Assistant Chief Underwriter, Affordable Housing

2 weeks ago

Chicago, Illinois, United States Community Preservation Corporation Full time
Position Overview

About Our Organization:

The Community Preservation Corporation (CPC) is dedicated to fostering stable and sustainable affordable housing, which we believe is essential for thriving communities. Our mission focuses on contributing to holistic neighborhood revitalization through strategic lending and partnerships. Since our establishment in 1974, we have emerged as a nationally recognized leader in affordable housing finance, consistently providing capital to underserved housing markets across New York State.

Today, CPC stands as the largest Community Development Financial Institution (CDFI) committed exclusively to multifamily housing investments, having allocated over $11.9 billion to support the creation and preservation of more than 220,000 quality housing units in various neighborhoods throughout New York State and beyond. Our organization boasts a comprehensive construction lending platform, a mortgage banking division, and equity and impact investment initiatives that align with our three primary objectives: Expanding Affordable Housing, Closing the Racial Wealth Gap, and Investing in the Green Economy.

Joining our team offers the chance to engage in meaningful projects that significantly impact lives. We seek talented individuals who are passionate about our mission and share our core values of commitment, respect, excellence, accountability, and collaboration.

Role Summary:

In the capacity of Assistant Chief Underwriter, you will lead the affordable and conventional underwriting team while overseeing the underwriting processes associated with Fannie Mae, Freddie Mac, and CPC. Your role will encompass providing leadership, guidance, support, training, and direction to ensure the quality, completeness, and accuracy of the underwriting team's output. You will facilitate effective communication among all parties involved in transactions.

Key Responsibilities:

  • Offer leadership and support to the underwriting team, ensuring adherence to CPC and GSE guidelines.
  • Manage the team's workload to guarantee timely and high-quality completion of loan applications and assigned tasks.
  • Underwrite loans as necessary, focusing on large affordable transactions while aligning with Freddie Mac, Fannie Mae, and CPC credit guidelines.
  • Review loans prior to submission to internal and agency stakeholders, providing constructive feedback and approvals.
  • Proactively identify issues and troubleshoot effectively during the underwriting process.
  • Foster and maintain strong relationships with the underwriting and credit teams at Freddie Mac and Fannie Mae.
  • Enhance operational efficiencies and implement process improvements, maximizing technology utilization.
  • Develop and sustain a network of essential third-party providers for timely and accurate GSE loan underwriting.
  • Review and approve new underwriter qualifications for CPC, Freddie Mac, and Fannie Mae in accordance with current guidelines.
  • Design and oversee ongoing training and professional development for all team members.
  • Ensure clear communication among internal and external transaction working group members.
  • Establish measurable goals for each team member and ensure necessary resources are available to achieve these objectives.
  • Monitor and disseminate updates on GSE underwriting policies and guidelines, providing training and guidance as needed.
  • Maintain effective controls and compliance with CPC's policies and all legal, regulatory, and programmatic requirements.
  • Oversee contract underwriting firms.
  • Engage in special projects and perform additional administrative duties as assigned.

Qualifications:

  • Bachelor's degree required; a graduate degree in Real Estate Finance/Development, Urban Planning/Policy, Affordable Housing, Community Development, or a related field is preferred.
  • A minimum of 10 years of demonstrable experience in underwriting Freddie Mac/Fannie Mae affordable loans, with required experience in Fannie Mae products.
  • At least 3 years of supervisory experience, including training and oversight of underwriter trainees.
  • Proficient in Microsoft Excel and Word.
  • Ability to work under pressure to meet deadlines and work independently.
  • Strong communication skills and a willingness to learn beyond one’s area of expertise.
  • Highly developed analytical, research, and presentation skills.
  • Proven problem-solving abilities and independent judgment with a high degree of initiative and accuracy.
  • Demonstrated ability to organize and prioritize projects, completing multiple tasks on schedule.
  • Willingness to travel as required.

Benefits:

  • Competitive salary
  • 401(k) retirement plans with employer matching
  • Comprehensive medical, dental, and vision benefits for employees and their dependents
  • Commuter benefits
  • Paid time off for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
  • Tuition assistance program
  • Two "work from anywhere" weeks annually
  • Summer Fridays
  • Collaborative workspaces
  • Community service days
  • Employee development and engagement initiatives

The Community Preservation Corporation is an Equal Opportunity Employer. All employment-related decisions are made without regard to race, creed, color, national origin, sex, disability, marital status, veteran status, sexual orientation, gender identity, or any other protected status.

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