RCC Sr. Affordable Agency Underwriter

M&T Bank Corporation; Clanton (AL); On-site; USD 124,000 - 206,000; Full time

Job summary

M&T Realty Capital Corporation is seeking an experienced Underwriter to manage multifamily underwriting and due diligence under Fannie Mae and Freddie Mac programs in a nationwide capacity. The role coordinates the loan from assignment to closing and post-closing audit, while adapting to new procedures and software systems.

Responsibilities include analyzing underwriting, sizing loans, interviewing borrowers, reviewing debt documents, structuring deals, communicating with investor reps,

Qualifications

• Bachelor's degree or equivalent with 7 years underwriting experience.
• Experience with taxable, tax-exempt, and preservation product types.
• Strong teamwork and verbal and written communication skills.
• Strong problem solving and Excel modeling abilities.
• Travel required to inspect properties and attend training.

Responsibilities

• Analyze and manage multifamily underwriting to ensure adherence to investor guidelines.
• Ensure accurate loan sizing and overall risk assessment.
• Interview borrowers and property managers for critical details.
• Review subordinate debt documents and regulatory agreements.
• Collaborate with originators to determine optimal deal structure.
• Interact with investor representatives (Fannie Mae, Freddie Mac).
• Inspect properties nationwide as required by investor guidelines.
• Acquire and review third-party reports for each transaction.
• Prepare underwriting narratives and committee packages.
• Coordinate with processing teams to monitor submissions and deadlines.
• Review commitment letters and handoffs to closing.
• Stay current with legislation and policy changes.
• Mentor junior underwriters on the team.
• Perform other related duties as assigned.

Skills

Excel

Modeling

Communication

Teamwork

Problem Solving

Education

Bachelor's Degree or equivalent

Job description

M&T Realty Capital Corporation is a wholly-owned subsidiary of M&T Bank. As a full-service mortgage banking company, we specialize in providing competitive financing nationwide for commercial real estate.

Overview:

Responsible for due diligence and direct underwriting of multifamily affordable transactions under the Fannie Mae and Freddie Mac programs. In addition, the UW is responsible for coordinating all aspects of the loan from the time the loan is assigned to the Underwriter to closing and after to ensure all data points are consistent and correct to be prepared for a successful post closing audit. Underwriter needs to be flexible to pivot quickly to incorporate new procedures and software systems.

Position Responsibilities:

• Analyze and manage the multifamily underwriting process ensuring loans are underwritten in accordance with appropriate investor guidelines and commitments are issued in a timely manner.
• Responsible for accurate loan sizing and overall risk assessment prior to/or after application utilizing specific investor underwriting guidelines and requirements.
• Interview prospective borrowers and property managers to obtain critical property, management, and borrower details for each transaction.
• Responsible for reviewing subordinate debt documents and regulatory agreements in accordance to the program requirements.
• Work with originators to determine most appropriate deal structure for transactions and resolve outstanding issues.
• Interact with respective Investor Representatives (Fannie Mae, Freddie Mac, etc) regarding loan transaction terms and waivers.
• Inspect property in accordance with Investor guidelines (travel required-national).
• Obtain and review all third party reports associated with each transaction as required by specific investor.
• Completion of underwriting narrative/committee package.
• Work closely with the processing team to monitor the status of the submission and communicate with the deal team and customer to ensure transactions are submitted in a timely manner.
• Review of commitment letter and handoff to loan closing department.
• Stay current new or revised legislation and regulations that may impact established policies.
• Work with the Director of Affordable Underwriting and assisting other non-affordable parties with specific qualifications.
• Coordinate with construction lenders, equity providers, and bond underwriters depending on the product type.
• Work with loan analysists in sizing transactions prior to transactions going under application.
• Addressing post-closing follow-up requests from asset management or rating agencies and potential buyers of the security during the securitization process (Freddie Mac).
• Mentor junior underwriters assigned to transaction.
• Complete other related duties as assigned.

Scope of Responsibilities:

Underwriters are required to use analytical skills to review rent roll, operating statements, financial statements, third party reports (real estate appraisals, market studies, physical needs reports and environmental reports) to make credit judgments and prepare the required application submissions to the appropriate agency. Position requires a high level of detail and desire/ability to serve as mentor to others on the team, as experience is gained.

Supervisory/ Managerial Responsibilities:

Indirect management/mentor of other team members assigned to the transaction.

Minimum Qualifications:

• Bachelor's Degree or equivalent work experience and 7 years underwriting or related experience to include completion of multifamily inspection training (or similar work experience and credit training) or in lieu of a degree a combined minimum of 11 years’ higher education and/or work experience including a minimum of 7 years underwriting or related experience to include completion of multifamily inspection training (or similar work experience and credit training).
• Experience with taxable, tax-exempt, and preservation product types.
• Teamwork and strong verbal and written communication skills.
• Strong problem solving skills offering solutions to keep the transaction moving forward.
• Strong Excel and modeling ability.
• Travel will be required to inspect properties and attend necessary training, when available.

Why Choose MTRCC:

We are 1 of 5 US-based lenders offering Fannie Mae, Freddie Mac, FHA, bridge loans, life company, debt funds and other capital source relationships Our parent company, M&T Bank, is one of the largest commercial real estate lenders in the United States. We leverage the power of our balance sheet and other financial services to provide a wide array of resources to fit our clients’ needs. Approved Fannie Mae DUS® and Freddie Mac Optigo® lender since 1989 One of the nation’s leading firms providing FHA-insured multifamily mortgages and an approved MAP lender with 30+ years of experience We offer a competitive Multifamily Bridge Loan Program aimed at providing customers with shorter-term financing solutions as a bridge to closing on an agency or life company execution Our long-standing relationships with numerous life insurance company investors gives us flexibility during the term of a loan www.mtrcc.com

Pay Range:

The pay range for this position is $123,600.00 - $206,000.00 Annual (USD). The successful candidate’s particular combination of knowledge, skills, and experience will inform their specific compensation. The range listed above corresponds to our national pay range for this role. The specific pay range applicable to you may vary based on your location.

Location:

Clanton, Alabama, United States of America

About M&T Bank:

Great companies have an enduring sense of purpose. At M&T, our purpose is a simple one: make a difference in people’s lives and uplift the communities we serve. M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s affiliates offer advice, guidance, expertise and solutions across the entire financial spectrum, combining M&T Bank’s traditional banking services with the wealth management and institutional capabilities offered by Wilmington Trust. M&T Bank has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. For more than 165 years, M&T has strived to take an active role in our communities and build long-lasting relationships with our customers. We are a bank for communities—combining the capabilities of a large bank with the care of a locally focused institution. As an employer of choice, we are proud to offer competitive benefits ranging from medical and retirement to forty hours of paid volunteer time, each year. Our core values – integrity, ownership, collaboration, curiosity, and candor – drive the work we do. We seek to further build upon our record of success by bringing in top talent and fresh skill sets while continuing to support the growth and development of all our team members. View M&T’s Human Capital Report to learn more.

Equal Employment Opportunity Statement:

M&T Bank is unwavering when it comes to providing equal employment opportunities to all employees and applicants without regard to race, color, national origin, religion, ethnicity, sex, gender identity, age, disability, citizenship, pregnancy, veteran status, military status, marital status, sexual orientation, genetic information or any other characteristic protected under applicable federal, state or local laws.

Drug-Free Workplace:

M&T Bank Corporation has policies and procedures in place to promote a drug free workplace.