FHA Sr. Underwriter – MAP (Commercial Real Estate)

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 multifamily loans across the country. We are committed to delivering exceptional client service while maintaining a disciplined, risk-conscious approach to every transaction.

Job BRIEF (PURPOSE)

As an FHA Senior Underwriter – MAP, you will lead the underwriting and execution of complex FHA-insured multifamily transactions, including 223(f), 221(d)(4), and 223(a)(7) loans. This role is responsible for driving transactions from early screening through firm commitment, serving as the lead underwriting authority and primary liaison with HUD. You will partner closely with originators, and credit leadership to structure deals, assess risk, and deliver high-quality, compliant submissions. This role is critical to supporting the growth and performance of KeyBank’s agency lending platform.

Essential Job Functions

• Perform due diligence for proposed multifamily FHA-insured loans, including analyzing proposed transactions, reviewing third-party reports (appraisals, market studies, environmental assessments, physical condition assessments), and leading the underwriting team to prepare loan applications for submission to FHA.
• Complete, review, and ensure accuracy of all required HUD-form documents for application submissions.
• Build and analyze financial models to evaluate loan feasibility, cash flow projections, and risk scenarios.
• Drive all assigned transactions through the underwriting pipeline to ensure timely and accurate completion from application through firm commitment.
• Identify and assess transaction risks, document findings in accordance with credit approval requirements, and escalate deviations to support effective portfolio risk management.
• Maintain productive relationships with all partners, including mortgage bankers, borrowers, HUD staff, and third-party consultants—through a collaborative approach and timely disclosure of transaction risks.
• Actively contribute market intelligence, industry insights, and programmatic expertise in support of the team's strategy and financial goals.
• Pursue and develop internal and external relationships to facilitate effective real estate transactions and support the line of business strategy.
• Complete all compliance requirements related to each transaction to minimize risk.
• Deliver responsive, exceptional customer service throughout all stages of the transaction process.

Additional Responsibilities

• Collaborate with mortgage bankers and management to support the origination of FHA loans and drive new business opportunities.
• Facilitate staff development by conducting training sessions, identifying growth opportunities, and promoting continuous learning for both team members and self.
• Lead recruitment and onboarding efforts to ensure seamless integration of new hires into the team.
• Represent KeyBank with professionalism and excellence at industry conferences, HUD training sessions, and trade organization events.
• Travel as required, including overnight stays, to conduct property inspections and fulfill other job-related duties.

Required Qualifications

• Minimum of five (5) years of direct experience underwriting FHA-insured multifamily loans.
• Current MAP-approved Underwriter status with HUD.
• Demonstrated expertise in analyzing market rate and affordable multifamily transactions, with strong knowledge of FHA underwriting fundamentals and the MAP Guide.
• Proven experience preparing and reviewing 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.
• 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 or mentoring junior underwriters or analysts.

Competencies / Skills

• Strong organizational and time management skills, ensuring tasks are completed efficiently under tight deadlines.
• 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.
• Strong attention to detail and commitment to accuracy in all underwriting work product.

Equipment Used / Physical Requirements

• Proficient in PC-based productivity tools including Microsoft Word, Excel, Outlook, and Adobe Acrobat, with the ability to leverage these platforms for efficient documentation, analysis, and communication.
• Skilled in utilizing financial calculators and Excel-based financial modeling tools to perform advanced underwriting, scenario analysis, and data-driven decision-making.

Training Required

• Complete all required KeyBank compliance training within designated timelines to ensure adherence to regulatory and organizational standards.
• Develop a thorough understanding of KeyBank's underwriting and processing procedures to ensure consistency, accuracy, and alignment with internal protocols.