Vice President, Commercial Underwriting - Affordable Housing

Western Alliance Bank•Phoenix, AZ

80d

About The Position

As a Commercial Underwriter III – Affordable Housing, you’ll be responsible for underwriting complex loan requests and renewals for working capital lines of credit, commercial real estate loans, term loans, formula-based lines of credit, and other Bank lending products, with an emphasis on multifamily affordable housing transactions. These may include 4% and 9% LIHTC projects, tax-exempt bond financings, and structured executions involving multiple layers of public and private capital. You’ll build and maintain relationships with lending officers, developers, syndicators, and agency representatives, and will frequently review unique or nontraditional deal structures requiring deep analysis and coordination. Key responsibilities include evaluating financial performance, capital structure, collateral, and market factors to identify, assess, and mitigate credit risk. You may mentor junior underwriters and analysts in financial analysis, deal structure, and affordable housing program knowledge while ensuring that transactions comply with Bank policy and regulatory standards. Perform specialized financial analyses of complex affordable housing transactions, including multi-layered debt and equity structures. Provide detailed credit information and references for customers, loan officers, or other agencies as requested. Evaluate borrower, guarantor, and developer financial strength; analyze liquidity, contingent liabilities, and exposure concentrations. Perform detailed underwriting of construction-to-permanent executions and direct-pay letter of credit structures associated with tax-exempt bond deals. Review third-party reports (appraisals, market studies, environmental assessments) for compliance with Bank standards and affordable housing requirements. Model loan cash flows incorporating LIHTC equity, deferred developer fees, subordinate debt, and public funding sources. Prepare comprehensive credit memoranda, incorporating both financial risk assessment and qualitative mission-driven impacts. Participate in client and agency meetings as necessary to discuss deal structure, mitigate risk, and ensure execution alignment with Bank strategy. Mentor junior underwriters and analysts, providing guidance on affordable housing program mechanics, cash flow modeling, and credit presentation standards.

Requirements

6+ years of related experience, including at least 3 years in affordable housing, community development, or commercial real estate lending.
Bachelor’s degree or equivalent experience required; advanced degree or affordable housing certification preferred.
Advanced knowledge of general commercial banking operations, including deposit operations, loan administration, and treasury management.
Strong understanding of LIHTC program structure, tax-exempt bond executions, and layered capital sources used in affordable housing finance.
Advanced knowledge of applicable regulatory and legal compliance obligations, including CRA, fair lending, and community reinvestment standards.
Advanced analytical and writing skills with ability to craft high-quality, well-supported credit recommendations.
Proficiency with Excel and real estate financial modeling tools; ability to manage multiple, complex transactions with tight timelines.
Advanced speaking and writing communication skills.

Nice To Haves

advanced degree or affordable housing certification preferred

Responsibilities

Underwriting complex loan requests and renewals for working capital lines of credit, commercial real estate loans, term loans, formula-based lines of credit, and other Bank lending products, with an emphasis on multifamily affordable housing transactions.
Building and maintaining relationships with lending officers, developers, syndicators, and agency representatives
Reviewing unique or nontraditional deal structures requiring deep analysis and coordination
Evaluating financial performance, capital structure, collateral, and market factors to identify, assess, and mitigate credit risk
Mentoring junior underwriters and analysts in financial analysis, deal structure, and affordable housing program knowledge while ensuring that transactions comply with Bank policy and regulatory standards
Performing specialized financial analyses of complex affordable housing transactions, including multi-layered debt and equity structures
Providing detailed credit information and references for customers, loan officers, or other agencies as requested
Evaluating borrower, guarantor, and developer financial strength; analyze liquidity, contingent liabilities, and exposure concentrations
Performing detailed underwriting of construction-to-permanent executions and direct-pay letter of credit structures associated with tax-exempt bond deals
Reviewing third-party reports (appraisals, market studies, environmental assessments) for compliance with Bank standards and affordable housing requirements
Modeling loan cash flows incorporating LIHTC equity, deferred developer fees, subordinate debt, and public funding sources
Preparing comprehensive credit memoranda, incorporating both financial risk assessment and qualitative mission-driven impacts
Participating in client and agency meetings as necessary to discuss deal structure, mitigate risk, and ensure execution alignment with Bank strategy
Mentoring junior underwriters and analysts, providing guidance on affordable housing program mechanics, cash flow modeling, and credit presentation standards