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About the position
As a Multifamily / Affordable Housing Underwriter at Merchants Bank of Indiana, you will play a crucial role in the evaluation and approval of new applications for affordable housing financing. Your primary responsibilities will include reviewing applications, monitoring the receipt of all necessary due diligence from borrowers, and analyzing the financial feasibility of various transactions, including construction, acquisition, and refinance loans. You will prepare applications for approval by the Bank's Loan Committee, ensuring that all loans are documented in accordance with bank and secondary market guidelines where applicable. This position is designed for an individual contributor, meaning you will not have direct leadership or management responsibilities; however, you will be expected to serve as a mentor to less experienced team members. In this role, you will synthesize and analyze due diligence, input historical financial data to determine project cash flow, and complete reviews of borrower proforma and sponsor qualifications. You will also build underwriting proforma and construction draw schedule projections, conduct site visits to assess the condition and quality of multifamily projects, and review third-party reports, including appraisals and environmental assessments. Maintaining organized and fully documented underwriting files and managing underwriting checklists will be essential to your success. You will communicate closely with various stakeholders, including Underwriting, Production, Closing, and Insurance teams, to deliver a comprehensive underwriting narrative to the loan committee, ultimately guiding credit decisions. Additionally, you will review final loan documents to ensure compliance and accuracy.
Responsibilities
- Review new applications for affordable housing financing.
- Monitor the receipt of all due diligence from borrowers.
- Analyze financial feasibility of new transactions, including construction, acquisition, and refinance loans.
- Prepare applications for approval by the Bank's Loan Committee.
- Ensure loan documentation adheres to bank and secondary market guidelines.
- Synthesize and analyze due diligence.
- Input historical financial data to determine project cash flow.
- Complete reviews of borrower proforma and sponsor qualifications.
- Build underwriting proforma and construction draw schedule projections.
- Conduct site visits to assess the condition and quality of multifamily projects.
- Review third-party reports including appraisals and environmental assessments.
- Maintain organized and fully documented underwriting files.
- Manage underwriting checklists.
- Communicate closely with Underwriting, Production, Closing, and Insurance teams.
- Deliver a comprehensive underwriting narrative to the loan committee.
- Review final loan documents.
Requirements
- 5+ years of multifamily underwriting experience; affordable housing experience preferred.
- Bachelor's degree in finance or a related field from an accredited institution.
- Experienced understanding of the multifamily real estate lending process.
- Demonstrated successful critical thinking skills.
- Ability to multitask and perform accurate, timely work with multiple priorities and deadlines.
- Excellent customer service and interpersonal communication skills.
- Proficiency in Microsoft Excel, Word, and Outlook.
- Respect and empathy towards colleagues and stakeholders.
