Commercial Underwriter, CMHC

General Bank of Canada (“GBC”) is a Schedule I Chartered Bank headquartered in Edmonton, Alberta, and part of the Wheaton Group. Since our entrepreneurial beginnings in the 1950s, we’ve grown into one of Canada’s fastest-growing small banks, delivering innovative financing solutions across the automotive, aviation, and commercial sectors.

At GBC, our values of Trust, Discipline, People First, and Innovation shape everything we do. Our agile, forward-thinking approach allows us to design smarter, more responsive banking solutions for a rapidly evolving digital world.

We’re proud to be certified as a Great Place to Work for seven consecutive years, reflecting our commitment to a culture where people feel supported, empowered, and inspired to do their best work.

Giving back is part of who we are. Since 1969, our long-standing partnership with United Way has supported meaningful volunteerism, fundraising, and community initiatives that make a lasting difference.

When you join General Bank of Canada, you become part of a team that’s not only shaping the future of banking but also strengthening the communities we serve. And yes, we genuinely love it here, and we think you will too.

The Opportunity

We’re looking for a permanent, full-time Commercial Underwriter, Canada Mortgage and Housing Corporation (CMHC) to join our Commercial Services Group team and play an important role in our continued growth. At GBC, you won’t just fill a role; you’ll help build what’s next. This is a great opportunity to make a real impact, develop your skills, and grow your career in a dynamic, people-first environment.

The Commercial Underwriter, Canada Mortgage and Housing Corporation (CMHC) plays a

critical role in supporting the Bank’s multi-unit residential lending business by partnering closely with the approved servicing agent to underwrite insured mortgage transactions under the CMHC’s Multi-Unit Residential (MUR) financing programs. This position is accountable for conducting comprehensive credit analysis, financial assessment, and risk evaluation of complex multi-unit financing opportunities while ensuring alignment with the CMHC program requirements, the Bank’s credit policies, and overall risk appetite.

This role is responsible for the end-to-end underwriting process, including transaction review, due diligence, risk identification and mitigation, preparation and submission of CMHC applications, and recommendation of credit decisions. The Commercial Underwriter provides sound credit judgment and risk-based recommendations, balancing prudent risk management with business growth objectives.

Success in this role requires strong analytical and problem-solving capabilities, in-depth

knowledge of CMHC insured lending programs and commercial real estate financing, and the ability to effectively manage a portfolio of transactions in a fast-paced environment with minimal supervision.

Position Details

• Workplace Model: In-Office
• Location: Edmonton, Alberta
• Working Conditions: Office environment with the ability to work remotely if required.
• Deadline to Apply: November 24, 2026.

Position Responsibilities

• Manage an active pipeline of CMHC MUR financing transactions, ensuring timely progression from application to commitment while maintaining disciplined underwriting standards and sound credit judgement.
• Underwrite CMHC-insured MUR mortgage transactions from application through approval, including purpose-built rental, mixed-use, affordable housing, and MLI Select financing opportunities. This includes identifying, assessing, documenting, and mitigating credit, operational, compliance, and reputational risks associated with each transaction.
• Conduct comprehensive due diligence and financial analysis of borrowers, guarantors, properties, and market conditions to evaluate creditworthiness, transaction viability, and alignment with the Bank’s risk appetite.
• Construct and stress-test financial models incorporating CMHC-specific inputs (DCR thresholds, LTV limits, amortization parameters).
• Author well-structured credit recommendations and memoranda for presentation to the Credit Committee or delegated approval authorities.
• Apply current CMHC MUR program parameters including MLI Select, Rental Construction Financing Initiative (RCFI), and other insured financing programs, ensuring compliance with evolving program requirements and lender obligations.
• Prepare and review CMHC lender submission packages, ensuring accuracy, completeness and adherence to underwriting standards and submission requirements prior to submission, where applicable.
• Maintain current knowledge of CMHC policies, program enhancements, underwriting guidelines, and industry developments to ensure sound credit decisions and regulatory compliance.
• Proactively identify transactions involving elevated risk, policy exceptions, or non-standard structures, and escalate transactions with elevated risk profiles or policy exceptions to the appropriate authority.
• Participate in internal audits, regulatory examinations, and quality assurance reviews as required.
• Act as a primary point of contact for internal parties, including Relationship Managers, Legal, Credit Risk, as well as external partners such as borrowers, brokers, appraisers, and servicing agents.
• Monitor the ongoing post-funding portfolio performance, including covenant compliance, insurance coverage, annual reviews, and material changes in borrower, property, or market changes, escalating concerns as appropriate.
• Contribute to annual or periodic reviews of existing MUR credits where required.
• Contribute to the continuous improvement of underwriting processes, policies, procedures, and best practices to enhance operational efficiency, portfolio quality, and the client experience.

Requirements

What You Bring to the Table

Required Qualifications

• Bachelor’s degree in Finance, Commerce, Business Administration, Real Estate, Economics, or related discipline. Equivalent combinations of education and relevant experience may be considered.
• 3-6 years of progressive experience in commercial mortgage underwriting, commercial real estate lending, or credit risk analysis.
• Demonstrated ability to independently underwrite income-producing property real estate transactions.
• Strong understanding of commercial real estate fundamentals, including property valuation methodologies, cash flow analysis, debt service coverage assessment, market analysis, and risk identification.
• Proficiency in Excel-based financial modelling for real estate cash flow analysis.
• Working knowledge of CMHC MUR financing programs, including MLI Select, RCFI, as well as the National Housing Act (NHA) and applicable OSFI and regulatory requirements.
• Solid understanding of commercial credit adjudication principles, risk management
• practices, and lending policies, with the ability to identify, assess, and mitigate credit, operational, compliance, and reputational risks.
• Proven ability to prepare clear, concise, and well-supported credit recommendations and presentations for approval.
• Strong organizational and time management skills with the ability to effectively manage multiple transactions and competing priorities while maintaining a high level of accuracy and attention to detail.
• Self-motivated and results-oriented, with the ability to exercise sound judgment, work independently with minimal supervision, and contribute effectively within a collaborative team environment.
• Ability to successfully fulfill the pre-employment screening requirements, including criminal and credit checks, as well as employment references from individuals who can provide direct insights into your performance and effectiveness in previous roles.

Preferred Qualifications

• Direct experience underwriting CMHC-insured multi-unit residential transactions.