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Multifamily Underwriter - Affordable Housing

Rockville, MD, USA | Greystone & Co.

  • Industry:
    Real Estate
  • Position Type:
  • Functions:
    Accounting / Control
    Finance (Internal)
    Real Estate
  • Experience:
    3-5 years
Job Description:
53 people have viewed this job

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, with over $18.3 billion in loan originations in 2021. The firm consistently ranks in the Top 10 for Fannie Mae & Freddie Mac multifamily loan originations and is the #1 FHA commercial lender in the country. Greystone also ranks nationally as a top affordable housing, seniors housing, and small balance loan lender. A highly philanthropic company, Greystone donates more than half of its profits to charity each year.

Greystone is seeking an Underwriter for our Affordable Housing team. The underwriter’s overall responsibility is underwriting a transaction on the Affordable Agency Underwriting Team in compliance with agency guidelines and managing it from commencement through closing.

Primary Duties and Responsibilities:

  • Responsible for underwriting multifamily affordable housing mortgages on income producing properties across the Freddie Mac and Fannie Mae agency platforms.

  • Perform affordable underwriting and understand the nuances of tax credits, Section 8 housing and various affordable regulatory agreements.

  • Prepare well written narratives and accurate spreadsheets for submission to internal committee and participating agencies for approval.

  • Review due diligence which includes, but not limited to, review of Borrower financial statements and schedule of real estate, comprehensive understanding of third-party reports, ability to analyze different local and national real estate trends (tertiary and large markets), and ability to read and comprehend legal documents, and identifying any significant deal point issues.

  • Travel to various markets as needed to conduct site inspections as well as any training opportunities prepared internally or externally

  • Attend weekly due diligence calls while working closely with other team members, including analysts, closers, originators and legal.

Experience, Skills and Abilities Required:

  • Minimum 3-5 years of underwriting experience

  • Bachelor’s/University degree

  • Proficient with Microsoft based programs including Word and Excel as well as ability to adopt new technology

  • Experience with multifamily affordable preferred but not required

  • Familiar with underwriting both MAH (Fannie Mae) and TAH (Freddie Mac) various product lines

  • Ability to handle heavy workloads, work on tight timelines, and manage priorities effectively.

  • Ability to interact with Borrowers in a confident manner and manage their expectations in tandem with production through clear communication to proactively address issues or impediments to timing.

  • Work independently on most deal issues, solve problems at basic to moderate levels.

  • Ability to interact with various Agency management and credit leads.

  • Potentially mentor other members of the team. More experienced candidates may offer training, advice, check ins as needed, such as, setting up post-mortem discussions on pitfalls, mistakes, or positive points on closed transactions.

At Greystone, we believe that finding creative solutions for our clients comes from the collaboration of people with diverse backgrounds and perspectives. We strive to build an inclusive work environment that celebrates differences and empowers all individuals with opportunities to channel their entrepreneurial spirit. 

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