Approval Officer II & Approval Officer III - Small Business Underwriting

Job description

Job Description:

• Line of Business Position Description and Responsibilities: The Small Business Lines and Loans team is part of Small Business Credit, which is part of the larger Credit Policy, Client Data, Underwriting, and Fulfillment organization. The primary focus of our team is to underwrite and decision Small Business loans, of various types in a variety of industries. Our business partners include Small Business Banking (Sales), Risk Management, Credit Management and Administration, and Fulfillment. Key priorities for our team are effective risk management; growing the portfolio in a sustainable way; systems enhancements; strong partnership with our sales teams. The team is composed of approximately 70 employees located primarily in St. Louis, Tampa, and St. Louis, although we also have team members located in Chicago, Waltham, and Troy.
  The teammate in this role is responsible for underwriting and decisioning Small Business loans, ranging in size from $250M to $5MM+, providing great Client care to both external and internal Clients, complying with all bank policies, procedures, and regulations, interacting with Small Business Bankers, Business Development Officers, Solutions Advisors, Risk partners, colleagues and clients, both in writing and over the phone, performing well on the various metrics by which the role is measured. As part of the responsibilities of the role, the teammate will develop strong business partner relationships with each of the aforementioned partners.
  Role Overview:
  The Approval Officer (AO) is responsible for underwriting and structuring of straightforward and complex credit transactions with minimal oversight from the Credit Products Manager (CPM). The AO is able to underwrite complex credit transactions with minimal oversight and also approves credit transactions with minimal coaching from the CPM, considering their credit approval authority limits and utilizing independent judgment and discretion to approve loans. They deliver financial, industry, economic and other analysis used to recommend and approve loans. The AOs exercise their own single signature loan authority while also ensuring adherence to credit policies, guidelines, and applicable regulatory requirements. The AO will be called on to take on customer facing responsibilities in obtaining background and financial information, articulating the banks position and negotiating more complex relationships. The AOs provide ongoing coaching and support to their sales partners and other Credit Products team members. In this role, the AO reports to the CPM.
  Required Skills and Experience
  • Must have Small Business/Commercial lending experience
  • 5+ years of small business / commercial underwriting experience, which includes financial analysis, loan structuring, underwriting decisioning and portfolio management
  • Familiarity with banking regulations
  • Excellent time management skills
  • Strong communication (both oral and written)
  • Strong Client focus (internal and external Clients)
  • Ability to develop strong partnerships
  • Ability to work on transactions without close supervision
  • Ability to evaluate business and personal cash flow
  • Prior experience in a high volume production environment Desired Skills and Experience
  • Prior experience in a high volume credit underwriting environment
  • Strong analytical / technical skills, including financial accounting and loan structuring
  • Proficient with PC applications including Microsoft office (Excel and Word)
  • Knowledge of, and proficient in the use of, Bank of America Small Business systems, e.g. GUS, LoanIQ, CreditLens, Navigator, Regulatory Toolkit (RTK), EDR, and Risk Rating Scorecards
  • BS / BA degree

• Line of Business Position Description and Responsibilities: The Small Business Lines and Loans team is part of Small Business Credit, which is part of the larger Credit Policy, Client Data, Underwriting, and Fulfillment organization. The primary focus of our team is to underwrite and decision Small Business loans, of various types in a variety of industries. Our business partners include Small Business Banking (Sales), Risk Management, Credit Management and Administration, and Fulfillment. Key priorities for our team are effective risk management; growing the portfolio in a sustainable way; systems enhancements; strong partnership with our sales teams. The team is composed of approximately 70 employees located primarily in St. Louis, Tampa, and St. Louis, although we also have team members located in Chicago, Waltham, and Troy.
  The teammate in this role is responsible for underwriting and decisioning Small Business loans, ranging in size from $250M to $5MM+, providing great Client care to both external and internal Clients, complying with all bank policies, procedures, and regulations, interacting with Small Business Bankers, Business Development Officers, Solutions Advisors, Risk partners, colleagues and clients, both in writing and over the phone, performing well on the various metrics by which the role is measured. As part of the responsibilities of the role, the teammate will develop strong business partner relationships with each of the aforementioned partners.
  Role Overview:
  The Approval Officer (AO) is responsible for underwriting and structuring of straightforward and complex credit transactions with minimal oversight from the Credit Products Manager (CPM). The AO is able to underwrite complex credit transactions with minimal oversight and also approves credit transactions with minimal coaching from the CPM, considering their credit approval authority limits and utilizing independent judgment and discretion to approve loans. They deliver financial, industry, economic and other analysis used to recommend and approve loans. The AOs exercise their own single signature loan authority while also ensuring adherence to credit policies, guidelines, and applicable regulatory requirements. The AO will be called on to take on customer facing responsibilities in obtaining background and financial information, articulating the banks position and negotiating more complex relationships. The AOs provide ongoing coaching and support to their sales partners and other Credit Products team members. In this role, the AO reports to the CPM.
  Required Skills and Experience
  • Must have Small Business/Commercial lending experience
  • 5+ years of small business / commercial underwriting experience, which includes financial analysis, loan structuring, underwriting decisioning and portfolio management
  • Familiarity with banking regulations
  • Excellent time management skills
  • Strong communication (both oral and written)
  • Strong Client focus (internal and external Clients)
  • Ability to develop strong partnerships
  • Ability to work on transactions without close supervision
  • Ability to evaluate business and personal cash flow
  • Prior experience in a high volume production environment Desired Skills and Experience
  • Prior experience in a high volume credit underwriting environment
  • Strong analytical / technical skills, including financial accounting and loan structuring
  • Proficient with PC applications including Microsoft office (Excel and Word)
  • Knowledge of, and proficient in the use of, Bank of America Small Business systems, e.g. GUS, LoanIQ, CreditLens, Navigator, Regulatory Toolkit (RTK), EDR, and Risk Rating Scorecards
  • BS / BA degree

• Line of Business Position Description and Responsibilities: The Small Business Lines and Loans team is part of Small Business Credit, which is part of the larger Credit Policy, Client Data, Underwriting, and Fulfillment organization. The primary focus of our team is to underwrite and decision Small Business loans, of various types in a variety of industries. Our business partners include Small Business Banking (Sales), Risk Management, Credit Management and Administration, and Fulfillment. Key priorities for our team are effective risk management; growing the portfolio in a sustainable way; systems enhancements; strong partnership with our sales teams. The team is composed of approximately 70 employees located primarily in St. Louis, Tampa, and St. Louis, although we also have team members located in Chicago, Waltham, and Troy.
  The teammate in this role is responsible for underwriting and decisioning Small Business loans, ranging in size from $250M to $5MM+, providing great Client care to both external and internal Clients, complying with all bank policies, procedures, and regulations, interacting with Small Business Bankers, Business Development Officers, Solutions Advisors, Risk partners, colleagues and clients, both in writing and over the phone, performing well on the various metrics by which the role is measured. As part of the responsibilities of the role, the teammate will develop strong business partner relationships with each of the aforementioned partners.
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