FHA/HUD Deputy Chief Underwriter – LEAN

KeyBank • Overland Park, KS

16d • $128,000 - $268,000 • Onsite

About The Position

The FHA/HUD Deputy Chief Underwriter – LEAN is a player-coach role responsible for both individual production and team leadership. This position is expected to independently underwrite complex FHA-insured healthcare transactions — including large portfolios and single-asset loans — while also managing, coaching, and overseeing Senior Underwriters and the broader FHA Underwriting Team. The role provides day-to-day leadership, workflow direction, quality oversight, and training, ensuring transactions are assigned appropriately and executed with a high standard of credit quality, responsiveness, and client service. The Deputy Chief Underwriter serves as a senior underwriting authority, partnering closely with the Chief Underwriter, originators, and HUD to drive sound deal structuring, disciplined risk management, and timely execution across the FHA pipeline.

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 or Cleveland, OH or Overland Park, KS.

Requirements

• Minimum of seven (7) years of direct experience underwriting FHA-insured multifamily loans, with at least three (3) years in a supervisory or senior leadership capacity.
• Current LEAN-approved Underwriter status with HUD.
• Demonstrated expertise in analyzing market rate and affordable multifamily FHA transactions, with deep knowledge of the LEAN Guide, HUD Handbooks, and FHA underwriting fundamentals.
• Proven experience preparing, reviewing, and quality-controlling HUD-required loan documentation, including underwriting narratives, cost certifications, and firm commitment applications.
• Proficiency in financial modeling and advanced Excel-based analysis for multifamily underwriting.
• Experience reviewing and interpreting third-party reports, including appraisals, market studies, environmental reports (Phase I/II), and physical condition assessments.
• Excellent verbal and written communication skills, with the ability to convey complex underwriting concepts clearly and professionally.
• Strong project management skills with the ability to manage multiple complex transactions simultaneously.
• Bachelor's degree required.
• Proficient in PC-based productivity tools including Microsoft Word, Excel, Outlook, and Adobe Acrobat, with the ability to leverage these platforms for efficient documentation, analysis, and communication.
• Skilled in utilizing financial calculators and Excel-based financial modeling tools for advanced underwriting, scenario analysis, and data-driven decision-making.
• Complete all required KeyBank compliance training within designated timelines.
• Develop a thorough understanding of KeyBank's FHA underwriting and processing procedures to ensure consistency, accuracy, and alignment with internal protocols.

Nice To Haves

• A degree in Real Estate, Finance, or Accounting is preferred; however, candidates with degrees in other relevant fields will be considered based on experience and qualifications.
• Familiarity with Low-Income Housing Tax Credit (LIHTC) structures and affordable housing regulatory requirements.
• Prior experience managing underwriting teams of four or more professionals.

Responsibilities

• Lead and manage the FHA Underwriting Team, including Senior Underwriters, Underwriters, Analysts, and Loan Processors; assign transactions, balance workload, and ensure work is distributed appropriately based on deal complexity, experience, and capacity.
• Manage an individual underwriting portfolio while maintaining critical pipeline data and oversight across the broader team to ensure accurate reporting, visibility into deal status, and proactive management of timelines and bottlenecks.
• Coach, mentor, and develop Senior Underwriters and other team members through transaction review, real-time guidance, formal training, and ongoing feedback — with particular emphasis on sound credit judgment, the Lien Guide, HUD program requirements, and FHA underwriting fundamentals.
• Participate in recruiting, hiring, and retaining employees. Lead onboarding efforts to ensure seamless integration of new hires into the team.
• Conduct mid-year and year-end employee performance reviews. Conduct other reviews as necessary to address issues requiring immediate corrective action.
• Independently underwrite complex FHA-insured transactions while overseeing the broader FHA underwriting process to ensure all loans are underwritten properly and firm commitments are issued on a timely basis.
• Review and quality-control underwriting narratives, HUD-form documentation, and related analyses prepared by Senior Underwriters and other team members for accuracy, completeness, and compliance with applicable FHA policies, Lien Guide requirements, and internal credit standards.
• Assess transaction risk, provide risk mitigation strategies, and deal structuring recommendations. Ensure all risks are identified, documented, and appropriately addressed or escalated.
• Compare submissions to original quotes and screening terms to ensure conditions and stipulations have been fully addressed.
• Work with underwriters to ensure that waivers have been identified and properly requested from HUD.
• Establish and maintain productive working relationships with HUD field offices, the National Servicing Center, and other FHA counterparts to support approvals, waivers, policy interpretations, and issue resolution.
• Stay current on Lien Guide changes, HUD Mortgagee Letters, Housing Notices, and program updates. Ensure timely integration into underwriting practices, procedures, and training.
• Support audit readiness for all FHA underwriting activities, including internal audits, HUD reviews, OCC examinations, and regulatory inquiries.
• Serve as a senior underwriting leader on deal calls, functioning as a hands-on problem solver and troubleshooter while helping the team identify issues early and avoid last-minute surprises.
• Work collaboratively with the relationships managers and mortgage bankers to problem-solve, develop creative transaction structuring solutions, and drive new business opportunities.
• Interface directly with borrowers, HUD staff, and external clients when necessary, maintaining a proactive, professional, and transparent approach.
• Deliver responsive, exceptional customer service throughout all stages of the transaction process.
• Review loan commitments to ensure they are consistent with Loan Committee and HUD approval conditions.
• Periodically review and update form documents such as underwriting narratives, commitment letters, and application templates.
• Periodically review and update FHA underwriting processes and procedures to reflect best practices and program changes.
• Work closely with counsel assigned to each transaction to ensure proper documentation in compliance with approval conditions and HUD program requirements.
• Represent KeyBank with professionalism and excellence at industry conferences, HUD training sessions, HMAC forums, and trade organization events.
• Travel as required, including overnight stays, to conduct property inspections and fulfill other job-related duties.

Benefits

• Base salary in the range of $128,000.00 - $268,000.00 annually.
• Eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.
• List of benefits for which this position is eligible.

What This Job Offers

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