Underwriter III- Real Estate Banking

PNC; Pittsburgh (Allegheny County); On-site; USD 67,500 - 172,500; Full time

Benefits offered by this job

Medical/prescription drug coverage

401(k) with PNC match

Paid time off including vacation and holidays

Job summary

PNC is seeking an experienced Underwriter III to join our Real Estate Banking organization in Pittsburgh. In this role, you will manage complex real estate transactions and conduct thorough credit assessments to ensure alignment with internal policies and market standards.

The successful applicant will possess advanced skills in financial analysis and risk management, with significant experience in credit decisions. PNC offers a competitive compensation package and opportunities for professional development.

Qualifications

• 3+ years of relevant industry experience.
• Knowledge of IRS Code Sections 42 and 47.
• Ability to perform risk assessments and credit decisions.

Responsibilities

• Perform comprehensive credit underwriting and portfolio management.
• Develop recommendations on deal structure and terms.
• Conduct ongoing credit risk management for assigned portfolios.

Skills

Credit Decisions

Financial Analysis

Identifying Risks

Decision Making

Process Improvements

Results‑Oriented

Risk Assessments

Education

Bachelor's Degree

Job description

Position Overview

At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success. As an Underwriter III within PNC's Real Estate Banking organization, you will be based in a PNC location.

Job ID: R228089

Entity Finance Underwriter

The Entity Finance Underwriter is responsible for performing comprehensive credit underwriting and portfolio management across complex entity-level real estate transactions, including private and institutional real estate funds, homebuilders, real estate operating companies (REOCs), and subscription/capital call facilities. This role applies advanced financial, structural, and risk analysis to assess borrower creditworthiness, evaluate repayment capacity, and structure transactions in alignment with internal credit policy, regulatory expectations, and market standards.

Key Responsibilities

• Identify key credit risks and develop appropriate mitigants: detailed financial analysis and projection review, structural features (covenants, borrowing bases, advance rates), investor eligibility and concentration limits, assign and justify internal risk ratings, ensure consistency with policy and underwriting guidelines, provide recommendations on deal structure, sizing, and terms to optimize risk‑adjusted returns.
• Work independently with little or no oversight. Exercise exception and elevated approval authority. Prepare loan offerings for all types of transactions at any level of complexity or manage a portfolio as assigned. Provide recommendations for credit structuring. Serve as subject‑matter expert for certain asset classes.
• Use independent judgment to identify risks and mitigants; prepare offerings and/or scorecards (risk ratings) by analyzing credit, collateral strength, and financial worthiness of loan/transaction parties. Perform ongoing credit risk management for the assigned portfolio when relevant. Coach or review the work of other underwriters and fill in for manager as required.
• Contact internal/external customers and other parties as appropriate to gather information and clarify inconsistent, incorrect or missing information. Perform relevant pre‑approval and post‑approval activities.
• Identify and confirm all external regulatory requirements. Ensure internal policies/procedures are followed.
• Make recommendations or decisions on credit decisions as appropriate.
• Possess knowledge of IRS Code Sections 42 and 47, equity structures and documentation, market research (including onsite inspections and market comp analysis), and third‑party or external guidelines.

Employee Expectations

• Customer Focused – Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions.
• Managing Risk – Assessing and effectively managing all of the risks associated with their business objectives and activities to ensure they adhere to and support PNC’s Enterprise Risk Management Framework.

Qualifications

Successful candidates must demonstrate appropriate knowledge, skills, and abilities for this role.

Preferred Skills

• Credit Decisions
• Decision Making
• Financial Analysis
• Identifying Risks
• Process Improvements
• Results‑Oriented
• Risk Assessments

Competencies

• Accuracy and Attention to Detail
• Coaching Others
• Credit Analysis and Verification
• Decision Making and Critical Thinking
• Knowledge of Underwriting
• Managing Multiple Priorities
• Market Research
• Real Estate Development
• Real Estate Practice
• Real Estate Property Data Analysis
• Real Estate Sales Closings and Agreements
• Regulatory Environment – Financial Services

Work Experience

Roles at this level typically require a university/college degree, with 3+ years of relevant direct industry experience. Certifications are often desired. In lieu of a degree, a comparable combination of education, job‑specific certification(s), and experience (including military service) may be considered.

Education

Bachelors

Certifications

No Required Certification(s)

Licenses

No Required License(s)

Pay Transparency

Base Salary: $67,500.00 – $172,500.00. Salaries may vary based on geographic location, market data and on individual skills, experience, and education. This role is incentive eligible with the payment based upon company, business and/or individual performance.

Benefits

PNC offers a comprehensive range of benefits to help meet your needs now and in the future. Depending on your eligibility, options for full‑time employees include: medical/prescription drug coverage (with a Health Savings Account feature), dental and vision options; employee and spouse/child life insurance; short and long‑term disability protection; 401(k) with PNC match, pension and stock purchase plans; dependent care reimbursement account; backup child/elder care; adoption, surrogacy, and doula reimbursement; educational assistance, including select programs fully paid; a robust wellness program with financial incentives.

Paid time off includes maternity and/or parental leave; up to 11 paid holidays each year; 9 occasional absence days each year, unless otherwise required by law; between 15 to 25 vacation days each year, depending on career level; and years of service.

Disability Accommodations Statement

If an accommodation is required to participate in the application process, please contact us via email at [e-mail]. Include “accommodation request” in the subject line, and provide your name, the job ID, and your preferred method of contact. Applicants may also call 877‑968‑7762 and say “Workday” for accommodation assistance.

Equal Employment Opportunity (EEO)

PNC provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or other categories protected by law. This position is subject to the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA) and, for any registered role, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and/or the Financial Industry Regulatory Authority (FINRA), which prohibit the hiring of individuals with certain criminal history.

California Residents

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