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SalaryThe Senior Underwriter is responsible for managing the underwriting process while ensuring credit quality and underwriting compliance with Fannie Mae and Freddie Mac Multifamily guidelines. The Underwriter will collaborate with all involved parties to ensure transactions are processed within the proposed timeline.
Duties and responsibilities
- Responsible for analyzing and underwriting transactions with complex loan structures and borrower organizations.
- Review and provide written analysis of financial statements and cash flow statements of Borrowers, Operators and Guarantors.
- Evaluate property operations and performance in terms of occupancy, net income, and debt service coverage.
- Review and analyze all applicable third-party reports and ensure compliance with appropriate requirements.
- Timely problem recognition and effectively communicating credit issues to manager.
- Conduct research regarding the strengths and weaknesses of the market.
- Perform site inspection due diligence to evaluate market competitiveness of the proposed collateral and to determine economic feasibility of the projected income stream.
- Collaborate with loan officers, loan closers, and legal counsel to move loan requests through the approval and closing process.
- Evaluate and document credit risk for proposed loans and make recommendations on whether to proceed with the transaction.
- Must be able to handle and prioritize multiple tasks.
- Able to communicate effectively both orally and in writing.
- Train or mentor junior staff.
- Perform other financial tasks or screening tasks, as needed, to assist the company.
Qualifications
- Bachelor’s degree in Real Estate, Finance, Accounting or related field
- Minimum of 5 years of progressive GSE experience in underwriting multifamily loans
- Detailed knowledge of GSE underwriting, including the development of cash flow forecasts and pricing metrics; must have a solid understanding of credit risk analysis and mitigation related to leverage, cash flow, rent rolls, third party reports, loan structure, borrower credit worthiness, management/operator experience, market analysis and asset quality
- Experience with Affordable Housing properties is a plus
- Ability to work in a fast-paced environment and move quickly through assignments to ensure deadlines are met
- Knowledge and ability to interpret Fannie Mae and Freddie Mac guidelines and to underwrite multiple transaction types and structures, including fixed, floating, supplemental, multiple-asset portfolios, credit facilities, etc.
- Strong interest in real estate, lending, and financial analysis
- Highly advanced Excel skills and proficient Microsoft Word, Outlook, Adobe Reader, Power Point, and Internet search engines
- Excellent written and verbal communication skills, including the ability to summarize conclusions and make recommendations
- Ability to conduct research and verify facts quickly
- Detail-oriented
- Ability to multi-task
- Self-starter and anxious to learn
