Agency Underwriter or Senior Agency Underwriter
3 days ago
Overland Park
KeyBank Real Estate Capital is one of the nation's premier commercial real estate finance platforms, offering a comprehensive suite of debt and equity solutions for multifamily and commercial properties. Our Commercial Mortgage Group (CMG) is a top-tier Fannie Mae DUS and Freddie Mac Optigo lender with a proven track record of originating, underwriting, and servicing Agency multifamily loans nationwide. Backed by KeyCorp's balance sheet strength and national reach, CMG delivers competitive execution, deep market expertise, and a commitment to excellence on every transaction. We are growing our Agency production significantly and seeking talented professionals who thrive in a high-volume, high-performance environment. The Agency Underwriter and Senior Underwriter is a high-impact individual contributor responsible for performing comprehensive due diligence and underwriting of Fannie Mae and Freddie Mac conventional market-rate multifamily mortgage loans. This role carries a substantial deal volume and is critical to the timely, accurate, and risk-conscious execution of CMG's Agency lending pipeline. The ideal candidate is a self-starter who manages a heavy workload with speed and precision, exercises sound credit judgment, and consistently delivers institutional-quality underwriting packages from application through commitment. The ideal candidate will work collaboratively with originators, processing, closing, and servicing teams. Essential Job Functions: • Independently underwrite a high volume of Fannie Mae DUS and Freddie Mac Optigo conventional market-rate multifamily loans, managing multiple transactions simultaneously under tight deadlines., • Perform accurate loan sizing, cash flow analysis, and overall risk assessment utilizing investor-specific underwriting guidelines, ensuring loans are structured appropriately prior to and/or following application., • Analyze historical and projected property financial statements, rent rolls, operating budgets, and capital expenditure plans to develop supportable underwriting conclusions., • Evaluate complex borrower and guarantor structures, including review of personal and business financial statements, organizational documents, credit reports, and background checks to assess sponsor strength and experience., • Prepare thorough, well-organized underwriting narratives and credit packages for internal review and Agency submission, clearly articulating deal strengths, risks, and mitigants., • Conduct property inspections and submarket analysis for assigned transactions, documenting physical condition findings and competitive market positioning., • Obtain, review, and analyze all required third-party reportsincluding appraisals, engineering/physical condition assessments, environmental reports, and seismic studiesfor programmatic compliance and reasonableness, providing timely and actionable feedback to vendors., • Interact directly with Fannie Mae and Freddie Mac representatives regarding transaction terms, waivers, variances, and program-specific requirements., • Coordinate with originators to determine optimal deal structures, resolve underwriting issues, and ensure transactions align with both investor guidelines and KeyBank credit standards., • Interview prospective borrowers and property managers to obtain critical property, management, financial, and operational details for each transaction., • Manage internal underwriting and deal-management systems (e.g., pipeline tracking, data entry, document management) to ensure accuracy, completeness, and audit-readiness of all loan files., • Work closely with processing, closing, and servicing teams to monitor submission status, clear conditions, and ensure seamless handoffs at each stage of the loan lifecycle., • Review commitment letters and loan documents for consistency with underwriting terms and Agency requirements., • Stay current on Fannie Mae and Freddie Mac program updates, policy changes, Selling and Servicing Guide revisions, and industry regulations that may impact established underwriting procedures., • Execute all compliance-related tasks for each transaction to minimize risk exposure, ensuring adherence to Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and Fair Lending requirements., • Deliver exceptional customer service to internal and external stakeholders, contributing to a professional, responsive, and solutions-oriented underwriting process., • Provide programmatic guidance to colleagues as a subject-matter resource on Agency multifamily underwriting, sharing knowledge and best practices without a formal supervisory role. Marginal or Peripheral Functions: • Collaborate with mortgage bankers and management to support Agency loan origination efforts and identify new business opportunities., • Assist in the development and refinement of internal underwriting templates, checklists, and process improvements to enhance efficiency and consistency., • Travel may be required, including overnight stays, to conduct property inspections, attend Agency training sessions, and fulfill other job-related duties. Required Qualifications - Underwriter: • Bachelor's degree required., • Minimum of three (3) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement., • Demonstrated expertise in analyzing market-rate multifamily real estate transactions, including cash flow underwriting, loan sizing, market analysis, and borrower/guarantor evaluation., • Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines., • Strong working knowledge of Fannie Mae DUS and Freddie Mac Optigo program requirements, guidelines, and Selling/Servicing Guides., • Excellent verbal and written communication skills, with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences., • Proficiency in reviewing and interpreting third-party reports, including appraisals, environmental assessments, and engineering reports. Required Qualifications - Senior Underwriter: • Bachelor's degree required., • Minimum of five (5) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement., • Demonstrated expertise in analyzing market-rate multifamily real estate transactions, including cash flow underwriting, loan sizing, market analysis, and borrower/guarantor evaluation., • Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines., • Strong working knowledge of Fannie Mae DUS and Freddie Mac Optigo program requirements, guidelines, and Selling/Servicing Guides., • Excellent verbal and written communication skills, with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences., • Proficiency in reviewing and interpreting third-party reports, including appraisals, environmental assessments, and engineering reports. Preferred Qualifications: • A degree in Real Estate, Finance, Economics, or Accounting is preferred; however, candidates with degrees in other relevant fields may also be considered based on experience and qualifications., • Five (5) to Seven (7) or more years of Agency multifamily underwriting experience., • Experience underwriting across a range of market-rate multifamily product types, including conventional market rate, mobile home communities, age-restricted, and student housing., • Familiarity with Fannie Mae and Freddie Mac technology platforms and submission portals., • Prior experience at a DUS or Optigo lender, GSE, or national mortgage banking firm., • Working knowledge of affordable housing, tax credit (LIHTC), and mixed-income programs is a plus but not required. Competencies / Skills: • Exceptional organizational and time-management skills, with the ability to prioritize and advance a large number of transactions simultaneously without sacrificing accuracy or quality., • Strong analytical and critical-thinking abilities, with a detail-oriented approach to financial analysis and risk assessment., • Self-directed and resourcefultakes initiative, works independently, and drives transactions to successful outcomes with minimal supervision., • Thrives in a fast-paced, deadline-driven environment and adapts quickly to shifting priorities and program changes., • Collaborative team player who fosters positive working relationships across departments and with external partners., • Professional demeanor with a solutions-focused approach to problem-solving and conflict resolution., • Demonstrates integrity, accountability, and a commitment to continuous learning and improvement. Equipment Used / Physical Requirements: • Proficient in PC-based productivity tools including Microsoft Word, Excel, Outlook, PowerPoint, and Adobe Acrobat, with the ability to leverage these platforms for efficient documentation, financial analysis, and communication., • Skilled in utilizing financial calculators and Excel-based financial modeling tools to perform underwriting analysis, loan sizing, scenario testing, and data-driven decision-making., • Ability to travel nationally for property inspections, which may include walking properties, climbing stairs, and inspecting building systems and grounds. Training Required: • Complete all required KeyBank compliance training within designated timelines to ensure adherence to regulatory and organizational standards., • Develop and maintain a thorough understanding of KeyBank's underwriting and processing procedures to ensure consistency, accuracy, and alignment with internal protocols., • Complete Fannie Mae DUS and Freddie