CRA Debt & Equity Underwriter

Ally Financial • Sandy, UT

4d • Hybrid

About The Position

Ally's CRA team is a highly specialized group within the Bank dedicated to positively impacting communities through CRA‑qualifying loans, investments, and services. While compliance with the CRA is a regulatory requirement for all FDIC‑insured banks, at Ally it is a purposeful effort. The team runs a portfolio that supports affordable housing, community services, economic development, and neighborhood revitalization. The Underwriter – CRA structures and underwrites affordable housing debt and equity transactions from screening through closing, prepares and presents credit approval documentation through Ally’s internal process, and partners with internal collaborators to deliver loans or investment proposals with strong credit underwriting, while balancing risk, return and community impact objectives. At this time, Ally will not sponsor a new applicant for employment authorization for this position.

Requirements

• 7+ years of relevant experience or equivalent combination of education and experience
• High school Diploma or GED equivalent

Nice To Haves

• Bachelor’s degree in finance, real estate, economics, accounting, or a related field
• 7+ years of experience in affordable multifamily lending, community development finance, and/or related real estate credit with progressively increasing responsibility
• Experience underwriting affordable housing construction loans and multi-property LIHTC investments, including sponsor/guarantor analysis, sources/uses and development budget review, operating pro forms, stress testing, and repayment capacity
• Deep knowledge of affordable housing lending structures and programs, including LIHTC-related capital stacks, construction risk, permanent takeout, and subsidy/agency requirements
• Strong underwriting and cash flow modeling skills (Excel), including DSCR sizing, sensitivity/scenario analysis, and clear documentation of assumptions and conclusions
• Ability to manage multiple active transactions and coordinate cross-functional deal teams from term sheet through closing
• Strong written and verbal communication skills, including drafting credit approval memoranda and presenting transaction analyses to credit and business stakeholders
• High integrity, attention to detail, and disciplined documentation/control practices
• Proficiency with Microsoft Office (Excel, PowerPoint, Word); comfort working across multiple systems and maintaining data integrity
• Commitment to community impact/CRA-related objectives and an understanding of how transactions support those goals
• Must be able to travel.

Responsibilities

• Underwrite affordable housing construction loans and multi-property LIHTC investments, including sponsor/guarantor analysis, sources/uses and development budget review, operating pro forms, stress testing, and repayment capacity
• Structure loans and equity investments to align risk/return and policy: sizing, pricing, leverage, guarantees, reserves, escrows, covenants, and conditions precedent; support alignment to internal credit standards and program requirements
• Oversee and interpret third-party due diligence (appraisals, environmental, construction, engineering, market studies) and translate findings into clear risk identification, mitigants, and closing requirements
• Draft credit approval packages and present transactions to internal approval partners, clearly articulating key risks, mitigants, and any requested policy exceptions
• Partner with manager to screen opportunities, assess sponsor and market fundamentals, price and size transactions, and negotiate key business terms (term sheets/LOIs) to balance competitiveness and credit rigor
• Drive execution from approval through closing: coordinate internal collaborators and external parties (borrowers, counsel, syndicators) to meet timelines and funding requirements
• Support portfolio and asset performance for assigned relationships: monitor construction progress/draws (as applicable), covenant compliance, waivers/amendments, watchlist tracking, and timely escalation of emerging risks
• Maintain strong documentation and data integrity across systems to support controls, audits, and reporting.
• Participate in Ally Bank’s community outreach programs, including volunteer and leadership opportunities with non-profit organizations, to contribute to the Bank’s CD service hour requirements

Benefits

• Market-competitive base pay
• Pay-for-performance incentives (bonuses)
• 20 paid time off days
• 11 paid holidays
• 8 hours of volunteer time off yearly
• Industry-leading 401K retirement savings plan with matching and company contributions
• Student loan pay downs
• 529 educational save up assistance programs
• Tuition reimbursement
• Employee stock purchase plan
• Financial learning center and financial coach access
• Flexible health and insurance options including medical, dental and vision
• Employee, spouse and child life insurance
• Short- and long-term disability
• Pre-tax Health Savings Account with employer contributions
• Healthcare FSA
• Critical illness, accident & hospital indemnity insurance
• Total well-being program
• Adoption assistance
• Surrogacy assistance
• Fertility assistance
• Paid parental leave
• Paid caregiver leave
• Dependent Day Care FSA
• Back-up child and adult/elder care days
• Childcare discounts
• Mentally Fit Employee Assistance Program
• Subsidized and discounted Weight Watchers® program
• Employee discount programs
• Travel allowances
• Relocation assistance
• Signing bonus
• Equity

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: High school or GED