Director of Credit

Job description

**About Trovy** Trovy is building the financial home base for America's 86 million homeowners — the go-to platform for managing your home and accessing low-rate credit, because life is expensive and unpredictable. We believe your biggest asset should unlock your best financial options: bypass the myriad of expensive, rigid credit products and replace them with one simple, powerful solution built around your home equity. Backed by top-tier venture capital, Trovy is led by a team of proven fintech innovators on a mission to make homeownership and personal finances more manageable. Don't own a home without it. **Role Overview** We're seeking a Director of Credit to own the full credit function at Trovy — from policy and underwriting methodology to loan pricing and portfolio analytics. This is a foundational role: you'll build the frameworks that determine who we lend to, at what price, and how we manage risk as we scale. You'll work closely with our CEO, COO, product, and engineering teams, and have direct influence over the performance and risk profile of Trovy's loan portfolio. The ideal candidate brings deep lending expertise, strong quantitative instincts, and the ability to operate in a fast-moving, build-from-scratch environment. **Key Responsibilities** **Credit Policy** - Own and continuously refine Trovy's credit policy across the HELOC product, including eligibility criteria, LTV/CLTV limits, and draw controls - Develop and maintain underwriting guidelines that balance risk appetite with growth objectives - Design and document exception frameworks and escalation procedures - Ensure credit policy is compliant with applicable federal and state regulatory requirements across Trovy's 26-state footprint - Partner with legal and compliance on any policy changes that carry regulatory implications **Loan Pricing** - Own Trovy's loan pricing model, including margin setting, risk-based pricing logic, and rate floor/cap parameters - Monitor market rate environments (Prime, SOFR, competitive HELOC rates) and recommend pricing adjustments - Model the profitability impact of pricing changes across different borrower segments and draw behaviors - Support capital markets and lending partner discussions with pricing data and portfolio economics **Collateral Valuation & AVM Policy** - Own Trovy's collateral valuation methodology, including AVM vendor evaluation, model selection criteria, and cascade logic - Develop and maintain AVM QC policy, including confidence score thresholds, field review triggers, and override procedures - Monitor AVM performance against realized collateral values and recommend methodology adjustments - Partner with compliance and legal on AVM Final Rule adherence and any regulatory correspondence related to collateral valuation - Evaluate new valuation vendors and tools as the product and state footprint expands **Income Verification & Underwriting Methodology** - Define and own income verification methodology, including documentation standards, alternative income treatments, and no-doc/low-doc frameworks for qualifying borrowers - Evaluate and integrate third-party income and employment verification data sources - Develop decisioning logic in partnership with product and engineering for automated underwriting flows - Continuously assess verification methodology against loss performance and refine accordingly **Portfolio Analytics & Credit Performance** - Build and own credit performance reporting: approval rates, pricing distribution, delinquency, default, and loss metrics by vintage, segment, and state - Conduct ongoing portfolio monitoring and flag emerging risk trends early - Develop loss forecasting models to support financial planning and capital adequacy discussions - Design and analyze credit experiments (e.g., policy changes, new segments) with statistical rigor - Deliver portfolio reporting to lending partners, investors, and internal leadership **Qualifications** - 7+ years of experience in credit, underwriting, or risk at a lender, bank, or fintech - Direct experience with consumer real estate credit (HELOC, home equity, mortgage) strongly preferred - Strong quantitative and analytical skills — comfortable building models, running regression analyses, and drawing conclusions from messy data - Proficiency in SQL; experience with Python or R a strong plus - Experience with credit bureau data, AVM outputs, and automated underwriting systems - Familiarity with income verification methodologies including GSE-style documentation, bank statement analysis, and third-party verification vendors (such as Plaid, Argyle, Equifax Work Number) - Experience at a fintech lender preferred; bank or credit union background considered - Familiarity with Reg Z, HMDA, fair lending, and state-level consumer lending requirements **What You'll Bring** - A builder's mindset — you're energized by creating policy and infrastructure from scratch, not just inheriting it - Strong judgment on where to take risk and where to be conservative, calibrated by data - Ability to communicate complex credit concepts clearly to non-credit stakeholders, including investors and regulators - Comfort operating in ambiguity and making defensible decisions without perfect information - A collaborative approach — you'll work across every function at Trovy **Compensation & Benefits** - **Compensation:** Base Salary: $170,000 - $210,000 + Equity. - **Market Opportunity:** Join a team tackling the $30T home equity market. - **Early Impact:** Help shape our operations from the ground up. - **Ownership**: Competitive salary, meaningful equity, and room to grow. - **Success**: No sales commissions; your success is measured by customer outcomes, not volume - **Location**: On-site. New York City, NY - **Benefits:** 401K account, 100% company-paid dental, medical, vision and life insurance, flexible time off, and more.