Underwriter (Multifamily)

Merchants Bank Of Indiana - Carmel-by-the-Sea, CA

Full-time

Carmel-by-the-Sea, CA

About the position

As a Multifamily/Affordable Housing Underwriter, you will play a crucial role in the evaluation and approval of loan applications for multifamily housing projects. Your primary responsibilities will include reviewing new applications, monitoring the receipt of all due diligence from borrowers, and analyzing the financial feasibility of new transactions, which may include construction, acquisition, and refinance loans. You will prepare applications for approval by the Bank's Loan Committee and ensure that all loans are documented in accordance with bank and secondary market guidelines where applicable. This position is designed for an individual contributor and does not involve leadership or management responsibilities; however, you will be expected to serve as a mentor to less experienced teammates. In your first year as an Underwriter, your success will be measured by your ability to synthesize and analyze due diligence effectively. You will input historical financial data to determine project cash flow and complete thorough reviews of borrower proforma and sponsor qualifications. Additionally, you will 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, engineering assessments, and operations & maintenance plans. Maintaining organized and fully documented underwriting files and managing underwriting checklists will be essential to your role. You will also communicate closely with various stakeholders, including Underwriting, Production, Closing, and Insurance teams, to deliver a comprehensive underwriting narrative to the loan committee, facilitating informed credit decisions and reviewing final loan documents.

Responsibilities

• Review new applications for multifamily housing loans.
• 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 data.
• 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, engineering assessments, and operations & maintenance plans.
• Maintain organized and fully documented underwriting files.
• Manage underwriting checklists.
• Communicate closely with Underwriting, Production, Closing, Insurance, and other stakeholders.
• Deliver comprehensive underwriting narratives to the loan committee.
• Review final loan documents.

Requirements

• 5+ years of multifamily underwriting experience; affordable housing experience preferred.
• Experienced understanding of the multifamily real estate lending process.
• Bachelor's degree in finance or a related field from an accredited institution.
• Demonstrated successful critical thinking skills.
• Ability to multitask and perform accurate, timely work with multiple priorities and deadlines.
• Excellent customer service, interpersonal communication, and presentation skills.
• Proficiency in Microsoft Excel, Word, and Outlook.
• Respect and empathy towards colleagues and other stakeholders.