Agency Sr. Underwriter – Affordable

KeyCorp; Highland Park (TX); On-site; USD 96,000 - 181,000; Full time

Job summary

KeyCorp is seeking an experienced underwriter for affordable multifamily housing transactions. The role focuses on underwriting for Fannie Mae, Freddie Mac, and Private Placement programs, with emphasis on LIHTC and bond financing, ensuring risk-conscious decisions and adherence to agency guidelines.

The position is on-site, with a base salary offering a broad range and eligibility for incentive compensation.

Qualifications

• Demonstrated expertise in analyzing affordable multifamily real estate transactions.
• Bachelor’s degree required.
• Minimum of five years underwriting affordable housing loans (Fannie Mae, Freddie Mac, private placement).

Responsibilities

• Deliver well-underwritten, risk-conscious real estate transactions that align with business strategy.
• Foster strong relationships across teams and external partners.
• Mentor and motivate team members with professionalism and integrity.
• Lead underwriting teams for affordable housing transactions.
• Review documents (LURAs, PILOTs) and summarize findings in narratives.
• Ensure compliance with Agency guidelines and program requirements.

Skills

Underwriting

Multifamily real estate

Communication

Leadership

Education

Bachelor's degree

Tools

Microsoft Excel

Adobe Acrobat

Financial modeling

Microsoft Word/Outlook

Job description

Location: 8117 Preston Road, Suite 400, Dallas Texas

The selected candidate will be responsible for performing comprehensive due diligence and underwriting activities for Fannie Mae, Freddie Mac, and Private Placement Affordable multifamily mortgage loans. This role requires a strong understanding of affordable housing finance programs and a commitment to delivering high-quality, risk-conscious underwriting support. 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, Cleveland, OH, Overland Park, KS, Atlanta, GA or Chicago, IL.

ESSENTIAL JOB FUNCTIONS

• Deliver exceptional customer service to internal and external clients by facilitating well-underwritten, risk-conscious real estate transactions that align with the business strategy.
• Foster strong working relationships across teams and with external partners to support transaction success.
• Mentor and motivate team members by modeling professionalism, integrity, and mutual respect.
• Thrive in a dynamic, fast-paced environment while maintaining high performance and adaptability.
• Contribute unique insights, market intelligence, and ideas to support KeyBank's mission and team goals.
• Communicate effectively- both verbally and in writing- while promoting open, direct, and collaborative dialogue with clients, teammates, and stakeholders.
• Demonstrate initiative and independence in managing responsibilities, driving transactions to successful outcomes with minimal supervision.
• Support cross-functional efforts within the Commercial Mortgage Group (CMG) to help achieve departmental goals.
• Exhibit full proficiency in Agency and Private Placement programs for affordable and market-rate multifamily housing, offering underwriting and programmatic expertise as needed.
• Underwrite affordable housing loans efficiently and in accordance with established policies and procedures to ensure a professional and risk-mitigated process.
• Apply knowledge of LIHTC and bond financing programs to assess transaction viability.
• Maintain strong understanding of lending program requirements and proactively identify and mitigate compliance risks.
• Review third-party reports for programmatic compliance and provide timely, actionable feedback to vendors.
• Conduct property inspections and market analysis for assigned transactions.
• Analyze complex borrower structures and identify key participants.
• Lead underwriting teams for affordable housing transactions, leveraging resources to meet client and team expectations.
• Evaluate documents related to affordable transactions (e.g., LURAs, subordinate debt, PILOT agreements) and summarize findings in written narratives.
• Assess construction budgets for adequacy in forward commitments.
• Manage internal underwriting and deal management systems to ensure data accuracy and completeness.
• Collaborate with origination, closing, and servicing teams to ensure compliance with Agency guidelines.
• Execute assigned duties professionally and elevate issues promptly when necessary.
• Complete all compliance-related tasks for each transaction to minimize risk exposure.

MARGINAL OR PERIPHERAL FUNCTIONS

• Collaborate with mortgage bankers and management to support the origination of Affordable housing loans and drive new business opportunities.
• Facilitate staff development by conducting training sessions, identifying growth opportunities, and promoting continuous learning for both team members and self.
• Lead recruitment and onboarding efforts to ensure seamless integration of new hires into the team.
• Represent KeyBank with professionalism and excellence at industry conferences, training sessions, and trade organization events.
• Travel may be required, including overnight stays, to conduct property inspections and fulfill other job-related duties.

REQUIRED QUALIFICATIONS

• Demonstrated expertise in analyzing Affordable multifamily real estate transactions, with a strong understanding of underwriting fundamentals.
• Bachelor’s degree required.
• Minimum of five (5) years of experience underwriting Affordable housing loans, including Fannie Mae, Freddie Mac, and Private Placement programs.
• Excellent verbal and written communication skills, with the ability to convey complex information clearly and professionally.

PREFERRED QUALIFICATIONS

• A degree in Real Estate, Finance, or Economics is preferred; however, candidates with degrees in other relevant fields may also be considered based on experience and qualifications.

COMPETENCIES / SKILLS

• Demonstrates strong organizational and time management skills, ensuring tasks are completed efficiently and effectively.
• Exhibits initiative and leadership qualities, contributing positively to team dynamics and project outcomes.
• Capable of managing multiple deadline-driven responsibilities simultaneously while maintaining high standards of quality.
• Thrives in collaborative, team-oriented environments, fostering cooperation and shared success.
• Resolves conflicts constructively and professionally, maintaining a calm and solution-focused approach.

EQUIPMENT USED/PHYSICAL REQUIREMENTS: 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 to perform advanced underwriting, scenario analysis, and data-driven decision-making.

TRAINING REQUIRED: Complete all required KeyBank compliance training within designated timelines to ensure adherence to regulatory and organizational standards. Develop a thorough understanding of KeyBank’s underwriting and processing procedures to ensure consistency, accuracy, and alignment with internal protocols.

COMPENSATION AND BENEFITS: This position is eligible to earn a base salary in the range of $96,000.00 - $181,000.00 annually. Placement within the pay range may differ based upon various factors, including but not limited to skills, experience and geographic location. Compensation for this role also includes eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.

Job Posting Expiration Date: 10/31/2026

KeyCorp is an Equal Opportunity Employer committed to sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, pregnancy, disability, veteran status or any other characteristic protected by law.

Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing [e-mail].

KeyBank is an organization collectively committed to helping you unlock your potential and discover what truly drives you. Working here means sharing our purpose to help our clients, colleagues, and communities thrive. You’ll find genuinely supportive teammates, a flexible, inclusive work environment, challenging projects, accessible leaders, and opportunities to grow in your position and your career. For 200 years, Key has opened doors in our communities. Let us open one for you.