Agency Sr. Underwriter – Affordable

KeyBank • Dallas, TX

5d • Onsite

About The Position

The selected candidate will be responsible for performing comprehensive due diligence and underwriting activities for Fannie Mae , Freddie Mac , and Private Placement Affordable multifamily mortgage loans . This role requires a strong understanding of affordable housing finance programs and a commitment to delivering high-quality, risk-conscious underwriting support. Please note: This is an on-site position and not eligible for remote or virtual work . The candidate will be required to work from a KeyBank office , with preferred locations including Dallas, TX , Cleveland, OH , Overland Park, KS , Atlanta, GA or Chicago, IL.

Requirements

• Demonstrated expertise in analyzing Affordable multifamily real estate transactions, with a strong understanding of underwriting fundamentals.
• Bachelor’s degree required.
• Minimum of five (5) years of experience underwriting Affordable housing loans, including Fannie Mae, Freddie Mac, and Private Placement programs.
• Excellent verbal and written communication skills , with the ability to convey complex information clearly and professionally.

Nice To Haves

• A degree in Real Estate , Finance , or Economics is preferred; however, candidates with degrees in other relevant fields may also be considered based on experience and qualifications.

Responsibilities

• Deliver exceptional customer service to internal and external clients by facilitating well-underwritten, risk-conscious real estate transactions that align with the business strategy.
• Foster strong working relationships across teams and with external partners to support transaction success.
• Mentor and motivate team members by modeling professionalism, integrity, and mutual respect.
• Thrive in a dynamic, fast-paced environment while maintaining high performance and adaptability.
• Contribute unique insights, market intelligence, and ideas to support KeyBank’s mission and team goals.
• Communicate effectively—both verbally and in writing—while promoting open, direct, and collaborative dialogue with clients, teammates, and stakeholders.
• Demonstrate initiative and independence in managing responsibilities, driving transactions to successful outcomes with minimal supervision.
• Support cross-functional efforts within the Commercial Mortgage Group (CMG) to help achieve departmental goals.
• Exhibit full proficiency in Agency and Private Placement programs for affordable and market-rate multifamily housing, offering underwriting and programmatic expertise as needed.
• Underwrite affordable housing loans efficiently and in accordance with established policies and procedures to ensure a professional and risk-mitigated process.
• Apply knowledge of LIHTC and bond financing programs to assess transaction viability.
• Maintain strong understanding of lending program requirements and proactively identify and mitigate compliance risks.
• Review third-party reports for programmatic compliance and provide timely, actionable feedback to vendors.
• Conduct property inspections and market analysis for assigned transactions.
• Analyze complex borrower structures and identify key participants.
• Lead underwriting teams for affordable housing transactions, leveraging resources to meet client and team expectations.
• Evaluate documents related to affordable transactions (e.g., LURAs, subordinate debt, PILOT agreements) and summarize findings in written narratives.
• Assess construction budgets for adequacy in forward commitments.
• Manage internal underwriting and deal management systems to ensure data accuracy and completeness.
• Collaborate with origination, closing, and servicing teams to ensure compliance with Agency guidelines.
• Execute assigned duties professionally and escalate issues promptly when necessary.
• Complete all compliance-related tasks for each transaction to minimize risk exposure.
• Collaborate with mortgage bankers and management to support the origination of Affordable housing loans and drive new business opportunities.
• Facilitate staff development by conducting training sessions, identifying growth opportunities, and promoting continuous learning for both team members and self.
• Lead recruitment and onboarding efforts to ensure seamless integration of new hires into the team.
• Represent KeyBank with professionalism and excellence at industry conferences, training sessions, and trade organization events.
• Travel may be required, including overnight stays, to conduct property inspections and fulfill other job-related duties.

Benefits

• Base salary in the range of $96,000.00 - $181,000.00 annually.
• Eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.
• Access to a list of benefits for which this position is eligible.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior