Head of Underwriting
Car IQ is enabling the next generation of machine payments and IoT banking with secure and autonomous vehicle commerce. We believe connected machines and the data they generate present an opportunity for a new payment experience.
At the core of Car IQ are talented, passionate people. We take great pride in cultivating a collaborative environment where everyone can directly impact product direction while honing current skills and building new capabilities. Come be a part of our team - with great people and leading-edge technology.
What you will do
You will own the Underwriting function for Car IQ’s new Charge Card including but not limited to: managing the application evaluation process and building / managing the relevant team
As Head of Underwriting at Car IQ, you will lead the assessment of new card applications for Car IQ’s Fleet Cards, which our business clients use to manage their vehicle related expenses. You will be responsible for underwriting and portfolio management of fleet cards. You will lead a team of underwriters and work with them to continuously improve and enhance underwriting functionality.
The ideal candidate will understand tenets of underwriting commercial / small business clients while also being intellectually curious and self-motivated. They will possess strong attention to detail, problem-solving skills, and the ability to quickly adapt to change in a dynamic environment. The ideal candidate will have experience working in a fast-paced environment, preferably at a startup.This is a high visibility role, and the candidate will interact with relationship managers, credit committee as well as some customers.
Responsibilities include, but are not limited to:
- Facilitate the credit needs of customers by underwriting new requests and material modifications from deal screen through decision making. Ensure a successful transition of approved deals to customer success team for onboarding.
- Review applications and supporting business documentation on accounts to determine the legitimacy and identify potential fraud.
- Study all relevant credit and financial information, including but not limited to financial statements, tax returns, due diligence reports, credit bureaus and any other pertinent information. Determine the credit need and evaluates creditworthiness, and performs credit investigations, as needed.
- Use sound judgment; follow Car IQ’s guidelines, policies, and procedures; take proactive steps to complete tasks and to resolve issues and concerns.
- Partner proactively with relationship managers and customer success associates to be intimately involved throughout the application process, from deal screen through approval.
- Attend client/prospect calls with RMs to gain a thorough understanding of the client/prospect and their business to effectively analyze and underwrite the proposed transaction. Based on underwriting parameters, recommend the risk rating.
- Display deep understanding of financial regulatory environment as it applies to underwriting most forms of business credit transactions.
- Present analysis or address questions during credit request discussions or committee presentations.
- Hire and coach underwriters to grow the underwriting function into a beacon of excellence.
- Bachelors’ degree or equivalent, preferably in an analytical field such as math, data science, business, or engineering.
- At least 5 years’ experience in a financial firm in underwriting or related field.
- Masters degree or equivalent
- 7+ years of experience in quantitative analysis, the majority of which should be in credit underwriting related roles
- 3+ years of experience in credit analysis/underwriting for commercial/small business lending.
- Experience or strong inclination to work in startup firms.
- Strong written and oral communication skills, coupled with the ability to drive consensus around complex decisions and operate at both the detailed as well as big-picture levels.
- A proven track record of decision making and problem solving based on analytics and rigorous credit risk management.
Career Level: Depending on the candidate’s experience, level of this role could Senior Manager, Director, or Senior Director
Salary Range: $125,000 - $175,000
Car IQ has created a payment solution that enables vehicles to transact securely and autonomously with payment networks, banks, and merchants. Car IQ’s underlying technology is based on a machine identity verification process called Know Your Machine ™ that allows vehicles and IoT devices to connect to payment networks, physical infrastructures, and mobility platforms. We designed Car IQ Pay to serve industry participants including fleet managers, automotive OEMs, car-sharing services, ride-sharing platforms, and commercial fleets.
We believe in building a diverse, equitable, and inclusive company. Our goal is to ensure that Car IQ upholds an inclusive environment where both applicants and employees feel respected and valued. We welcome applicants of any educational background, gender identity and expression, sexual orientation, religion, ethnicity, age, and veteran status.