Multifamily Underwriter - Affordable Housing
The Citi Community Capital (“CCC”) business line within Citi’s Global Spread Products (“GSP”) Municipal Finance Division, is seeking a Multifamily Underwriter to join its growing Fannie Mae and Freddie Mac multifamily lending platform.
CCC provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance and acquire multifamily housing across the country. Committed to the communities we serve, CCC finances both straightforward and highly structured transactions for non-profit and for-profit affordable housing developers, Community Development Financial Institutions, and state and local government agencies.
Our financings may employ a combination of taxable and tax-exempt loans or bonds; Low Income, Historic or New Markets Tax Credits; and government and private subsidies. CCC can provide capital directly or as an intermediary. We are a construction lender and a permanent lender, a Fannie Mae DUS© Lender and Freddie Mac Optigo© Lender, and principal in unique equity investments – all designed to improve neighborhoods, create jobs, or improve the health care services or educational opportunities available to the communities we serve.
It is the mission of CCC to be the preferred financial partner for affordable housing developers, non-profits and governmental entities that focus on community development. CCC provides its clients with a distinctive, remarkable experience based on world class responsiveness, customer service, creativity and superior execution. CCC accomplishes this mission throughout the country from 13 regional offices and, according to Affordable Housing Finance Magazine, has been named the #1 affordable housing lender in the United States in each of the past eleven years.
A CCC Multifamily Underwriter will:
- Create written and oral work products to test the financial feasibility and credit worthiness of construction loan forwards, permanent loans, and permanent loan conversions.
- Review real estate and borrower due diligence for preparation of internal committee packages needing credit approval, as well as, preparation of credit submissions required by Fannie Mae or Freddie Mac as necessary.
- Process transactions through internal systems to ensure regulatory requirements are met.
- Manage communications among a diverse mix of internal and external participants.
- Gain knowledge and understanding of local municipality and national requirements related to affordable housing financing.
- Travel to markets throughout the United States to conduct site inspections, meet with internal and external clients, and participate in career development training opportunities.
- May be required to conduct analysis on firm special projects as requested from senior management.
- The individual should have career aspirations within multifamily lending or investing, preferably, the Affordable Housing sector.
- Candidates should possess or will obtain working knowledge of Freddie Mac and/or Fannie Mae Multifamily Underwriting Guides and become familiar with the processes of each agency.
- Candidates with existing agency relationships will be considered a plus.
- The successful candidate will be comfortable analyzing real estate projects for financial feasibility and analyzing external market factors. This person will be well versed in commercial real estate concepts such as NOI, Cap Rates, debt service coverage, etc.
- The individual will have the tact and composure to be client focused while also managing internal and external relationships. A successful Multifamily Underwriter will take ownership while maintaining attention to details whether working independently or among team members.
- The candidate should possess the ability to read, comprehend, and summarize legal documents collected during the due diligence process.
- Working knowledge of the nuances of Affordable Housing, bond and LIHTC transactions will be very highly weighted in favor of the successful candidate.
- Excellent analytical and computer skills, including the ability to quickly adopt new technology, is desired.
- The ability to travel (10-20% of time) to asset inspections on short notice is necessary.
- Preferred candidates will have a minimum of two or more years in real estate loan underwriting or equivalent experience. Candidates possessing less than two years may be considered commensurate with qualifications.
- Candidates are required to have a Bachelor’s/University degree within a relevant subject matter.
Job Family Group:Institutional Banking
Job Family:Investment Banking
Time Type:Full time
Citi is an equal opportunity and affirmative action employer.
Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
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