One Beacon Street
Since its inception in 1966, MassHousing has supported affordable home ownership and rental housing opportunities throughout Massachusetts. The Agency has provided more than $25 billion for affordable housing in that time. Currently, MassHousing is seeking an experienced professional for the position of Associate Underwriter to continue the Agency’s storied history of affordable housing funding.
The Associate Underwriter is primarily responsible for underwriting multifamily affordable housing financing transactions under the supervision of an Underwriter. Additionally, the Associate Underwriter is responsible for the day-to-day operations, oversite, and maintenance of various underwriting programs. Transactions will include both taxable and tax-exempt executions with either new construction, substantial rehabilitation, or refinancings with moderate rehabilitation, both with and without Low Income Housing Tax Credits (LIHTC). The Associate Underwriter will engage in transactions at the pre-screen stage, initially providing internal guidance on potential underwriting issues including loan sizing, market/appraisal concerns, as well as environmental and construction reviews. As the transaction proceeds to underwriting, the Associate Underwriter will collect and review due diligence, perform financial modeling and analysis, and communicate with internal and external parties. The Associate Underwriter will work closely with an Underwriter 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. The Associate Underwriter will assist in the preparation and presentation of the loan package for credit approval. The Associate Underwriter will become proficient in the underwriting and processing of Risk Sharing and FHA-insured transactions for existing portfolio refinancings and new Agency business. The Associate Underwriter is expected to enroll in select course offerings in order to become an Underwriter, therefore, candidates must have a demonstrated history of academic success and professional development. The Associate Underwriter will perform other duties and responsibilities as assigned.
More specifically, the Associate Underwriter is responsible for the following:
- Perform all underwriting related tasks as needed, including but not limited to collection and review of due diligence, financial modeling and analysis, communication with internal and external parties.
- Oversee the day-to-day operations of various underwriting programs including progress tracking, issue resolution, and communication with internal and external partners.
- Perform all other duties as assigned by supervisor.
Knowledge, Skills and Abilities Required
- Previous experience with LIHTC and/or FHA MAP.
- Strong MS Office skills, including Excel.
- Previous experience with financial modeling and analysis.
- Excellent written and oral communication skills.
- Ability to apply critical thinking skills to propose strategic recommendations and solutions.
Minimum Education and Training
- Bachelor’s degree in finance, business administration or directly related field and four years of professional mortgage loan, underwriting or housing finance experience.
An equivalent combination of education and experience sufficient to successfully perform the essential duties of the job such as those listed above.
- HUD-approved MAP underwriter (or commitment to training/testing for the designation) preferred.
- Three to five years of substantive experience in finance or real estate, with preference for LIHTC and/or FHA lending experience.
- Must have broad knowledge of government and private financing programs, including federal insurance and subsidy programs.
Salary Range: $81,579 - $130,526
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 offers competitive compensation as well as an attractive benefits package. Serious 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
MassHousing is an Equal Opportunity Employer.