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Commercial Underwriter, Specialty Banking at Old National Bank

Commercial Underwriter, Specialty Banking

Old National Bank Chicago, IL (Onsite) Full-Time

Old National Bank is honored to be named one of the World's Most Ethical Companies for the 11th consecutive year!

Old National Bank was established in 1834. Today, we are the largest financial services holding company headquartered in Indiana. We provide an array of services to our clients which include Commercial Banking, Community Banking, Investments, and Wealth Management. At Old National, we believe that by helping our associates balance work life with home life, we create a more productive workforce and a stronger company.

We are flexible to hire at the following levels; Underwriter I, II, III or Senior Underwriter.

We are flexible for you to live in areas within ONB markets such as Minneapolis, Milwaukee, Madison WI, Chicago land, Grand Rapids MI, Ann Arbor MI, Detroit, Indianapolis, and Evansville IN.

The Underwriter is responsible for decisioning lending opportunities supported by thorough analysis that balances risk and growth, ensuring loan structures are appropriate and consistent with bank lending standards and assigning an appropriate asset quality rating. This work is completed in a fast-paced, high-volume environment and requires the completion of detailed financial analysis to obtain a deeper understanding of an applicant’s credit risk. An Underwriter will collaborate with Relationship Managers, internal support staff, and others to provide credit expertise to underwrite and monitor the portfolio.

Key Accountabilities

Underwrite and Decision Loans for Specialty Markets

  • Decision renewals and new credit requests after performing appropriate due diligence, risk assessment, analysis of repayment ability and asset quality ratings (AQR)

  • Meet quality standards and complete required underwriting guidelines as outlined in ONB loan standards (policies, guidelines, and procedures); third-party evaluation by Loan Review, OCC, as well as ONB Senior Management and/or others will be the focal point on analysis in determining level of underwriting and accuracy of Asset Quality Ratings (AQR)

  • Meet or exceed productivity expectations for annual credit approval memorandum (CAM) volume including appropriate turnaround times.

  • Make prudent credit decisions balancing risk and growth; utilize assigned lending authority based on approval authority matrix to exercise granted authority confidently, independently via problem solving/sound decision making and with integrity


Tier III and Senior Underwriter

  • Independence in the analysis when underwriting complex transactions, thorough knowledge of accounting and legal principals relating to commercial lending.

  • Review and approve work done by others; act as a mentor and assist in the development of commercial credit analysts and underwriters

  • Demonstrates ability to engage customers and ask performance related questions without guidance from Relationship Managers

  • When exceptions are proposed, appropriately mitigate them and document the rationale with supporting facts and analytics

    Senior Underwriter Only
  • Demonstrated ability to decision large and complex credits, offer structure guidance using financial and legal expertise.

  • Develop or review detailed cash flow payment analysis to evaluate for adherence to ONB Loan Standards and make a decision.

  • Lead projects as suggested/requested by management while maintaining volume and accuracy in underwriting

  • Navigate and influence credit discussions with RMs by providing expertise and insight for structure

  • Propose options and alternatives based on an exceptional understanding of the ONB credit appetite, repayment risk, client’s request, and competitive landscape Serve as a lead on industry analysis including industry reviews, AQR projects and others as assigned

  • Support and articulate AQR assignments, including profitability and impact

Monitor Portfolio

  • Accurately assign asset quality ratings (AQR) with each underwriting

  • Work with assigned Relationship Managers to monitor the credit portfolio to maintain strong asset quality; review trend analysis reports, address covenant violation and default situations, delinquencies, review maturing notes, receipt of financial information, and Borrowing Base Certificate (BBC) reports and other reports as appropriate

Key Competencies; Cultural Leadership, Execution Leadership, and Client Leadership

Qualifications and Education Requirements

  • Bachelor’s degree in finance, accounting or related field OR equivalent experience

  • Demonstrated ability to independently (with limited oversight) understand, analyze and interpret financial statements

  • Understand and takes appropriate action related to risks associated with lending to diverse types of industries

  • Knowledge of loan structuring, borrowing causes and lending regulations; ability to comply and conform to ONB lending policies, guidelines, and standards with full understanding on when to approve policy exceptions with appropriate mitigation

  • Must be able to make sound independent decisions and communicate those decisions clearly and effectively to the internal/external client quickly given the high volume, fast-paced environment

  • Must be able to actively listen, quickly identify issues as well as opportunities when they arise, and problem solve in real-time to move the work accordingly

  • Must feel comfortable working in a collaborative team environment along with being an independent thinker

  • Commercial Credit experience required with expertise appropriate for the level.

  • Must be able to confidently communicate thoughts, stance or risk on deals that may differ from the RM or sales side

Senior Underwriter Only

  • Proven ability to quickly assess issues, apply ONB credit policy, offer options and alternatives, come to an accurate and timely decision, and understand impact of decisions

  • Viewed as a resource and mentor

  • May achieve the RMA CRC designation

Key Measures of Success/Key Deliverables

  • Meet or exceed Credit Approval Memorandum (CAM) production expectations

  • Ensure acceptable quality and accuracy of work as assessed by loan review, OCC, and/or management

  • Maintain strong asset quality demonstrating sound underwriting, credit decisioning and credit monitoring

  • Contribute to the bank’s financial success by achieving targets for credit quality and supporting the bank’s growth goals

Old National is proud to be an equal opportunity employer focused on fostering an inclusive workplace and committed to hiring a workforce comprised of diverse backgrounds, cultures and thinking styles.

As such, all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, protected veteran status, status as a qualified individual with disability, sexual orientation, gender identity or any other characteristic protected by law.

We do not accept resumes from external staffing agencies or independent recruiters for any of our openings unless we have an agreement signed by the Talent Acquisition Director, VP, to fill a specific position.

External Job Title: Commercial Underwriter, Specialty Banking

Requisition ID: 2023-12802

Street: 8750 W Bryn Mawr Avenue Suite 1300

Workplace Type: On Site

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