Underwriter - MAP

Job Description

  

Responsible for all underwriting duties as defined by the Department of Housing & Urban Development's Multifamily Accelerated Processing (MAP) guide, the LEAN Underwriting Guidelines and in conformance with all other HUD/FHA and CBRE HMF's guidelines, statutes, regulatory and administrative requirements. Responsible for making sure the assigned projects for underwriting conform to and comply with CBRE HMF, Inc and FHA credit policies and underwriting parameters.

  

Production Goals - Meet performance underwriting goals established annually by Chief Underwriter. Act as liaison to borrower ensure underwriting processes move forward at a steady pace and manage the company and borrower's expectations for financing of loan. Manages assigned project underwriting expenses. Reports expense issues to Chief Underwriter.

Credit Delegation - Makes credit decisions within delegated underwriting authority. Prepares final loan underwriting recommendations for internal origination staff as well as Management staff to conform to HUD/FHA guidelines, statutes and regulations as requested. Participates in FHA loan committee, as presenting underwriter to lead project specific discussions regarding project, borrower, market and feasibility of borrower's ability to close. Researches and provides interpretation of special issues for HUD / FHA statutory and regulatory compliance for underwriting and origination staff as well as borrowers and their development team members. Reviews and assesses mortgage credit information including financial statements, verification of assets and liabilities, resumes, credit reports and references in order to confirm the creditworthiness of individual and corporate participants. Recommends approval or remediation of mortgage credit issues.

Project Management - Manages daily underwriting processing of assigned FHA-insured projects. Manages a portfolio of projects including tracking progress of multiple parties and components, determining next steps, assigning tasks and managing to project deadlines. Reviews the economics of the project to determine feasibility and risk. Assesses third party recommended replacement reserve, absorption, operating deficit escrow and cash flow analysis for reasonableness. Recommends final project financial data and prepare appropriate HUD forms according to regulatory guidelines. Review and analyze documentation, third party reports and economic feasibility in order to develop recommendation regarding project approval including mitigation of issues, assessment of risk and proposal of special conditions or waivers. Point of contact for internal and external parties for inquiries regarding project details, status, analysis, documentation and recommendations. Manage communication of project participants to ensure project deadlines are met. Verify revisions are made to appropriate documents and vetted to appropriate parties.

Keep team members informed of project status in order to facilitate conclusion of underwriting, loan closing and funding. Participates in periodic calls to report on project progress and to discuss project specific details associated with the document preparation, review, collection and 3rd party report submissions. Identifies due diligence results. Prepares the final conclusion of the underwriting and financing of the proposed project loan.

Completes and submits loan applications. Responsible for collection for all supporting materials, verification of accuracy and completion. Completes and submits loan applications per HUD guidelines for MAP (Multifamily Accelerated Processing), TAP (Traditional Application Processing) and LEAN (section 232 FHA insured) loans.

Directs the gathering of documents and work with analysts/processors to gather documentation from both internal and external sources, reviews and analyzes information for accuracy and organizes according to HUD requirements. Answers questions and explains guidelines in support of completion of documentation. If necessary, completes documentation for mortgagor approval.

Coordinates 3rd Party Services by advising participants regarding selection of appropriately experienced third party vendors such as surveyors, general contractors, architects, title insurers, attorneys, etc. Engages third party vendors including appraiser, market analyst, environmental engineer, capital needs assessor and architectural and cost review analyst. Ensures vendors have appropriate professional credentials. Reviews third-party reports (appraisal, market study, environmental site assessment, PCNA, architectural and cost review) and verifies MAP and/or LEAN requirements. Researches public information and market data to compare to data in third party reports.

Develops and compiles comments, negotiates revisions and verifies completion of changes requested. Researches unique issues including options for mitigation. Completes procedures for multiple report drafts to ensure a satisfactory final product. Monitors completion of reports to project deadlines.

Prepares narrative summary with assistance of analysts/processors. Ensures narrative identifies key elements of the loan proposal and addresses any risks and mitigations to risks.

Performs site inspections to verify accuracy of third party recommendations, determines suitability of value conclusions and confirms satisfaction of HUD and corporate requirements.

Represents the company within the real estate lending industry. Participates in real estate, mortgage banking and FHA professional organizations. Stays abreast of market, industry, FHA/HUD conditions and changes. Recommends revisions to internal policies and processes to incorporate changes in order to increase efficiency and maintains market competitiveness of CBRE HMF, Inc.

Other duties as assigned.

  

No formal supervisory responsibilities in this position. Provides informal assistance such as technical guidance, and/or training to coworkers. May lead project teams and/or plan, and supervise assignments of lower level employees.

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

  

Bachelor's degree from a four-year college or university required. Concentration in Business, Accounting, Finance, Economics, or a closely related field is preferred or equivalent experience. Successful track record in FHA mortgage lending industry. 3+ years financial experience in the real estate lending industry and must be specific to multifamily underwriting. 5+ yrs. relevant experience directly associated with FHA insured mortgages in a national arena is preferred. 3 - 5 years of credit experience is preferred with proven ability in handling large, complex, or specialty loans. Must demonstrate strong marketing and sales skills.




Must have the willingness to continue job related education.

Must be approved as a MAP Underwriter by FHA. HUD Lean Underwriter approval is desirable, but not required. Valid driver's license is required. MAP Underwriter will be required to show experience with a minimum of 3 of the 4 proposed HUD MAP Underwriting tiers to include at Tier 3 that would include 232 LEAN existing transactions.

  

Excellent written and verbal communication skills. Strong organizational and analytical skills. Ability to provide efficient, timely, reliable and courteous service to customers. Ability to effectively present information.




Requires advanced knowledge of financial terms and principles. Ability to calculate intermediate figures such as percentages, discounts, and commissions. Conducts advanced financial analysis.




Ability to comprehend, analyze, and interpret complex documents. Ability to solve problems involving several options in situations. Requires advanced analytical and quantitative skills.




Proficient in Microsoft Office Suite Products including: Word, PowerPoint and Excel.




Working knowledge of Argus.

May be required to travel as needed.

Decisions made with thorough understanding of procedures, company policies, and business practices to achieve general results and deadlines. Responsible for setting work unit and/or project deadlines. Errors in judgment may cause short-term impact to department.

  

Equal Opportunity and Affirmative Action Employer Women/Minorities/Persons with Disabilities/US Veterans