GSE Senior Affordable Underwriter

3 months ago

Washington, United States Merchants Bancorp Full time
Job Type

Full-time

Description

Location: The preferred location is Washington D.C or New York City. If needed, this position can report to our HQ in Carmel, IN or any of our other regional offices in Boston, MA, Chicago, IL, or Bloomington, MN.

The GSE Senior Affordable Underwriter is responsible for ensuring the timely, accurate and high-quality underwriting of multifamily mortgage loan transactions in accordance with Agency and Bank guidelines. Responsibilities include but are not limited to reviewing customer data, making sound credit decisions, and ensuring they are documented to secondary market guidelines where applicable. Manage clients and expectations, in tandem with Production, through clear communication to preemptively address potential issues or impediments to timing.

Under moderate supervision, the GSE Senior Affordable Underwriter will independently underwrite new loan originations for Fannie Mae/Freddie Mac. The incumbent will perform an evaluation of proposed Agency loans for credit risk; and obtain deal approvals from Merchants' credit committee and respective Agency.

After one year as our Senior GSE Affordable Underwriter, you will know you are successful if you...
  • Underwrite multifamily Agency loans originated by Merchants Capital.
  • Manage the underwriting process for new loans from origination to closing.
  • Adhere to Agency loan requirements, reviewing updates on an ongoing basis, to stay current on changes made by respective Agencies and/or Merchants.
  • Perform site inspections of underwritten assets.
  • Manage third-party vendors and comprehensively evaluate third-party reports including appraisal reports, engineering reports, environmental reports, zoning reports, flood certifications, etc.
  • Coordinate and manage clear communication with internal Merchants staff including the Review Underwriter, originations and closings team; Agency; third party vendors, including but not limited to, the appraiser, engineer and environmental consultant; Merchants legal counsel; insurance team; borrower and any others that are pertinent to the success of the transaction.
  • Evaluate Borrower financial statements, bank statements, credit reports, legal searches, real estate-owned (REO) schedules, resumes, etc., and determine any potential credit risks while exercising problem-solving capabilities and independent judgment.
  • Generate a Due Diligence checklist along with monitoring receipt of and processing due diligence as it is received. Review files for completeness and identify critical missing information.
  • Analyze historical operating statements, rent rolls, market characteristics, etc., and complete the underwriting loan submission template.
  • Prepare the loan package for evaluation and approval by Merchants Credit Committee and Agency Lenders.
Requirements

What we are looking for...
  • A bachelor's degree in finance, Economics, Real Estate, or another related field is required.
  • Minimum three years of multifamily loan underwriting experience with Fannie Mae and Freddie Mac loan products, preferably affordable products.
  • Strong knowledge and understanding of Agency lending guidelines, including applying applicable credit parameters in order to minimize credit risk required.
  • Strong knowledge and understanding of Agency pricing standards in order to determine the all-in interest rate preferred.
  • Strong knowledge and understanding of various organizational structures such as LLCs, LPs, Corporations, Trusts, etc. preferred.
  • High-level analytical abilities and deductive reasoning, including strong research, and written/oral presentation skills. At this level, it will generally be done independently or in combination with the Chief/Deputy for high-level decisions.
  • Proactive team player, able to work effectively under tight timelines, including the ability to provide guidance and be a resource for more junior Underwriting staff.


ABOUT MERCHANTS CAPITAL

With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank's balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender , Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com .

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