Job Description
The Merchant Cash Advance (MCA) Underwriter is responsible for evaluating and underwriting applications for merchant cash advances for short-term financing options in the merchant cash advance space in funding small businesses all over the United States. This role involves analyzing financial documents, assessing risk, and making informed decisions to approve or deny funding requests. The ideal candidate will possess strong analytical skills, attention to detail, and the ability to make sound judgments in a fast-paced environment.
Key Responsibilities:
1. Application Review:
- Assess and analyze applications for merchant cash advances, including reviewing financial statements, credit reports, and other relevant documents.
- Evaluate the financial health and stability of applicants to determine the risk level associated with each advance.
2. Risk Assessment:
- Conduct thorough risk assessments by analyzing business revenue, cash flow, and other financial metrics.
- Utilize risk assessment tools and underwriting software to assist in decision-making.
3. Decision Making:
- Make informed decisions on whether to approve or deny merchant cash advance applications based on risk assessment and company guidelines.
- Provide recommendations for approval, denial, or modification of funding terms.
3. Communication:
- Communicate underwriting decisions and rationale to applicants and internal teams clearly and professionally.
- Collaborate with sales and customer service teams to address any issues or concerns related to the underwriting process.
4. Documentation and Reporting:
- Maintain accurate and detailed records of underwriting decisions, including documentation and rationale for each case.
- Prepare and submit reports on underwriting performance, trends, and potential areas for improvement.
5. Compliance and Procedures:
- Ensure adherence to company policies, industry regulations, and legal requirements during the underwriting process.
- Stay updated on industry trends and changes in regulations that may impact underwriting practices.
6. Continuous Improvement:
- Identify and recommend improvements to underwriting processes and procedures to enhance efficiency and effectiveness.
- Participate in training and development opportunities to stay current with best practices in underwriting.
Qualifications:
- Education: Bachelor’s degree in Finance, Accounting, Business Administration, or a related field. Relevant certifications are a plus.
- Experience: 5 years of experience in underwriting, preferably in merchant cash advances or a related field.
Skills:
- Strong analytical and critical thinking skills.
- Proficiency in financial analysis and risk assessment.
- Excellent communication and interpersonal skills.
- Detail-oriented with strong organizational skills.
- Ability to make sound decisions under pressure.
- Technical Proficiency: Familiarity with underwriting software and financial analysis tools.
- College degree in finance is a plus
- Must be able to create underwriting polices and guidelines
Must be able to create varying credit boxes