Rental Underwriter I

The Organization:

MassHousing will confront the Commonwealth's housing challenges to improve the lives of its people. A bold mission for an innovative agency. Since its inception in 1966, MassHousing has provided more than $30 billion for 92,000+ rental units and 90,000+ home mortgage loans. Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives. We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts. We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion. As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck. MassHousing’s total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

• Tuition reimbursement up to $15,000 per calendar year
• A 35-hour work week and a hybrid work schedule
• Back up Child/Elder Care
• Retail Savings including a pension and a deferred compensation plan (with a match)
• Comprehensive health, dental and vision plans
• 12 paid Holidays per year and generous sick, vacation, and personal time
• Short-Term and Long-Term Disability
• A central Boston office location, convenient to public transportation and amenities on site

About the Role

The Rental Underwriter I supports the prescreening, underwriting, commitment, and closing of multifamily loan transactions financed with taxable or tax-exempt bonds. This role collaborates closely with the Manager of Rental Underwriting and works with Originators, Portfolio Managers, and Legal staff to provide credit and structuring recommendations to meet Agency requirements relative to best practice standards and established policy and procedures. This position reports to the Manager of Rental Underwriting.

Responsibilities

Prescreening and Underwriting
Provide clear and timely feedback to internal staff regarding the proposed project design, development budget, operating budget, market need, and environmental issues during prescreening review
Collaborate with the internal deal team and prospective borrowers to review loan applications and underwrite transactions in compliance with loan program requirements
Model the economics of loan proposals and identify underwriting issues in collaboration with the internal deal team and technical experts
Work with the deal team and senior staff to prepare loan recommendations
Loan Closing
Collaborate with internal staff, including Legal, Finance, Origination, Design and Construction, Rental Management, and Loan Servicing to coordinate closing requirements, resolve diligence items, and ensure readiness for loan closing
Review business-side closing diligence for approval and address issues to ensure resolution prior to closing
Communicate feedback to developers regarding closing agenda, required deliverables, and the critical path to closing
Prepare strategic recommendations and solutions with guidance from the supervisor

Requirements

Security
Comply with MassHousing’s Information Security Program and all other Agency information security policies and procedures
Take responsibility for any Agency assets assigned to you
Promptly report any security events, incidents, or weaknesses to MassHousing’s Information Security Team

Qualifications

• Bachelor's Degree in Finance, Real Estate Management, Business Administration, or a related field
• 3+ years of substantive experience in multifamily finance, tax credit equity investment, or equivalent experience
• Broad knowledge of tax credit equity, government and private multifamily lending platforms, including credit enhancement and rental subsidy programs

Skills

• Advanced degree in Finance, Business Administration, or a related field
• Experience working as a multifamily underwriter for a lender, tax credit investor, or developer
• Familiarity with financial models, database technology, and project management

Benefits

If you’re ready to join our dynamic team of mission driven professionals, this might be the job for you!

Interested candidates should send a letter of interest and a resume to MassHousing by logging in to www.masshousing.com/workwithus.

Pay

Salary Range: $94,184.76 - $122,440.29

Schedule

MassHousing operates under a hybrid work model; therefore, employees are expected to work on-site according to a schedule determined in collaboration with their manager and based on the needs of the role. To support effective onboarding, new employees may be required to work in the office more frequently during their first 90 days.