Buy to Let Underwriting Manager
What we're about
LendInvest (www.lendinvest.com) is the UK’s leading online platform for property finance and investing. Since launching in 2008, LendInvest has lent over £1.5 billion ($1.9 billion) to help buy, build or renovate over 5,000 homes across the UK.
LendInvest uses technology to provide borrowers with short-term bridging finance, development finance and Buy-To-Let; and investors that include retail investors (in our London Stock Exchange listed bond), investors on our Online Investment Platform and some of the world’s largest financial institutions, with stable income secured against property.
LendInvest is still majority owned by the founders and staff of the business, but has also raised equity from the same investors that founded Skype, and early investors in financial technology businesses like Klarna, Stripe and SoFi.
This is a challenging and exciting leadership position whose key role is to manage the BTL underwriting team and support staff taking full responsibility for the processing, assessment and final approval of all unregulated Buy to Let applications. You’ll be have the opportunity to develop the team and recommend new processes and changes to Lending policy to both enhance risk management and offer a market leading service to clients.
You’ll get the opportunity to work closely with the BTL Team Lead and the Lending Operations Manager. You will need to ensure that the team’s SLA’s are consistently achieved / exceeded without compromising quality.
As the Underwriting Manager you must be able to demonstrate excellent knowledge of all aspects of BTL mortgage applications and the stated lending policy whilst taking a balanced view on the risk return equation. You’ll also have to ensure that you are aware (at all times) of the loans being made and that that are securitised and as such must meet the requirements set out in the funding agreements and subsequently pass external audits checks without exception.
Also you will need to demonstrate a sound understanding of the FCA and its operating principles including TCF and conduct risk ensuring that the underwriting team maintain focus on positive outcomes for the customer.
The role reports primarily to the Head of Credit (HOC) with an additional line to the Lending Operations Manager
What’s the team like
What matters to us most is understanding and solving our customers' needs. So you can expect a fast pace and varied challenges tackled in a collaborative atmosphere. Our team thrives in a friendly, relaxed and open culture, which allows people to share ideas across the business.
What you’ll be doing
- Managing/directing underwriting / process activity and priorities through ‘hands on’ management and MI. Take clear steps to improve efficiency and processes to enhance client experience without diluting lending quality
- Setting team member individual objectives and reviewing through formal review/appraisal process. Dealing pro-actively with poor performance and absence management
- Auditing of underwritten cases agreed under individual underwriter mandates in accordance with agreed auditing levels. All audits to be fully documented and results fed back to underwriters
- Liaison with external auditors eg for funding lines and responsibility for ensuring the audit results show no material divergence from policy
- Ensuring that a minimum of 60% cases are approved within 14 days of valuation fee payment
- Recommending changes to Lendinvest Lending Policy and stakeholder in Financial Crime Policies. Own knowledge of these policies must be comprehensive and detailed
- Overseeing and dealing with initial broker/BDM leads according to SLA and dealing directly with broker as appropriate
- Ensuring full case approval/underwriting takes place according to SLA including lending rationales that are clear without recourse to the underwriter. All exception cases to be clearly recorded
- Support broker visits/relationships in conjunction with the BDM
- Ensure a high standard of service / communication by underwriters when liaising with borrowers or brokers at case assessment by telephone.
- Work closely with the Head of Loan Servicing to ensure the following take place:
- Quarterly update to underwriters on arrears and receiverships, make recommendations to HOC re any policy changes that should be implemented to mitigate risk
- Planning any audits that require the support of Pepper
- Any boarding or post completion matters that require underwriter involvement
- Establish and maintain a structured training plan for underwriters and support the development of case managers. This includes ensuring underwriters have completed their KYC annual training and fully understand their responsibilities regarding reporting etc
- Produce Management Information pack on underwriting/processing KPIs and related supporting information to the HOC
- Support and make recommendations for systems (IT-BEP) development
- Other duties / projects that may be requested by the HOC from time to time
What we’d need you to have
- Positive, resilient, confident and committed leader with the ability to engage and form strong relationships with both team members and key stakeholders
- Capable and experienced of dealing with a high volume workflow and prioritising accordingly for self and others
- Able to make quality lending judgements and present reasoned arguments to senior management when necessary
- Able to demonstrate an excellent understanding of:
- Credit Referencing Agency reports (personal and commercial)
- KYC/AML/financial crime regulation
- Application scoring
- Land Registry Reports
- RICS Valuations / AVMs
- Mortgage regulation and specifically MCOB/MCD
- Articulate with excellent written and verbal communication skills
- Understanding of Treating Customers Fairly (TCF) and Conduct Risk and ensuring both principles are key cultural aspects of how the job holder works
- Solid mortgage underwriting experience (in a specialist lender)
- Proven line management experience
- Previous mandate min £500,000 (non scoring centric)
What we’d like you to have
- CeMap qualified (ideally)
What you’ll get in return
- Matched pension contributions
- Private Healthcare (Vitality scheme)
- Season Ticket Loan
- Discretionary share-option scheme
- 25 days holiday
- Enhance maternity/paternity pay
- Company eye tests
- Subsidised gym membership via PerkBox
- Various other discounts/benefits via PerkBox
- Open bar from 5.30pm (4pm on Fridays)
- Cooked lunch on Friday's from a local restaurant
- A selection of breakfast cereals and fresh fruits and snacks are available each day
- A MacBook or similar and everything else you need to do your job