Agency Underwriter or Senior Agency Underwriter

Location: 127 Public Square, Cleveland Ohio ABOUT KEYBANK REAL ESTATE CAPITAL 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. JOB BRIEF (PURPOSE) 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. Please note: This is an on-site position and is not eligible for remote or virtual work arrangements. The candidate will be required to work from a KeyBank office. Preferred locations include Boston, MA; Chicago, IL and Cleveland, OH but KeyBank would consider Dallas, TX, and Overland Park, KS for the right candidate. 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 reports—including appraisals, engineering/physical condition assessments, environmental reports, and seismic studies—for 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 resourceful—takes 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 Mac Optigo® required lender training and certification modules as applicable. • MBA Multifamily Inspection Course will be required if not previously taken, which will be at the expense of KeyBank. COMPENSATION • A competitive base salary + discretionary bonus • Generous benefits – 401(k) matching (dollar-for-dollar up to 6%), PTO, fitness and tuition reimbursement and so much more. • Paid on the job training and access to a library of on-demand professional development and training courses COMPENSATION AND BENEFITS This position is eligible to earn a base salary in the range of $96,000.00 - $181,000.00 annually. Placement within the pay range may differ based upon various factors, including but not limited to skills, experience and geographic location. Compensation for this role also includes eligibility for incentive compensation which may include production, commission, and/or discretionary incentives. Please click here for a list of benefits for which this position is eligible. Key has implemented an approach to employee workspaces which prioritizes in-office presence, while providing flexible options in circumstances where roles can be performed effectively in a mobile environment. Job Posting Expiration Date: 07/31/2026 KeyCorp is an Equal Opportunity Employer committed to sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, pregnancy, disability, veteran status or any other characteristic protected by law. Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing View email address on click.appcast.io. #LI-Hybrid KeyBank is an organization collectively committed to helping you unlock your potential and discover what truly drives you. Working here means sharing our purpose to help our clients, colleagues, and communities thrive. You’ll find genuinely supportive teammates, a flexible, inclusive work environment, challenging projects, accessible leaders, and opportunities to grow in your position and your career. For 200 years, Key has opened doors in our communities. Let us open one for you.