Senior Multifamily Underwriting Specialist

2 weeks ago

Washington, United States Merchants Capital Full time

Location: The ideal candidate can be based in Washington D.C. or New York City. Alternative reporting options include our headquarters in Carmel, IN, or regional offices located in Boston, MA, Chicago, IL, or Bloomington, MN.

The Senior Multifamily Underwriting Specialist plays a crucial role in guaranteeing the prompt, precise, and high-caliber evaluation of multifamily mortgage loan transactions, adhering to Agency and Bank protocols. Key responsibilities encompass reviewing client information, making informed credit assessments, and ensuring compliance with secondary market standards where necessary. This role involves managing client relationships and expectations alongside the Production team, facilitating clear communication to proactively mitigate potential challenges or delays.

Under moderate oversight, the Senior Multifamily Underwriting Specialist will autonomously assess new loan applications for Fannie Mae/Freddie Mac. The incumbent will conduct a thorough analysis of proposed Agency loans for credit risk and secure approvals from the credit committee and relevant Agency.

Success Metrics:

  • Effectively underwrite multifamily Agency loans initiated by Merchants Capital.
  • Oversee the underwriting workflow for new loans from inception to completion.
  • Comply with Agency loan specifications, consistently reviewing updates to remain informed on modifications from respective Agencies and/or Merchants.
  • Conduct site evaluations of underwritten properties.
  • Supervise third-party vendors and meticulously assess third-party documentation, including appraisal, engineering, environmental, zoning reports, and flood certifications.
  • Facilitate and manage effective communication with internal Merchants personnel, including the Review Underwriter, originations, and closing teams; Agency representatives; third-party vendors; legal counsel; insurance teams; borrowers; and other stakeholders essential to transaction success.
  • Analyze Borrower financial documents, bank statements, credit histories, legal inquiries, real estate-owned (REO) listings, resumes, etc., to identify potential credit risks while applying problem-solving skills and independent judgment.
  • Create a Due Diligence checklist and monitor the receipt and processing of due diligence materials as they arrive. Review files for completeness and pinpoint critical missing elements.
  • Examine historical operating statements, rent rolls, market dynamics, etc., and complete the underwriting loan submission template.
  • Prepare the loan package for assessment and endorsement by the Merchants Credit Committee and Agency Lenders.

Qualifications:

  • A bachelor’s degree in finance, economics, real estate, or a related discipline is mandatory.
  • A minimum of three years of experience in multifamily loan underwriting, specifically with Fannie Mae and Freddie Mac products, ideally in affordable housing.
  • Comprehensive knowledge of Agency lending guidelines, with the ability to apply relevant credit parameters to mitigate credit risk.
  • In-depth understanding of Agency pricing standards to determine optimal interest rates.
  • Familiarity with various organizational structures such as LLCs, LPs, Corporations, and Trusts is preferred.
  • Exceptional analytical skills and deductive reasoning, including strong research capabilities and written/oral communication skills. This role typically requires independent work or collaboration with senior management for significant decisions.
  • A proactive team player, capable of thriving under tight deadlines, and able to provide guidance and support to junior underwriting staff.

About Merchants Capital:

With over three decades of success rooted in prioritizing people, Merchants Capital stands as a leader in financing multifamily housing across the nation. Our partnerships with Fannie Mae, Freddie Mac, and HUD/FHA, along with our bank's balance sheet offerings, enable us to deliver tailored solutions with agility and efficiency, enhancing access to housing in meaningful ways. Acknowledged as a top five affordable lender, Merchants Capital combines our extensive debt solutions with in-house tax credit equity, providing a comprehensive resource for developers and property owners.

Open to Remote Professionals

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