Underwriting Analyst - Equipment Finance

Posted: 05/01/2022

Company Summary:

 

Based in Minnetonka, MN, Channel is a leading provider of financing for small and mid-size businesses utilizing customized technology and business processes. Channel operates an Equipment Finance division that leverages its strong balance sheet, technology, and risk analytics competencies, to support its third-party originators. At Channel, our team members are empowered and trained at all levels to make quick decisions to service our partners and ensure the flexibility and nimbleness required to successfully compete in today’s marketplace. The Equipment Finance offering brings a tremendous amount of growth and opportunity for motivated team members at Channel. If you have a desire and are driven to be part of a fast-growing, agile, and diverse organization with the opportunity to make a difference every day, Channel is the perfect home for you.

 

Since its founding in 2009, Channel has originated over 15,000 individual transactions generating receivables of over $800 million and is one of a limited number of full-service, non-bank lenders successfully filling the gap in small business credit availability. Channel has been ranked among the 500/5000 fastest-growing private companies in the U.S. by Inc. magazine for the nine consecutive years.

 

Channel offers a flexible work environment where we encourage innovation and team member growth. Industry-leading compensation includes a base salary plus an annual bonus designed to support company goals. Benefits include medical and dental plans, paid time off, an employer-match company 401K plan, life insurance, and long-term disability insurance plan.

 

Position Responsibilities:

 

The Underwriting Analyst reviews equipment finance applications from small to mid-sized businesses to determine the credit worthiness of the applicant. The position will operate within our fast-paced high-volume environment and be accountable for quick decisioning on small ticket equipment finance applications up to $150,000.

The candidate will make independent decisions through evaluation of business and personal credit reports, financial and bank statements, tax returns and other credit information. Channel has a scoring model and embedded business rules to aid in the decision making.

The best candidates will be self-motivated, team-oriented, and eager to be a part of a rapidly growing business.

 

Key Responsibilities:

  • Adjudicate credit and approve new finance applications within level of authority.
  • Make timely decisions with limited information.
  • Professionally communicate decisions to our partners.
  • Build relationships and offer exceptional service to our partners to ensure continued flow of business.
  • Communicate and work proactively with the sales team to help further penetrate our relationships with existing and new customers.
  • Protect Channel from fraud and aid in pricing transactions for the appropriate risk.
  • Continuously identify and implement underwriting strategies which make Channel a recognized, differentiated leader in the equipment finance industry.
  • Keeps abreast of industry and competitor trends.

 

Skills & Specifications:

  • Strong math and analytical skills.
  • Must be able to multitask and be highly adaptable to change.
  • Must be detail oriented, have excellent organizational and time management skills.
  • Competitive drive and strong history of accomplishment.
  • Good interpersonal relationship skills and motivation for personal growth.
  • Required knowledge of computer systems and proficient in Microsoft Office (Excel and Word).
  • Must understand financial statements.

 

Education & Qualifications:

  • 1-2 years in a financial services, credit, or underwriting function.
  • Experience in a commercial underwriting function working with small businesses is a plus.
  • Associates or bachelor’s degree or equivalent education/experience is preferred.

 

Key Performance Indicators

  • Financial-Customer-Operational Processes-Organizational Effectiveness *
  • Loan application turnaround time
  • Channel overall non-accruals $$ /default rate
  • Channel overall customer satisfaction ratings
  • Approval/decline ratios in line with Underwriting team average
  • Total underwritten applications in line with Underwriting team average

 

Education:

  • Bachelor's (Preferred)

 

Experience:

  • Financial Services, Credit or Underwriting: 2 years (Preferred)