Multifamily Agency Underwriter

About the role

GSE Multifamily Agency Underwriter – Zions Capital Markets is the newest bank‑sponsored dual license holder with Fannie Mae and Freddie Mac. Backed by the strength and regional reach of Zions Bancorporation, we are establishing a disciplined, scalable multifamily lending business focused on delivering best‑in‑class execution to institutional and private real estate clients.

Team Overview – The GSE Underwriting team evaluates, structures, and approves multifamily transactions across both Fannie Mae and Freddie Mac programs. As part of a growing platform, the team defines credit standards, enhances execution quality, and supports the firm’s expansion in agency lending.

Role Overview – This position offers the opportunity to work as a core underwriting contributor within a newly formed platform, with meaningful exposure to transaction flow and a voice in shaping underwriting processes, standards, and best practices.

Responsibilities

• Analyze and structure multifamily agency loan opportunities, ensuring alignment with Fannie Mae and Freddie Mac guidelines
• Perform full underwriting diligence, including cash flow analysis, risk assessment, and transaction structuring
• Partner closely with originators and capital markets professionals to screen deals and refine execution strategies
• Identify potential credit concerns early and develop solutions to mitigate risk and facilitate closing
• Apply agency frameworks to develop underwritten operating assumptions, including stabilized income and expense projections
• Maintain working knowledge of relevant agency guidelines and updates, incorporating changes into underwriting decisions
• Conduct on‑site inspections to evaluate property condition, management quality, and local market dynamics
• Review and interpret third‑party materials such as appraisals, engineering and environmental reports, and other diligence items
• Prepare comprehensive and clear credit write‑ups to support internal approval processes
• Ensure all deal files are complete, organized, and audit‑ready
• Coordinate with internal teams including asset management, servicing, and closing to support loan performance tracking and portfolio insights
• Contribute to the ongoing development of underwriting standards, reporting metrics, and portfolio monitoring tools
• Engage regularly with clients, brokers, consultants, and internal stakeholders throughout the transaction lifecycle
• Travel as needed to support property reviews and business development efforts
• Take on additional responsibilities as the platform evolves

Requirements

• Bachelor’s degree (minimum)
• Minimum of 3 years of experience in commercial real estate underwriting with a focus on multifamily
• Demonstrated ability to independently underwrite agency transactions (Fannie Mae and/or Freddie Mac), with prior deal volume preferred
• Strong familiarity with agency lending structures, guidelines, and execution processes

Skills

• Solid foundation in multifamily credit analysis, including sponsorship evaluation, market analysis, and operational performance
• Strong analytical mindset with the ability to make informed decisions in time‑sensitive environments
• Proficiency in financial modeling and interpreting complex datasets
• Clear and effective communication skills, both written and verbal, with comfort presenting to senior stakeholders
• Ability to operate in a growth‑oriented, build‑phase environment, demonstrating initiative and ownership
• Experience helping develop or refine processes, frameworks, or underwriting standards is a plus
• Capable of structuring and executing complex transactions within defined risk parameters
• Collaborative approach with a focus on teamwork and cross‑functional alignment
• High attention to detail, strong organizational skills, and a commitment to continuous improvement

Benefits

• Medical, Dental, and Vision Insurance – START DAY ONE!
• Life and Disability Insurance, Paid Paternal Leave, and Adoption Assistance
• Health Savings (HSA), Flexible Spending (FSA), and dependent care accounts
• Paid Training, Paid Time Off (PTO), and 11 Paid Federal Holidays
• 401(k) plan with company match and Profit Sharing
• Mental health benefits, including coaching and therapy sessions
• Tuition Reimbursement for qualifying employees
• Employee Ambassador preferred banking products

Pay

Pay Range (Depending upon relatable skills and experience): $150,000 - $250,000

Location: This role can be located anywhere in the U.S.