Agency Underwriter or Senior Agency Underwriter

KeyBank • Cleveland, OH

6d • Onsite

About The Position

KeyBank Real Estate Capital is a leading commercial real estate finance platform offering a comprehensive suite of debt and equity solutions. The Commercial Mortgage Group (CMG) is a top-tier Fannie Mae DUS® and Freddie Mac Optigo® lender seeking talented professionals to join their growing Agency production team. This role is for an Agency Underwriter or Senior Underwriter responsible for performing comprehensive due diligence and underwriting of Fannie Mae and Freddie Mac conventional market-rate multifamily mortgage loans. The position requires managing a substantial deal volume and ensuring timely, accurate, and risk-conscious execution of the lending pipeline. The ideal candidate is a self-starter who can manage a heavy workload with speed and precision, exercise sound credit judgment, and deliver institutional-quality underwriting packages. Collaboration with originators, processing, closing, and servicing teams is essential. This is an on-site position requiring work from a KeyBank office, with preferred locations in Boston, MA; Chicago, IL, and Cleveland, OH, though other locations may be considered for the right candidate.

Requirements

• Bachelor's degree required.
• Minimum of three (3) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement (for Underwriter).
• Minimum of five (5) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement (for Senior Underwriter).
• Demonstrated expertise in analyzing market-rate multifamily real estate transactions, including cash flow underwriting, loan sizing, market analysis, and borrower/guarantor evaluation.
• Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines.
• Strong working knowledge of Fannie Mae DUS® and Freddie Mac Optigo® program requirements, guidelines, and Selling/Servicing Guides.
• Excellent verbal and written communication skills, with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences.
• Proficiency in reviewing and interpreting third-party reports, including appraisals, environmental assessments, and engineering reports.
• Proficient in PC-based productivity tools including Microsoft Word, Excel, Outlook, PowerPoint, and Adobe Acrobat.
• Skilled in utilizing financial calculators and Excel-based financial modeling tools to perform underwriting analysis, loan sizing, scenario testing, and data-driven decision-making.
• Ability to travel nationally for property inspections, which may include walking properties, climbing stairs, and inspecting building systems and grounds.
• Complete all required KeyBank compliance training within designated timelines.
• Develop and maintain a thorough understanding of KeyBank's underwriting and processing procedures.
• Complete Fannie Mae DUS® and Freddie Mac Optigo® required lender training and certification modules as applicable.
• MBA Multifamily Inspection Course will be required if not previously taken.

Nice To Haves

• A degree in Real Estate, Finance, Economics, or Accounting is preferred.
• Five (5) to Seven (7) or more years of Agency multifamily underwriting experience.
• Experience underwriting across a range of market-rate multifamily product types, including conventional market rate, mobile home communities, age-restricted, and student housing.
• Familiarity with Fannie Mae and Freddie Mac technology platforms and submission portals.
• Prior experience at a DUS® or Optigo® lender, GSE, or national mortgage banking firm.
• Working knowledge of affordable housing, tax credit (LIHTC), and mixed-income programs is a plus but not required.

Responsibilities

• Independently underwrite a high volume of Fannie Mae DUS® and Freddie Mac Optigo® conventional market-rate multifamily loans, managing multiple transactions simultaneously under tight deadlines.
• Perform accurate loan sizing, cash flow analysis, and overall risk assessment utilizing investor-specific underwriting guidelines, ensuring loans are structured appropriately prior to and/or following application.
• Analyze historical and projected property financial statements, rent rolls, operating budgets, and capital expenditure plans to develop supportable underwriting conclusions.
• Evaluate complex borrower and guarantor structures, including review of personal and business financial statements, organizational documents, credit reports, and background checks to assess sponsor strength and experience.
• Prepare thorough, well-organized underwriting narratives and credit packages for internal review and Agency submission, clearly articulating deal strengths, risks, and mitigants.
• Conduct property inspections and submarket analysis for assigned transactions, documenting physical condition findings and competitive market positioning.
• Obtain, review, and analyze all required third-party reports—including appraisals, engineering/physical condition assessments, environmental reports, and seismic studies—for programmatic compliance and reasonableness, providing timely and actionable feedback to vendors.
• Interact directly with Fannie Mae and Freddie Mac representatives regarding transaction terms, waivers, variances, and program-specific requirements.
• Coordinate with originators to determine optimal deal structures, resolve underwriting issues, and ensure transactions align with both investor guidelines and KeyBank credit standards.
• Interview prospective borrowers and property managers to obtain critical property, management, financial, and operational details for each transaction.
• Manage internal underwriting and deal-management systems (e.g., pipeline tracking, data entry, document management) to ensure accuracy, completeness, and audit-readiness of all loan files.
• Work closely with processing, closing, and servicing teams to monitor submission status, clear conditions, and ensure seamless handoffs at each stage of the loan lifecycle.
• Review commitment letters and loan documents for consistency with underwriting terms and Agency requirements.
• Stay current on Fannie Mae and Freddie Mac program updates, policy changes, Selling and Servicing Guide revisions, and industry regulations that may impact established underwriting procedures.
• Execute all compliance-related tasks for each transaction to minimize risk exposure, ensuring adherence to Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and Fair Lending requirements.
• Deliver exceptional customer service to internal and external stakeholders, contributing to a professional, responsive, and solutions-oriented underwriting process.
• Provide programmatic guidance to colleagues as a subject-matter resource on Agency multifamily underwriting, sharing knowledge and best practices without a formal supervisory role.
• Collaborate with mortgage bankers and management to support Agency loan origination efforts and identify new business opportunities.
• Assist in the development and refinement of internal underwriting templates, checklists, and process improvements to enhance efficiency and consistency.
• Travel may be required, including overnight stays, to conduct property inspections, attend Agency training sessions, and fulfill other job-related duties.

Benefits

• 401(k) matching (dollar-for-dollar up to 6%)
• PTO
• Fitness reimbursement
• Tuition reimbursement
• Competitive base salary + discretionary bonus
• Eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.
• Eligibility for short-term incentive compensation and deferred incentive compensation subject to individual and company performance.

What This Job Offers

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