Agency Underwriter or Senior Agency Underwriter

About the role

KeyBank Real Estate Capital is one of the nation's premier commercial real estate finance platforms, offering a comprehensive suite of debt and equity solutions for multifamily and commercial properties. Our Commercial Mortgage Group (CMG) is a top-tier Fannie Mae DUS® and Freddie Mac Optigo® lender with a proven track record of originating, underwriting, and servicing Agency multifamily loans nationwide.

Responsibilities

• Independently underwrite a high volume of Fannie Mae DUS® and Freddie Mac Optigo® conventional market-rate multifamily loans, managing multiple transactions simultaneously under tight deadlines.
• Perform accurate loan sizing, cash flow analysis, and overall risk assessment utilizing investor-specific underwriting guidelines, ensuring loans are structured appropriately prior to and/or following application.
• Analyze historical and projected property financial statements, rent rolls, operating budgets, and capital expenditure plans to develop supportable underwriting conclusions.
• Evaluate complex borrower and guarantor structures, including review of personal and business financial statements, organizational documents, credit reports, and background checks to assess sponsor strength and experience.
• Prepare thorough, well-organized underwriting narratives and credit packages for internal review and Agency submission, clearly articulating deal strengths, risks, and mitigants.
• Conduct property inspections and submarket analysis for assigned transactions, documenting physical condition findings and competitive market positioning.
• Obtain, review, and analyze all required third-party reports—including appraisals, engineering/physical condition assessments, environmental reports, and seismic studies—for programmatic compliance and reasonableness, providing timely and actionable feedback to vendors.
• Interact directly with Fannie Mae and Freddie Mac representatives regarding transaction terms, waivers, variances, and program-specific requirements.
• Collaborate with mortgage bankers and management to support Agency loan origination efforts and identify new business opportunities.
• Assist in the development and refinement of internal underwriting templates, checklists, and process improvements to enhance efficiency and consistency.

Requirements

• Bachelor's degree required. Minimum of three (3) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement.
• Demonstrated expertise in analyzing market-rate multifamily real estate transactions, including cash flow underwriting, loan sizing, market analysis, and borrower/guarantor evaluation.
• Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines.
• Strong working knowledge of Fannie Mae DUS® and Freddie Mac Optigo® program requirements, guidelines, and Selling/Servicing Guides.
• Excellent verbal and written communication skills, with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences.
• Proficiency in reviewing and interpreting third-party reports, including appraisals, environmental assessments, and engineering reports.

Qualifications

• Bachelor's degree required. Minimum of five (5) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement.
• Demonstrated expertise in analyzing market-rate multifamily real estate transactions, including cash flow underwriting, loan sizing, market analysis, and borrower/guarantor evaluation.
• Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines.
• Strong working knowledge of Fannie Mae DUS® and Freddie Mac Optigo® program requirements, guidelines, and Selling/Servicing Guides.
• Excellent verbal and written communication skills, with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences.
• Proficiency in reviewing and interpreting third-party reports, including appraisals, environmental assessments, and engineering reports.

Skills

• Exceptional organizational and time-management skills, with the ability to prioritize and advance a large number of transactions simultaneously without sacrificing accuracy or quality.
• Strong analytical and critical-thinking abilities, with a detail-oriented approach to financial analysis and risk assessment.
• Self-directed and resourceful—takes initiative, works independently, and drives transactions to successful outcomes with minimal supervision.
• Thrives in a fast-paced, deadline-driven environment and adapts quickly to shifting priorities and program changes.
• Collaborative team player who fosters positive working relationships across departments and with external partners.
• Professional demeanor with a solutions-focused approach to problem-solving and conflict resolution.
• Demonstrates integrity, accountability, and a commitment to continuous learning and improvement.

Benefits

• Generous benefits – 401(k) matching (dollar-for-dollar up to 6%), PTO, fitness and tuition reimbursement and so much more.
• Paid on the job training and access to a library of on-demand professional development and training courses.

Pay

A competitive base salary + discretionary bonus. Compensation for this role also includes eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.

Schedule

This is an on-site position and is not eligible for remote or virtual work arrangements. The candidate will be required to work from a KeyBank office. Preferred locations include Boston, MA; Chicago, IL and Cleveland, OH but KeyBank would consider Dallas, TX, and Overland Park, KS for the right candidate.