Sr. Underwriter- Marine/ Yacht

Overview

Analyze and evaluate marine loan applications to determine creditworthiness and financing eligibility. Review complex borrower profiles—including high-net-worth individuals, business owners, trusts, and self-employed borrowers—while assessing collateral, borrower capacity, and overall risk. Apply underwriting judgment to ensure loans align with bank policies, regulatory requirements, and portfolio credit standards.

Responsibilities

• Review and underwrite marine and yacht loan applications for initial approval, conditional approval, and final clear-to-close decisions.
• Analyze personal and business tax returns, financial statements, cash flow, liquidity, and global debt obligations to assess borrowers’ ability to repay.
• Evaluate complex borrower structures, including self-employed individuals, business owners, trusts, and high-net-worth clients.
• Review vessel information, collateral valuations, loan-to-value ratios, insurance requirements, and other marine-specific risk factors.
• Conduct thorough credit analysis using credit reports, income documentation, asset verification, and debt-to-income calculations.
• Identify and mitigate credit, collateral, fraud, and compliance risks using sound judgment.
• Ensure underwriting decisions comply with bank policies, regulatory requirements, and marine lending guidelines.
• Provide guidance and support to junior underwriters, analysts, and loan operations staff on credit decisions and underwriting standards.
• Review and address quality control findings, credit exceptions, and post-closing issues.
• Collaborate with sales, operations, and management teams to facilitate timely and accurate loan decisions.
• Stay informed on marine lending market trends, vessel valuations, and evolving credit risk factors.
• Perform other duties as assigned.

Qualifications

• High School Diploma required; Bachelor’s Degree in Finance, Business, Accounting, or related field preferred.
• 3-5+ years of underwriting experience, preferably within marine, yacht, recreational lending, consumer lending, mortgage, or specialty asset finance.
• Experience analyzing self-employed borrowers, business owners, and high-net-worth individuals.
• Strong understanding of personal and business financial statement analysis, cash flow analysis, and credit risk assessment.
• Ability to review complex income structures, including K-1s, partnership returns, corporate returns, and trust documentation.
• Knowledge of collateral-based lending concepts, including loan-to-value analysis and asset valuation.
• Strong analytical, decision-making, and problem-solving skills.
• Excellent communication skills and ability to explain credit decisions to internal stakeholders.
• Familiarity with marine or yacht lending is strongly preferred.

Preferred Qualifications

• Familiarity with marine or yacht lending.

Compensation & Benefits

• Target Range: $80,000/Yr. - $100,000/Yr.
• Actual starting pay will vary based on factors including, but not limited to, geographic location, experience, skills, specialty, and education.
• Annual Discretionary Cash Bonus Target: 10%
• Annual Discretionary Restricted Stock Units Bonus Target: 10%
• Discretionary target bonuses may be awarded semi-annually based upon achievement of performance goals and targets.

May include:

• Medical, Dental, Vision, and Life Insurance
• Paid Sick Leave, 3 weeks’ Vacation, and Holidays (about 11 a year)
• HSA or FSA account and other voluntary benefits
• 401(k) Retirement Saving Plan with Employer Match Program and 529 Savings Plan
• Employee Mortgage Loan Program
• Free access to an account with Self-Directed Trading

Work Environment & Other Requirements

• Required to sit for extended periods of time.
• Manual dexterity and coordination required while operating standard office equipment (computer keyboard and mouse, calculator, telephone, copiers, etc.).
• Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

Pre-Employment Screening

All offers are contingent upon successfully passing a credit check, criminal background check, and pre-employment drug screening (including screening for marijuana). As a federally regulated banking institution, marijuana is illegal at the federal level; individuals who test positive for marijuana will not be employed.

Equal Employment Opportunity

Committed to providing equal employment opportunities to employees and applicants without regard to protected characteristics under applicable federal, state, and local laws.

E-Verify / Right to Work

• Participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States.