Remote Based..  Excellent Compensation Package

To work with the Vice President, Chief Underwriter underwriting new loan originations for Fannie Mae/Freddie Mac. To perform evaluation of proposed Agency loans for credit risk. To ensure all required approvals are obtained both internally and externally.

Overview:

Underwrite transactions for the Freddie Mac – Conventional, Affordable, Freddie Mac – SBL and Freddie Mac –TAH platforms and Fannie Mae Loans.
• Review appraisal to ensure valuation is justified and that the selected sales and rent comparables, capitalization rate and operating expense assumptions used in the pro forma are all supportable.
• Review physical risk reports, green physical needs assessments, environmental phase I and zoning reports; responsible for addressing any issues identified in the reports.
• Review and interpret purchase and sale agreements, organizational documents, regulatory agreements and PILOT agreements.
• Identify and analyze market trends including vacancy rates, rent growth, population growth and unemployment percentage.
• Analyze and reconstruct borrower financial statement and REO schedule; review borrower credit report and verify liquidity.
• Finalize underwritten pro forma based on property historical financial statements, borrower’s budget, appraiser’s pro forma, market average expenses and actual tax and insurance expenses; size loan amount based on DCR and LTV constraints.
• Write transaction narrative including a physical description and history of the property, neighborhood/market information, description of borrower experience and financial condition, summary of third party reports, and deal strengths and weaknesses.
• Responsible for the on-time submission of the loan underwriting package while managing multiple transactions in various stages of the underwriting process, at the same time coordinating with management, loan processors, counsel and borrower.
• Retain a working knowledge of all Freddie Mac program requirements to ensure deals are within compliance.

Skills and Experience:

• Bachelor’s degree in Finance, Economics, Real Estate or related field required.
• 5 years’ experience in commercial loan underwriting required. Experience with Fannie Mae affordable underwriting and systems is strongly preferred.
• Knowledge of Fannie Mae and Freddie Mac loan products, including but not limited to: Freddie Mac Small Balance Loan (SBL), Freddie Conventional, Freddie Mac Targeted Affordable Housing (TAH), Fannie Mae Small Balance and Multifamily Affordable Housing (MAH) products.
• Knowledge and understanding of Agency lending guidelines, including applying applicable credit parameters in order to minimize credit risk is 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.