Underwriter, GSE

Merchants Bancorp•Washington, DC

22h

About The Position

Position is responsible for ensuring the timely and accurate underwriting of multifamily mortgage loan transactions in accordance with Agency and Bank guidelines. Responsibilities include but are not limited to reviewing customer data, making sound credit decisions and ensuring they are documented to secondary market guidelines where applicable, as well as assisting loan officers and processors with gathering of loan documents. Under moderate supervision, work closely with the Review Underwriter underwriting new loan originations for Fannie Mae/Freddie Mac. Perform evaluation of proposed Agency loans for credit risk; obtain deal approvals from Merchants credit committee and respective Agency.

Requirements

Bachelor’s degree in Finance, Economics, Real Estate or another related field required.
Minimum three-years of multifamily loan underwriting experience required; knowledge of Fannie Mae and Freddie Mac loan products is preferred.
Knowledge and understanding of Agency lending guidelines, including applying applicable credit parameters in order to minimize credit risk required.
Knowledge and understanding of Agency pricing standards in order to determine the all-in interest rate preferred.
Knowledge and understanding of various organizational structures such as LLCs, LPs, Corporations, Trusts, etc. preferred.
Exceptional analytical, problem solving, and organizational skills required.
Requires critical thinking skills and multitasking
The ability to successfully work as a team in a fast-paced environment and demonstrate strong listening, negotiating, and leadership skills required.
Effective written and oral communication skills required.
An expertise in Microsoft Word, Excel, PowerPoint and Adobe required.

Responsibilities

Underwrite multifamily Agency loans originated by Merchants Capital.
Manage underwriting process for new loans from origination to closing.
Adhere to Agency loan requirements, reviewing updates on an ongoing basis, to stay current on changes made by respective Agencies and/or Merchants.
Perform site inspections of underwritten assets.
Manage third party vendors and evaluate third party reports including appraisal reports, engineering reports, environmental reports, zoning reports, flood certifications, preliminary title, etc.
Coordinate and manage communication with internal Merchants staff including the Review Underwriter, originations and closings team; Agency; third party vendors, including but not limited to, the appraiser, engineer and environmental consultant; Merchants legal counsel; insurance consultant; borrower and any others that are pertinent to the success of the transaction.
Evaluate Borrower financial statements, bank statements, credit reports, legal searches, real estate owned (REO) schedules, resumes, etc., and determine any potential credit risks.
Together with other members of the team, generate a Due Diligence checklist along with monitoring receipt of and processing due diligence as it is received.
Review files for completeness and identify critical missing information.
Analyze historical operating statements, rent rolls, market characteristics, etc., and complete the underwriting loan submission template.
Alert appropriate persons to potential deal issues as soon as they arise.
Prepare the loan package for evaluation and approval by Merchants Credit Committee and Agency Lenders.
Collaborate closely with the Underwriting Team Lead, origination, and closing teams to align on underwriting approach, open issues, and next steps throughout the transaction lifecycle.
Maintain clear, accurate, and up-to-date documentation of underwriting analysis, assumptions, and deal status to ensure transparency, continuity, and alignment across a distributed team environment.
Follow established review and escalation protocols, including aligning with the Underwriting Team Lead before advancing workstreams or communicating material credit positions.
Communicate underwriting conclusions, deal status, and approvals clearly and consistently with internal teams and external partners.
Perform other related duties as assigned.