Senior Underwriter for Affordable Housing

2 weeks ago

Washington, United States Merchants Bancorp Full time
Job Type

Full-time

Position Overview

The Senior Underwriter for Affordable Housing plays a crucial role in the meticulous evaluation and underwriting of multifamily mortgage loan transactions, ensuring compliance with established Agency and Bank standards. This position primarily focuses on the following responsibilities:

  • Conducting thorough reviews of client data and making informed credit decisions, while ensuring documentation aligns with secondary market standards.
  • Maintaining proactive communication with clients and internal teams to manage expectations and address potential challenges effectively.
  • Independently underwriting new loan applications for Fannie Mae and Freddie Mac under moderate supervision.
  • Assessing proposed Agency loans for credit risk and securing necessary approvals from the credit committee and relevant Agencies.

Success Indicators

In this role, you will know you are successful when you:
  • Efficiently underwrite multifamily Agency loans.
  • Oversee the underwriting process from loan origination through to closing.
  • Stay updated on Agency loan requirements and adapt to changes as necessary.
  • Conduct site inspections of properties being underwritten.
  • Effectively manage third-party vendors and critically evaluate their reports.
  • Facilitate clear communication among all stakeholders involved in the transaction.
  • Analyze financial documents and identify potential credit risks with sound judgment.
  • Create and monitor a Due Diligence checklist, ensuring all necessary documentation is received and complete.
  • Review historical financial statements and market data to complete underwriting submissions.
  • Prepare comprehensive loan packages for evaluation by the credit committee and Agency lenders.

Qualifications

The ideal candidate will possess:
  • A bachelor's degree in finance, economics, real estate, or a related discipline.
  • A minimum of three years of experience in multifamily loan underwriting, particularly with Fannie Mae and Freddie Mac products.
  • In-depth knowledge of Agency lending guidelines and credit risk management.
  • Familiarity with Agency pricing standards to determine competitive interest rates.
  • Understanding of various business structures such as LLCs, LPs, and Corporations.
  • Strong analytical skills and the ability to make high-level decisions independently.
  • A collaborative mindset, capable of working under tight deadlines and mentoring junior staff.

About Merchants Bancorp

With a legacy of over 30 years, Merchants Bancorp is a distinguished leader in financing multifamily housing across the nation. Our partnerships with Fannie Mae, Freddie Mac, and HUD/FHA, combined with our bank's balance sheet products, enable us to provide tailored solutions that enhance access to housing. Recognized as a top affordable lender, we integrate comprehensive debt offerings with in-house tax credit equity, serving as a one-stop solution for developers and property owners.

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