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Credit Products Officer II
Ref No.: 18-15504
Location: Washington, DC, District of Columbia
Brokerage has a unique opportunity for a FHA MAP Underwriter with a strong focus on affordable transactions and 3-5 years' experience to join our growing FHA platform. Brokerage Community Development Banking ( "CDB”) group is one of the top affordable housing lenders and investors nationwide.
The MAP Underwriter will be primarily responsible for underwriting and submitting assigned financing applications to the Department of Housing and Urban Development (HUD) in accordance with its MAP Guide, related HUD guidelines, Bank procedures and regulatory guidelines. S/he will also be responsible for assisting with the preliminary screening of new deals coming into the bank.
Job functions will include but are not limited to:
  • Deal Structuring: The Underwriter should understand the use of FHA with LIHTC equity, tax-exempt bond financing, and subordinate financing.
  • Economic Feasibility Analysis: This includes all components of net operating income (NOI), proposed cost estimates and anticipated lease-up, as applicable. Candidate should have a working knowledge of affordable housing programs including LIHTC, HOME, RAD, HAP contracts and vouchers, ability to research and understand other federal and state programs and apply appropriately to FHA MAP lending guidelines. In addition, the underwriter should be able to understand and apply guidelines related to tax abatement programs and ground leases typical in the affordable housing arena.
  • Market Analysis: Underwriter should have ability to review Market Studies and data derived from other research and source material to ensure sufficient demand and supportable rents to project NOI.
  • Appraisal Analysis and Review: The Underwriter will participate in the process of selecting and working with approved third-party appraisers. They will be responsible for review of the appraisal and related forms and for working with the appraiser to develop an accurate final appraisal.
  • Food and Beverage Client/AEC Review/Environmental: The Underwriter will participate in the selection process and work with the third-party toward a final product that meets all HUD guidelines and accurately reflects the transaction.
  • Mortgage Credit Analysis: Utilizing HUD application documents and other Bank information, Underwriter must be able to analyze credit documentation, including REO schedules, to determine ownership structure and Active Principals, credit worthiness as well as capacity issues and other risks/mitigates to HUD and Client. The Underwriter should understand the analysis required of LIHTC investors in affordable transactions as well as how to analyze non-profit financial statements and review non-profits.
  • Underwriter's Narrative, Site Visit, Concept Meeting and HUD Forms: Underwriter is responsible, in conjunction with other team members, for completing the Underwriter's Narrative and required HUD forms pursuant to HUD guidelines. Underwriter is also responsible for conducting the site inspection and if applicable, preparing a concept meeting package and attending concept meeting with Borrower.
  • Primary contact for HUD on a transaction basis: The Underwriter will serve as the primary HUD contact maintaining a positive relationship throughout.
  • Facilitate Closing, as needed: Work closely with third-party closer/servicer, attorneys and HUD to facilitate closing.
In addition, the MAP Underwriter may be called up to:
  • Serve as a resource/expert on FHA financing to CDB and other Bank associates
  • Participate in creating and presenting training sessions for CDB associates
  • Provide input/ideas on FHA policies and procedures in the spirit of on-going process and customer service improvement
  • Provide input and assist in the development of forms, templates on an as-needed basis
  • Participate in meetings with CDB associates, clients and prospective borrowers
  • Attend internal and external conferences and meetings
  • MAP Certified (LEAN not required)
  • 3 -5 years of FHA lending experience or equivalent including affordable housing lending
  • B.S./Master's degree in Accounting, Finance, Economics, Real Estate or other related field
  • Travel required for site inspections, conferences, and meetings (20%)
More Information About the Job
Is Relocation Available?
Yes, nationwide

Are you open to sponsorship?

This position is:
New Position

Is there a possibility to work remote?

Is there equity?

Are there flexible work hours?

Does this position have direct reports?

What are the 3-4 non-negotiable requirements on this position?
candidate has to have a MAP underwriting certification Intake Call Notes: Looking for: 1. Experience screening/reviewing new deals 2. Experience with MAP underwriting (preferably 3 years experience) 3. Looking for affordable experience 4. Someone that can work on their own but not afraid to ask questions This position has flexibility to work from home. The preference is to have someone working in the Washington, DC office since the entire team is there. There are 4 other team members this candidate will be working with. This position is opened because the team is growing due to spending the last 5 years building the platform organically. Growth potential: promoted to deputy chief . Bonus; Pay for performance programs (varies from 10%-35%). Open to relocation but it depends on the circumstance - it is usually a lump sum. Current issues finding candidates: Not having the MAP experience. This is a very specialized type of job and license. But the hiring manager can award people a license as long as the candidate has experience and industry experience. Interview process: Phone interview with the hiring manager. Then an in - person with HM and team. 1-2 week interview process. Hiring ASAP. Background check. No credit check.

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