minimizing errors

· Support the COO and senior leadership team on special projects, requiring advanced technical skills and knowledge as needed

· Travel approximately up to 10% of the time to meet brokerages


What you need:


· Completion of University or equivalent post-secondary degree preferably in a financial field

· Minimum 10 years’ experience in financial, mortgage or property industry

· Minimum 5 or more years of leadership experience, with demonstrated coaching skills with a commitment to continuous improvement

· Broad knowledge and understanding of underwriting discipline and pricing models

· Working knowledge of company underwriting philosophy, policy contracts, rating programs, risk information sources, underwriting/technical manual information, statuary constraints, and computer workflow procedures

· Experience working in a small-medium sized office environment

· Covid-19 proof of vaccination


What you should have:


· Strong managerial skills

· Passion for underwriting and leading people

· Strong verbal and written communication skills

· Working knowledge of other functional areas (i.e., Claims, Risk Management, Premium Accounting, etc.)

· Experience managing in a high volume, high intensity environment

· Strong team player with a willingness to go beyond the normal scope of the job

· Sound knowledge of mortgage lending, preferably within the Prime market

· Strong time management, analytical and problem-solving skills

· Work experience in a project management-oriented environment is considered an asset


What we offer you:


· Competitive salary commensurate with experience

· Employee Share Purchase Plan (“ESPP”) – be an owner

· Employer-paid benefits

· Flexible work arrangements

· Licensing, training, and certification reimbursement as necessary

· An entrepreneurial environment with the opportunity to collaborate across business functions

· Cross-business unit training for succession planning and advancement within the company


A Message from our founder and CEO:


“If you believe that tomorrow matters,

If you and only you can define your tomorrows and write your own unique, epic life story,

If you want to be part of a dynamic team with that shared conviction,

If you want to be part of a great Canadian business success story,

If you want to be an owner and not just an employee,

Then we want to meet you”


~Gavin Marshall~


If you are committed to tomorrow, please send your resume to cthrussell@magentainvestment.ca

We are committed to an inclusive, barrier-free recruitment and selection process, and work environment in accordance with the Accessibility for Ontarians with Disabilities Act (AODA). We will be happy to assist applicants requesting accommodation at any stage of the hiring process.