FHA/HUD Deputy Chief Underwriter – LEAN
About the role
KeyBank Real Estate Capital is one of the nation's leading commercial real estate finance platforms, offering a full range of debt and equity solutions for multifamily and commercial properties. Our Commercial Mortgage Group (CMG) is a top-tier FHA lender with a proven track record of originating and servicing FHA-insured healthcare loans across the country. We are committed to delivering exceptional client service while maintaining a disciplined, risk-conscious approach to every transaction.
Essential Job Functions
Team Leadership & Pipeline Management: Lead and manage the FHA Underwriting Team, including Senior Underwriters, Underwriters, Analysts, and Loan Processors; assign transactions, balance workload, and ensure work is distributed appropriately based on deal complexity, experience, and capacity.
Credit Oversight & Risk Management: Independently underwrite complex FHA-insured transactions while overseeing the broader FHA underwriting process to ensure all loans are underwritten properly and firm commitments are issued on a timely basis.
HUD & Regulatory Governance: Establish and maintain productive working relationships with HUD field offices, the National Servicing Center, and other FHA counterparts to support approvals, waivers, policy interpretations, and issue resolution.
Deal Strategy & Client Experience: Serve as a senior underwriting leader on deal calls, functioning as a hands-on problem solver and troubleshooter while helping the team identify issues early and avoid last-minute surprises.
Required Qualifications
Minimum of seven (7) years of direct experience underwriting FHA-insured multifamily loans, with at least three (3) years in a supervisory or senior leadership capacity.
Current LEAN-approved Underwriter status with HUD.
Demonstrated expertise in analyzing market rate and affordable multifamily FHA transactions, with deep knowledge of the LEAN Guide, HUD Handbooks, and FHA underwriting fundamentals.
Proven experience preparing, reviewing, and quality-controlling HUD-required loan documentation, including underwriting narratives, cost certifications, and firm commitment applications.
Proficiency in financial modeling and advanced Excel-based analysis for multifamily underwriting.
Experience reviewing and interpreting third-party reports, including appraisals, market studies, environmental reports (Phase I/II), and physical condition assessments.
Excellent verbal and written communication skills, with the ability to convey complex underwriting concepts clearly and professionally.
Strong project management skills with the ability to manage multiple complex transactions simultaneously.
Bachelor's degree required.
Preferred Qualifications
A degree in Real Estate, Finance, or Accounting is preferred; however, candidates with degrees in other relevant fields will be considered based on experience and qualifications.
Familiarity with Low-Income Housing Tax Credit (LIHTC) structures and affordable housing regulatory requirements.
Prior experience managing underwriting teams of four or more professionals.
Compensation and Benefits
This position is eligible to earn a base salary in the range of $128,000.00 - $268,000.00 annually. Placement within the pay range may differ based upon various factors, including but not limited to skills, experience and geographic location. Compensation for this role also includes eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.