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. The FHA/HUD Deputy Chief Underwriter – LEAN is a player-coach role responsible for both individual production and team leadership.

Responsibilities

• Lead and manage the FHA Underwriting Team, including Senior Underwriters, Underwriters, Analysts, and Loan Processors.
• Manage an individual underwriting portfolio while maintaining critical pipeline data and oversight across the broader team.
• Coach, mentor, and develop Senior Underwriters and other team members through transaction review, real-time guidance, formal training, and ongoing feedback.
• Participate in recruiting, hiring, and retaining employees, and lead onboarding efforts to ensure seamless integration of new hires into the team.
• Conduct mid-year and year-end employee performance reviews, and conduct other reviews as necessary to address issues requiring immediate corrective action.
• Independently underwrite complex FHA-insured transactions while overseeing the broader FHA underwriting process.
• Review and quality-control underwriting narratives, HUD-form documentation, and related analyses prepared by Senior Underwriters and other team members.
• Assess transaction risk, provide risk mitigation strategies, and deal structuring recommendations.
• Establish and maintain productive working relationships with HUD field offices, the National Servicing Center, and other FHA counterparts.
• Stay current on Lien Guide changes, HUD Mortgagee Letters, Housing Notices, and program updates, and ensure timely integration into underwriting practices, procedures, and training.
• Serve as a senior underwriting leader on deal calls, functioning as a hands-on problem solver and troubleshooter.
• Interface directly with borrowers, HUD staff, and external clients when necessary, maintaining a proactive, professional, and transparent approach.

Requirements

• 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.

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.

Skills

• Demonstrate strong organizational and time management skills, ensuring tasks are completed efficiently under tight deadlines.
• Exhibit initiative, sound judgment, and the ability to work independently with minimal supervision.
• Manage multiple complex transactions simultaneously while maintaining high standards of quality and accuracy.
• Thrive in collaborative, team-oriented environments, fostering cooperation and shared success.
• Resolve conflicts constructively and professionally, maintaining a calm and solution-focused approach.
• Demonstrate strong attention to detail and commitment to accuracy in all underwriting work product.

Accountability

Accountability in this role is defined as: Credit Quality — Ensuring the integrity, consistency, and defensibility of all FHA underwriting decisions and HUD submissions. Risk Management — Early identification, escalation, and mitigation of material credit, compliance, and execution risks. Governance & Compliance — Adherence to the Lien Guide, HUD requirements, internal credit policy, and audit standards. Exceptional Client Experience — Delivering a predictable, transparent, and professional underwriting experience characterized by clear communication, timely decision-making, and solution-oriented credit guidance. Team Development — Recruiting, training, and retaining a high-performing FHA underwriting team; promoting a positive working culture. External Credibility — Maintaining trust, credibility, and constructive working relationships with HUD, borrowers, and other key external stakeholders.

Pay

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.