VP - Senior Underwriter, Agency Affordable Housing

Berkadia Commercial Mortgage•Brentwood, MD

22h•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 collaborates with Origination, Global Production Operations (GPO), Closing, Servicing, Transformation, and Legal to ensure transactions are appropriately structured, underwritten, approved, and closed in accordance with Agency requirements and company credit standards. The position reviews and underwrites debt applications and supporting materials, assesses borrowers, sponsors, properties, market conditions, and third-party reports, and evaluates how affordability restrictions, regulatory agreements, subsidies, and other requirements affect property operations, cash flow, valuation, and credit risk. It prepares comprehensive underwriting submissions, provides final review and approval of supporting reports and documentation, and supports transactions through closing. The role also provides technical leadership, training, and mentorship to team members; maintains current expertise in Agency programs, policies, Guides, and regulatory developments; and contributes to process improvements, technology initiatives, and underwriting best practices.

Requirements

Exceptional credit judgment and ability to identify, assess, and mitigate risks associated with complex multifamily transactions.
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 ability to independently manage multiple complex transactions and competing deadlines.
Exceptional attention to detail, analytical ability, and communication skills.
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.

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.
Experience evaluating affordable housing structures that may include rent and income restrictions, regulatory agreements, LIHTC, Section 8/HAP contracts, subordinate financing, tax exemptions, and other governmental or subsidy programs.

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 proposed 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 program requirements.
Assess borrower and sponsor creditworthiness, organizational structure, third-party reports, market conditions, and property financial and physical performance.
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 Fannie Mae and Freddie Mac Guides, affordable housing program requirements, required forms, underwriting standards, and third-party reports.
Draft and finalize comprehensive underwriting submission packages that document transaction strengths and weaknesses, key credit risks, mitigants, and any requested waivers or exceptions.
Provide final review and approval of supporting reports and documentation.
Partner with Origination and other 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 underwriting 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 evolving affordable housing programs and underwriting requirements.
Contribute to process improvements, technology initiatives, and underwriting best practices to improve efficiency, consistency, risk management, and deal execution.
Perform other duties as assigned.