Overview:Responsible for due diligence and direct underwriting of multifamily transactions under the Fannie Mae, Freddie Mac, FHA and/or HUD programs. In addition, the UW is responsible for coordinating all aspects of the loan from the time the loan is assigned to the Underwriter to closing and after to ensure all data points are consistent and correct to be prepared for a successful post closing audit. Underwriter needs to be flexible to pivot quickly to incorporate new procedures and software systems.Position Responsibilities:
Analyze and manage the multifamily underwriting process ensuring loans are underwritten in accordance with appropriate investor guidelines and commitments are issued in a timely manner.
Responsible for accurate loan sizing and overall risk assessment prior to/or after application utilizing specific investor underwriting guidelines and requirements.
Interview prospective borrowers and property managers to obtain critical property, management, and borrower details for each transaction.
Responsible for reviewing subordinate debt documents and regulatory agreements in accordance to the program requirements.
Work with originators to determine most appropriate deal structure for transactions and resolve outstanding issues.
Interact with respective Investor Representatives (Fannie Mae, Freddie Mac, Life, HUD, etc) regarding loan transaction terms and waivers.
Inspect property in accordance with Investor guidelines (travel required-national).
Obtain and review all third party reports associated with each transaction as required by specific investor.
Completion of underwriting narrative/committee package.
Work closely with the processing team to monitor the status of the submission and communicate with the deal team and customer to ensure transactions are submitted in a timely manner.
Review of commitment letter and handoff to loan closing department.
Stay current new or revised legislation and regulations that may impact established policies.
(Affordable Housing Specific):
Work with the Director of Affordable Underwriting and assisting other non-affordable parties with specific qualifications.
Coordinate with construction lenders, equity providers, and bond underwriters depending on the product type.
Work with loan analysists in sizing transactions prior to transactions going under application.
Addressing post-closing follow-up requests from asset management or rating agencies and potential buyers of the security during the securitization process (Freddie Mac).
Mentor junior underwriters assigned to transaction.
Understand and adhere to the Company’s risk and regulatory standards, policies and controls in accordance with the Company’s Risk Appetite.Identify risk-related issues needing escalation to management.
Promote an environment that supports diversity and reflects the M&T Bank brand.
Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
Complete other related duties as assigned.
Scope of Responsibilities:Underwriters are required to use analytical skills to review rent roll, operating statements, financial statements, third party reports (real estate appraisals, market studies, physical needs reports and environmental reports) to make credit judgments and prepare the required application submissions to the appropriate agency.Position requires a high level of detail and desire/ability to serve as mentor to others on the team, as experience is gained.Supervisory/ Managerial Responsibilities:Indirect management/mentor of other team members assigned to the transaction.Minimum Qualifications:Bachelor's Degree or equivalent work experience and 7 years underwriting or related experience to include completion of multifamily inspection training (or similar work experience and credit training) or in lieu of a degree a combined minimum of 11 years’ higher education and/or work experience including a minimum of 7 years underwriting or related experience to include completion of multifamily inspection training (or similar work experience and credit training)Affordable Housing Specific: Experience with taxable, tax-exempt, and preservation product types.HUD Specific: MAP and/or Healthcare designations or relevant experience that could convert to certification.Teamwork and strong verbal and written communication skills. Strong problem solving skills offering solutions to keep the transaction moving forward.Strong Excel and modeling ability.Travel will be required to inspect properties and attend necessary training, when available.M&T Bank is committed to fair, competitive, and market-informed pay for our employees. The pay range for this position is $115,703.73 - $192,839.55 (USD). The successful candidate’s particular combination of knowledge, skills, and experience will inform their specific compensation. The range listed above corresponds to our national pay range for this role. The specific pay range applicable to you may vary based on your location.LocationClanton, Alabama, United States of AmericaM&T Bank Corporation is an Equal Opportunity/Affirmative Action Employer, including disabilities and veterans.
Full-time