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Affordable Housing Underwriter

2 months ago


New York, New York, United States Newmark ltd Full time
Job Overview

Newmark is seeking experienced Underwriters with a background of 3-5+ years in commercial underwriting, specifically focusing on GSE affordable loans. The primary role of the Underwriter will involve conducting thorough financial, market, and underwriting evaluations of affordable multifamily loans. This position offers a unique opportunity to gain in-depth knowledge of multifamily mortgage underwriting, engage extensively with clients, and receive training under leading programs such as Fannie Mae and Freddie Mac. Additionally, the role allows for close collaboration with our Senior Credit team and Originators in structuring and underwriting affordable transactions.

Key Responsibilities

Essential Duties:
  • Evaluate, interpret, and underwrite intricate multifamily real estate transactions in accordance with agency guidelines (Fannie Mae and Freddie Mac).
  • Perform detailed economic and demographic analysis to assess transaction feasibility.
  • Compile and present comprehensive loan approval packages to the credit committee.
  • Establish and maintain robust relationships with origination and closing teams, as well as external agency investors.
  • Conduct thorough inspections of physical real estate assets as required.
Core Competencies:
  • Advanced analytical, research, and communication skills, both written and oral.
  • Strong problem-solving abilities and independent judgment, demonstrating initiative and precision.
  • Proven capability to organize and prioritize tasks, managing multiple projects effectively.
  • Ability to work efficiently with minimal supervision.
  • Proficiency in Microsoft Office, particularly Excel and Word.
  • Strong work ethic and a proactive approach as a team player, capable of performing under pressure.
Qualifications:
  • Bachelor's degree in Accounting, Finance, Economics, Real Estate, or related fields.
  • 3-5+ years of commercial underwriting experience with affordable loans, specifically in GSE multifamily.
  • Prior DUS underwriting experience with a comprehensive understanding of Fannie Mae and Freddie Mac Multifamily MAH/TAH Guides and Affordable product types (Preservation, LIHTC, Tax-Exempt Bonds, Section 8, etc.).
  • Willingness to travel a minimum of 10-20%.
Compensation:
The anticipated base salary for this role ranges from $90,000 to $150,000 annually. The actual salary will be determined based on various factors, including relevant skills, experience, education, and any applicable licenses or certifications. In addition to the base salary, a competitive benefits package is offered, which may include discretionary bonuses and other forms of compensation such as deferred cash or equity.

Working Conditions: Normal working conditions without any adverse elements.

Note: The information provided here is intended to describe the general nature and level of work performed by employees in this role and should not be interpreted as an exhaustive list of responsibilities, duties, and skills required.

Newmark is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, including sexual orientation and gender identity, national origin, disability, protected Veteran Status, or any other characteristic protected by applicable federal, state, or local law.