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TITLE

Analyst, CMHC & Multi-Family Underwriting

AVERAGE SALARY

$70,000 - $80,000

CASH BONUS RANGE

Discretionary bonus up to 10%

THE PERKS

- Standard health & dental benefits
- 15 paid days off annually
- Support toward continuing education, including CPA, CFA, and CSC

LOCATION Toronto, ON THE OFFICE

In-Office THE ROLE The CMHC & Multi-Family Underwriting and Origination Group sources and underwrites CMHC-insured and conventional multi-family loan transactions for the firm's funds and institutional partners.

This is a small, flat team, so rather than sitting in a silo and passing files along, you will follow deals through the full lifecycle, from initial application through to clear Certificate of Insurance, and speak directly to CMHC, brokers, borrowers, and investors. At a larger lender an analyst at your level would see one slice of that. You will be trained deliberately, and the expectation is not that you arrive knowing CMHC, but that you are sharp, organized, and want to build a career in commercial real estate lending.

- 60% Transaction Review & Analysis
- 20% Liaising with External & Internal Stakeholders
- 10% Portfolio & Account Management
- 10% Risk Assessment & Regulatory Compliance

THE TASKS Underwriting, Transaction Review & Analysis

- Analyzing and assessing credit risk for commercial mortgage loan applications based on financial statements, credit history, and market trends.
- Reviewing property appraisals, rent rolls,



and other due diligence documents to assess the viability of the proposed mortgage.
- Conducting financial analysis including cash flow, debt service coverage ratios, and loan-to-value ratios.
- Preparing CMHC applications and managing submissions through to clear Certificate of Insurance, including responding to CMHC questions and clearing conditions.
- Requesting and following up on documentation from brokers and borrowers to keep files moving.
- Preparing and presenting loan approval packages with risk assessments and recommendations to credit and senior management.

Portfolio & Account Management

- Monitoring the financial performance of borrowers and properties within the portfolio to identify risks or opportunities.
- Maintaining borrower relationships and addressing ongoing loan servicing questions.
- Completing loan amendment, extension, and renewal submissions for existing loans.
- Preparing portfolio reports and updates for senior management and investors.

Risk Assessment & Regulatory Compliance

- Analyzing risk in CMHC-insured and conventional multi-family loans to support lending decisions aligned to internal guidelines.
- Ensuring underwriting and origination processes comply with CMHC rules and documentation standards.
- Preparing and organizing regulatory documentation to support accurate and compliant credit applications.
- Monitoring CMHC policy updates and adapting processes accordingly.

THE COMPANY An active commercial mortgage lender and investment fund manager located in downtown Toronto, with one of the fastest growing CMHC platforms in the country. Deal sizes range from under $1M to well over $100M, with lending across most of Canada and core markets in Ontario, Quebec, and the Maritimes.

THE CHANCE

If you are one or two years into your career and want to move from supporting deals to running them, this is the seat that gets you there. Most analysts at this stage are handed a piece of a file,



but here you take the whole thing and deal with CMHC, brokers, and borrowers yourself rather than watching someone senior do it. You will be trained by people who have done the job, and there is room to grow into origination or a deeper underwriting mandate once you have the fundamentals down.

THE EXPECTATIONS TIMELINE PREVIEW

By Month 3

- Learn the lending workplace, systems, internal terminology, and CMHC's rules and guidelines.
- Complete preliminary decks for internal and external stakeholders, including CMHC.
- Use the underwriting model to structure deals with input from originators.
- Begin handling routine document requests with brokers and borrowers.

By Month 6

- With guidance from originators, complete loan summary decks for internal and external stakeholders.
- Competently liaise with internal and external stakeholders on underwriting and funding of loans.
- Complete loan amendment, extension, and renewal submissions for existing loans in the portfolio.

By Month 12

- Manage your own files with limited oversight, including responding directly to CMHC and broker enquiries.
- Contribute meaningfully to the group's annual origination volume.
- Take on more complex transactions, and begin moving toward origination or a deeper underwriting mandate depending on your interests.

THE SKILL SET

- Approximately one year of relevant experience, or a recent graduate with strong internship experience.
- Undergraduate degree in Finance, Accounting, Economics, or Business Administration.
- Strong Excel skills with the ability to work with large complex data sets.
- Excellent written and verbal communication skills.
- A genuine interest in commercial real estate lending and a willingness to work hard. This is a place to build something, not a stepping stone.

ONLY QUALIFIED CANDIDATES WILL BE CONTACTED. WANT TO SEE MORE JOBS OR GET MORE DETAILS?

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📌 Analyst, Underwriting (Toronto)
🏢 Outhire
📍 Toronto