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.
• Coordinate with originators to determine optimal deal structures, resolve underwriting issues, and ensure transactions align with both investor guidelines and KeyBank credit standards.
• Interview prospective borrowers and property managers to obtain critical property, management, financial, and operational details for each transaction.
• Manage internal underwriting and deal-management systems (e.g., pipeline tracking, data entry, document management) to ensure accuracy, completeness, and audit-readiness of all loan files.
• Work closely with processing, closing, and servicing teams to monitor submission status, clear conditions, and ensure seamless handoffs at each stage of the loan lifecycle.
• Review commitment letters and loan documents for consistency with underwriting terms and Agency requirements.
• Stay current on Fannie Mae and Freddie Mac program updates, policy changes, Selling and Servicing Guide revisions, and industry regulations that may impact established underwriting procedures.
• Execute all compliance-related tasks for each transaction to minimize risk exposure, ensuring adherence to Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and Fair Lending requirements.
• Deliver exceptional customer service to internal and external stakeholders, contributing to a professional, responsive, and solutions-oriented underwriting process.
• Provide programmatic guidance to colleagues as a subject-matter resource on Agency multifamily underwriting, sharing knowledge and best practices without a formal supervisory role.

Qualifications

• Underwriter: 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.
• Senior Underwriter: 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.