Analyst, Underwriting

Summary/Objective

The Analyst will become familiar with the Fannie Mae and Freddie Mac financing programs offered by JLL and the required processing and underwriting responsibilities for each program. The role involves participation in all stages of underwriting, closing, and delivery of multifamily agency transactions, including initial loan sizing, credit assessment, asset inspections, and final loan delivery. The Analyst must demonstrate attention to detail, strong organizational and analytical skills, and the ability to work independently while engaging effectively with borrowers and their representatives.

Responsibilities

• Perform complex financial modeling of multifamily transactions, including analyzing property operating statements, rent rolls, and determining pro-forma NOI for loan determination.
• Obtain and interpret market and comparable data to inform underwriting decisions and identify questions regarding a property’s financial operations.
• Review third-party reports (appraisal, physical condition assessments, market studies, environmental, zoning, etc.) for accuracy and compliance with investor requirements; prepare comments and revision requests.
• Access and interpret data from internal and external database systems to influence loan underwriting.
• Review real estate documents (leases, loan schedules, third-party reports) to assess transaction risks.
• Complete sections of the underwriting model used for financial analysis of transactions.
• Author key sections of the Underwriter’s narrative, including Property Description, Market, Submarket, Management, PNA, Environmental, Appraisal, and Waiver Form (if applicable).
• Review borrower documentation for completeness and accuracy; report concerns to the team underwriter.
• Conduct site inspections of multifamily assets and submarkets to evaluate acceptability for financing, including interpreting neighborhood trends and assessing borrower maintenance practices.
• Lead site inspections, meeting with borrower representatives to discuss the asset and transaction.
• Ensure guide compliance and assist with underwriting/closing timelines.
• Collaborate with underwriters and vendors to clarify responsibilities and ensure smooth transaction processes.
• Analyze borrower ownership structures to confirm compliance with underwriting guidelines.
• Communicate loan status updates to the underwriting team and originators as directed.
• Participate in internal and external deal team calls with borrower representatives.
• Work with the closing team to complete outstanding due diligence for loan closure.
• Build and maintain relationships with Fannie Mae and Freddie Mac personnel.
• Seek opportunities to enhance transaction understanding, take on additional underwriting responsibilities, and add value to the team.
• Stay current with agency guidelines and perform other duties as assigned by management.
• Participate in training programs covering underwriting, mortgage credit analysis, commercial appraisal review, and physical/environmental assessments.
• Establish strong client relationships to ensure high customer satisfaction and retention.

Requirements

• Proficiency in Microsoft Office (Word, Excel, Outlook, Teams), with advanced Excel skills.
• Willingness and ability to learn new technologies.
• Ability to work independently, unsupervised, and as part of a team.
• Excellent organizational, interpersonal, quantitative, writing, and communication skills; ability to interface with clients, including executives.
• Strong time management skills and ability to meet demanding deadlines.
• Exceptional attention to detail and ability to audit own work.
• Strong writing skills to effectively communicate analytical and market data.
• Strong research, analytical, and problem-solving skills; ability to analyze qualitative and quantitative information.
• Ability to travel as needed for site inspections and client meetings.

Physical Demands

• Ability to physically inspect multiple residences and common areas within apartment complexes, including standing, walking for extended periods, and climbing stairs.
• Capability to sit, reach, and bend during inspections.
• Travel requirements may include various modes of transportation (planes, trains, automobiles) across different time zones, with potential overnight stays.

Qualifications

• Undergraduate degree in a business-related field (Finance, Accounting, Real Estate, Business).
• Preferred: Real estate background (internships, real estate clubs, etc.).
• Preferred: Familiarity with Agency multifamily loan procedures (Fannie Mae DUS, Freddie Mac loan process).

Expectations for All Employees

• Support the organization’s mission, vision, and values by exhibiting behaviors such as excellence, collaboration, innovation, respect, personalization, commitment to community, accountability, teamwork, and ownership.