Morgan Stanley Private Bank, National Association is seeking an experienced and motivated individual to join our Home Loans underwriting team operating within the Ultra High Net Worth (“UHNW”) space. The successful candidate will possess a combination of exceptional deal structuring and underwriting skills with excellent oral and written communication abilities. The UHNW Underwriter is responsible for managing through the complete mortgage application process for Financial Advisors, Private Bankers and their UHNW clients.
• Assist Financial Advisors, Private Bankers and their UHNW clients with understanding the options available for structuring residential mortgage loan transactions.
• Suggest appropriate deal structures and communicate directly with clients about documentation requirements.
o Independently suggest appropriate deal structure.
o Be able to suggest alternate structures and create “counter offers” as additional facts become known.
• Underwrite complex residential mortgage loans for UHNW clients.
o Perform complex income and tax return analysis through review of income tax returns, personal financial statements (when required), global cash flow and leverage.
• Prepare and present deal memos to MSPBNA Senior Management, Credit Risk and Bank Risk Committee.
• Earn delegated credit authority (optimally within 1 month of hire) to approve loans within delegated credit authority limits and in accordance with MSPBNA credit policy.
• Work with Quality Assurance on all loan files where an exception to credit policy was granted and other loan files selected for review.
Pipeline Management:
• Independently manage the entire end-to-end mortgage application process for our UHNW clients.
• Manage the daily pipeline report; escalate critical files with approaching closing date or rate lock expirations for communication to UHNW clients and manage loan applications to the agreed upon cycle time.
• Speak directly to UHNW clients to swiftly address and resolve escalated issues and follow up by documenting background, issue and next steps towards potential resolution.
Client Communication (Internal / External):
• Primary mortgage point of contact for assigned UHNW clients, responsible for setting appropriate expectations throughout the mortgage application process.
• Establish rapport and build confidence with Financial Advisors and Private Bankers.
• Present deal structure suggestions and documentations request to UHNW clients in a confident and poised manner.
• Communicate appropriate credit decisions to Financial Advisors, Private Bankers and UHNW clients along with the appropriate business and credit policy rationale for those decisions.
• Interface with origination outsourcing vendor to ensure a positive client experience.
QUALIFICATIONS
•At least ten years of residential mortgage underwriting experience, along with commercial mortgage underwriting experience.
•Experience working on transactions for high profile clients, and ultra high net worth clients.
•Ability to analyze complex business and personal tax returns, along with personal financial statements and understanding of contingent liabilities.
•Knowledge of “unique vesting’s” i.e. irrevocable, trust, property in corporate entities.
•Advanced knowledge/experience of self-employed income analysis is required.
•Must have current industry knowledge of underwriting regulations and policies, creditor financial analysis techniques, investor requirements and processes.
•Thorough understanding of the appraisal, credit report, income, title, insurance documentation.
•Prior credit authority delegation is preferred.
•Completion of formal credit training is preferred.
•Bachelor’s Degree preferred.
Skills/Abilities Required
•Must have a high level of attention to details and accuracy.
•Excellent oral and written communication skills with meticulous follow up.
•Ability to work within a cross-functional environment.
•Demonstrate initiative, leadership and comfort working in a fast paced environment.
•Maintain poise, presence and professionalism with Financial Advisors and their affluent clients in the most difficult circumstances.
•Strong knowledge of how residential mortgage products are distributed via a Wealth Management platform associated with a Private Bank.
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