Manager of Rental Underwriting

Title:   Manager of Rental Underwriting

Organization:  MassHousing

Location:  One Beacon Street, Boston, MA  02108

Posting Closes:  Close of Business on May 15, 2024

Website:  https://www.masshousing.com

MassHousing recently affirmed its longstanding commitment to diversity and inclusion in its 5-year Strategic Goals, see https://www.masshousing.com/-/media/Files/Corporate/MH-5yr-Strategic-Business-Goals.ashx.

THE ORGANIZATION

MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people.  A bold mission for an innovative agency.  Since its inception in 1966, MassHousing has provided more than $27.5 billion for more than 125,000 apartments and more than 105,000 home mortgage loans.  Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.  

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts.  We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion. 

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck.  MassHousing’ s total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

• Tuition reimbursement up to $10,000 per calendar year
• A 35-hour work week and a Hybrid work schedule
• Back up Child/Elder Care
• Retirement Savings including a pension and a deferred compensation plan (with a match)
• Comprehensive health, dental and vision plans
• 12 paid Holidays per year and generous sick, vacation, and personal time
• Short-Term Disability 
• Central Boston office location, convenient to public transportation and amenities on site

If you’re ready to join our dynamic team of mission driven professionals, this might be the job for you! Interested candidates should send a letter of interest and a resume to MassHousing by logging in to https://prd01-hcm01.prd.mykronos.com/ta/6003873.careers?CareersSearch

Position Summary

The Manager of Rental Underwriting is primarily responsible for the direct supervision of a small group of junior and senior team members including Senior Rental Underwriters (SRU), Rental Underwriters (RU), Associate Underwriters and/or Underwriting Analysts engaged in the underwriting and closing of multifamily affordable housing financing proposals involving taxable or tax-exempt bond financing.  Taxable transactions typically involve “preservation” (FFB/Treasury) or HUD MAP re-financings and may include financings utilizing 9% Low Income Housing Tax Credits (LIHTCs) as well as other loan products. Tax-exempt transactions typically involve new construction; substantial rehabilitation utilizing 4% LIHTCs and other debt, equity products.  

As a senior member of the Rental Underwriting team, the Manager of Rental Underwriting is called upon to take a leadership role in project and program development, leading deal teams of internal stakeholders on complex rental transactions.   

This position has been designated as “Flex” under MassHousing’s Alternative Work Schedule (AWS)-hybrid work model. However, during the first 90 days, the employee may be expected in the office more frequently for training and onboarding.  

Specific Duties and Responsibilities

• Underwrites, closes, and manages their own portfolio of rental loans through completion before the hand off to asset management. 

• Provides guidance to Origination and Borrowers during prescreen by identifying early in the process potential issues including deal structuring, loan sizing, appraisal concerns, design and environmental reviews.  

• Approves due diligence by working directly with the assigned Appraiser and Architect to order third-party reports, while coordinating the underwriting and underwriting inputs from other MassHousing staff, including, but not limited to, Originators, Appraisers, Architects, Design and Technical, Portfolio and Asset Managers, Mortgage Credit and Capital Finance, Diversity & Inclusion and Attorneys.   

• Works closely with the Director of Rental Underwriting to ensure that underwriting issues are identified and addressed, and that loans are processed in accordance with prudent loan standards and applicable MassHousing and HUD/FHA regulations, guidelines, and policies.  

• Communicates all findings to the Originator, assists in preparing the Board Proposal and is responsible for preparing the Commitment Letter.  After commitment, prepares applications to HUD for applicable credit enhancement documentation and assists legal coordinating the closing of the loan by taking the lead to review and approve business due diligence. This includes leading the communication with the Borrower and internal MassHousing deal team staff.  

• Provides technical expertise as assigned to evaluate existing programs and underwriting practices, the development of new multifamily business initiatives, and multifamily lending policies and procedures.  

• Manages and mentors a small team of direct reports.

• Leads underwriting related cross functional teams, as assigned, such as bond issuance planning, pipeline planning, Joint Venture programmatic relationships.  

• Performs other duties and responsibilities as assigned and reports directly to the Director of Rental Underwriting.

Knowledge, Skills and Abilities Required

• Exceptional critical thinking, leadership, strategic thinking, negotiation, curiosity, problem-solving and effective time management skills.
• In-depth knowledge of affordable multifamily housing, underwriting and loan closing diligence.  
• Ability to work both collaboratively and independently.
• Excellent organizational, written, and oral communication skills. 
• Sound judgement, ability to anticipate problems and opportunities, identify, assess, and take steps to mitigate risk, explore options and develop solutions.
• Ability to respond to needs of internal and external customers and key stakeholders, collaborate with co-workers and business partners, resolve conflicts effectively, and assume additional responsibility when needed.

Minimum Education and Training

• Bachelor's Degree or equivalent work experience required.  Advanced degrees in Finance, Real Estate Management, Business Administration, or related field preferred. 

• At least ten years of professional real estate experience and significant experience with government and private financing programs for affordable housing.   
• Must have broad knowledge of government and private financing programs, including federal insurance, tax credits and affordable housing programs.
• Prior supervisory experience preferred.
• Excellent written and oral communication skills required.

Salary Range:  $114,710 - $149,123  

All positions at MassHousing require a customer service mindset, in accordance with our values:  Integrity, Excellence, Collaboration, Respect, Accountability and Service.  Inherent in these values is our commitment to diversity, equity, and inclusion for all.

MassHousing is an Equal Opportunity Employer