Underwriter - GSE

Responsibilities

• Review customer data and make sound credit decisions
• Document decisions to secondary market guidelines where applicable
• Assist loan officers and processors with gathering of loan documents
• Work closely with the Review Underwriter to underwrite new loan originations for Fannie Mae/Freddie Mac
• Evaluate proposed Agency loans for credit risk
• Obtain deal approvals from Merchants credit committee and respective Agency

Requirements

• Underwrite multifamily Agency loans originated by Merchants Capital
• Manage underwriting process from origination to closing
• Adhere to Agency loan requirements and review updates
• Perform site inspections of underwritten assets
• Manage third party vendors and evaluate third party reports
• Coordinate and manage communication with internal Merchants staff and external partners
• Evaluate Borrower financial statements, bank statements, credit reports, legal searches, real estate owned (REO) schedules, resumes, etc.
• Generate a Due Diligence checklist and monitor due diligence
• Review files for completeness and identify missing information
• Analyze historical operating statements, rent rolls, market characteristics, etc.
• Complete the underwriting loan submission template
• Alert appropriate persons to potential deal issues
• Prepare the loan package for evaluation and approval by Merchants Credit Committee and Agency Lenders
• Collaborate with the Underwriting Team Lead, origination, and closing teams
• Maintain clear, accurate, and up-to-date documentation of underwriting analysis, assumptions, and deal status
• Follow established review and escalation protocols
• Communicate underwriting conclusions, deal status, and approvals clearly and consistently

Qualifications

• Bachelor’s degree in Finance, Economics, Real Estate or another related field required
• Minimum three-years of multifamily loan underwriting experience required; knowledge of Fannie Mae and Freddie Mac loan products is preferred
• Knowledge and understanding of Agency lending guidelines, including applying applicable credit parameters in order to minimize credit risk required
• Knowledge and understanding of Agency pricing standards in order to determine the all-in interest rate preferred
• Knowledge and understanding of various organizational structures such as LLCs, LPs, Corporations, Trusts, etc. preferred
• Exceptional analytical, problem solving, and organizational skills required
• Requires critical thinking skills and multitasking

Skills

• Strong analytical, problem solving, and organizational skills
• Excellent written and oral communication skills
• Expertise in Microsoft Word, Excel, PowerPoint and Adobe

Benefits

• 401(k) employer contributions
• Employee stock ownership plan (ESOP)
• Medical, dental and vision insurance
• Variety of types of leaves of absence, including paid time off, paid holidays, paid leave as provided under state and local paid leave laws, and short-term and long-term disability
• Health savings accounts (HSAs), flexible spending accounts (FSAs), dependent care and commuter reimbursement accounts, employee and dependent life insurance and supplemental life and AD&D insurance
• Telhealth, optional ancillary insurance policies, education assistance, and an employee assistance program

About the Role

The position is responsible for ensuring the timely and accurate underwriting of multifamily mortgage loan transactions in accordance with Agency and Bank guidelines.