VP - Senior Underwriter, Agency Affordable Housing

Berkadia•Brentwood, TN

7d•Remote

About The Position

The VP – Senior Underwriter, Agency Affordable Housing underwrites and executes complex affordable multifamily transactions under Fannie Mae and Freddie Mac affordable housing programs. The role works closely with Origination, Global Production Operations (GPO), Closing, Servicing, Transformation, and Legal to structure, underwrite, approve, and close transactions in accordance with Agency requirements and company credit standards. The position assesses borrower and sponsor creditworthiness, property financial and physical performance, market conditions, third-party reports, and the effects of affordability restrictions, subsidies, and regulatory requirements. It prepares and reviews comprehensive underwriting submissions, identifies credit risks and mitigants, supports transactions through closing, and provides technical leadership, training, and mentorship to colleagues. The role also keeps current with Agency program and regulatory developments and contributes to process, technology, and underwriting improvements.

Nice To Haves

Demonstrated expertise underwriting and structuring Agency affordable multifamily transactions, with strong knowledge of Fannie Mae and/or Freddie Mac affordable housing programs.
Exceptional credit judgment and demonstrated ability to identify, assess, and mitigate risks associated with complex multifamily transactions.
Experience evaluating affordable housing structures involving rent and income restrictions, regulatory agreements, LIHTC, Section 8/HAP contracts, subordinate financing, tax exemptions, and other governmental or subsidy programs.
Strong understanding of multifamily property financial analysis, borrower and sponsor analysis, valuation, market analysis, third-party reports, and loan structuring.
Ability to interpret complex transaction structures and understand how affordability requirements and restrictions affect property economics, cash flow, valuation, and long-term credit performance.
Strong project and transaction management skills, including the ability to independently manage multiple complex transactions and competing deadlines.
Exceptional attention to detail, analytical ability, communication skills, and ability to work effectively across Origination, Underwriting, Closing, Servicing, Legal, and operational teams.
Demonstrated ability to mentor and develop junior underwriting professionals and serve as a technical resource on Agency Affordable Housing transactions.

Responsibilities

Collaborate with the DCUW to ensure adherence to company policies, credit standards, and applicable Fannie Mae and Freddie Mac affordable housing underwriting requirements.
Review debt application packages for compliance with Agency Affordable Housing program requirements and confirm loan sizing and structure align with applicable program and credit criteria.
Underwrite complex affordable multifamily transactions, including properties with regulatory or affordability restrictions, rent and income limitations, tax credits, subsidies, and other applicable program requirements.
Assess borrower and sponsor creditworthiness, organizational structure, third-party reports, market conditions, and property financial and physical performance against Agency and company requirements.
Evaluate how affordability restrictions, regulatory agreements, subsidy arrangements, and other property-specific requirements affect operations, cash flow, valuation, and credit risk.
Ensure accuracy and compliance with applicable Fannie Mae and Freddie Mac Guides, program requirements, forms, underwriting standards, and third-party reports.
Draft and finalize underwriting submission packages that explain transaction strengths and weaknesses, assess credit risks, document mitigants, and request waivers or exceptions when needed; provide final review and approval of supporting reports and documentation.
Partner with Origination and stakeholders to identify underwriting, structural, or execution issues early and develop appropriate solutions.
Support the closing process to ensure final loan documentation and transaction structure conform to approved credit terms and Agency requirements.
Keep the DCUW, Originators, Analysts, Closing, GPO, and other stakeholders informed about transaction progress, outstanding items, credit concerns, and execution risks.
Provide technical leadership, training, and mentorship regarding Agency Affordable Housing underwriting, credit analysis, and program requirements.
Maintain current knowledge of Fannie Mae and Freddie Mac affordable housing programs, policies, Guide updates, and relevant regulatory developments.
Participate in Agency training and industry education to maintain expertise in affordable housing programs and underwriting requirements.
Contribute to process improvements, technology initiatives, and underwriting best practices that improve efficiency, consistency, risk management, and deal execution.
Perform other duties as assigned.