Agency Underwriter or Senior Agency Underwriter

About the role

KeyBank Real Estate Capital is a premier commercial real estate finance platform offering comprehensive 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 strong 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.
• 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.

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

• This position (Agency Underwriter) is eligible to earn a base salary in the range of $80,000.00 to $150,000.00 annually depending on location and job-related factors such as level of experience.

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.