Director of Underwriting and Climate Capital
2 days ago
The Community Preservation Corporation (CPC) is a leading organization in affordable housing finance, dedicated to contributing to comprehensive neighborhood revitalization through our lending and partnerships. With a rich history dating back to 1974, CPC has provided a consistent source of capital to underserved housing markets throughout New York State. Our mission is to expand affordable housing, close the racial wealth gap, and invest in the green economy.
Our Climate InitiativeCPC Climate Capital is a new subsidiary of The Community Preservation Corporation, established to address the pressing issue of climate change. With a subaward of approximately $2.4 billion from the Climate United Fund, CPC Climate Capital will decarbonize multifamily housing by making subordinate debt financing available to owners of multifamily housing nationally. Our goal is to reduce or eliminate on-site fossil fuels, thereby reducing greenhouse gas emissions.
Role SummaryThe Head of Underwriting will be responsible for building out the Climate Capital underwriting platform, providing leadership and guidance to the underwriting team, and ensuring the quality and accuracy of the underwriting team's work. This leadership role will facilitate timely and appropriate communication between all parties involved in the transaction.
Key Responsibilities- Oversee the design and implementation of CPC Climate Capital's underwriting policies, processes, and procedures.
- Ensure the underwriting package meets CPC Climate Capital underwriting guidelines.
- Manage the underwriting team's workload to ensure quality and timely completion of loan applications and other assigned tasks.
- Cultivate and maintain strong relationships with Freddie Mac, Fannie Mae, Mortgage Banks, and Portfolio Lenders to obtain lender consent for CPC Climate subordinate debt.
- Review loans prior to internal and agency submission, providing feedback and approvals to the underwriting team.
- Ensure operating efficiencies and implement process improvements, including maximizing the use of technology.
- Create and oversee training and professional development for all members of the team on an ongoing basis.
- Ensure that the team is clearly communicating with internal and external transaction working group members.
- Develop measurable team goals for each team member and ensure necessary resources are in place to support the achievement of all goals.
- Maintain effective controls and compliance, including operating within CPC Climate Capital's policies and procedures and adhering to all legal, regulatory, and programmatic requirements.
- Demonstrated commitment to CPC Climate's mission and objectives.
- Work on special projects as necessary.
- Perform other administrative duties as directed.
- 10+ years of demonstrable experience in underwriting both construction and permanent loans secured by both affordable and conventional properties.
- 5+ years of management and leadership experience.
- BA/BS required; graduate degree in Real Estate Finance/Development, Urban Planning/Policy, Affordable Housing, Community Development, or similar discipline preferred.
- Experience with both Freddie Mac/Fannie Mae conventional and affordable underwriting standards.
- Strong communication skills and interest in learning beyond their area of expertise.
- Highly developed analytical, research, and written/oral presentation skills.
- Ability to problem-solve and exercise independent judgment while displaying a high degree of initiative and accuracy.
- Demonstrated ability to organize and prioritize projects; complete multiple tasks on schedule.
- Experience with green building standards, building decarbonization, and sustainable housing.
- Competitive compensation.
- 401(k) retirement plans with employer match.
- Medical, dental, and vision benefits for employees and their dependents.
- Commuter benefits.
- PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability.
- Tuition assistance program.
- Two 'work from anywhere' weeks per year.
- Summer Fridays.
- Collaborative working spaces.
- Service days to support our communities.
- Employee development and engagement events.
This is a hybrid role that can be based in either NYC or Washington DC, with the ability to work in a hybrid work environment or travel to the NYC office quarterly for team collaboration. The salary range is $175,000 - $200,000, dependent on experience.
The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions, including recruitment, selection, evaluation, promotion, compensation, training, and termination, are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation, or gender identity, or any other protected status.
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