VP - Senior Underwriter, Agency Affordable Housing

Be Part of the Next. Be Berkadia. Berkadia is built on deep expertise, strong relationships, and a commitment to excellence across the commercial real estate industry. What sets us apart is our people. As a values-driven organization, we foster a culture where collaboration thrives, growth is encouraged, and employees are empowered to make an impact. Together, our people strengthen our business and help shape the future of Berkadia. Are you ready to be part of the next?

The VP – Senior Underwriter, Agency Affordable Housing will be responsible for underwriting and executing complex affordable multifamily transactions under Fannie Mae and Freddie Mac affordable housing programs. This individual will collaborate closely with key business divisions, including Origination, Global Production Operations (GPO), Closing, Servicing, Transformation, and Legal to ensure transactions are appropriately structured, underwritten, approved, and closed in accordance with Agency requirements and company credit standards.

Responsibilities

• Collaborate with the DCUW to ensure adherence to company policies, credit standards, and applicable Fannie Mae and Freddie Mac affordable housing underwriting requirements.
• Review debt application packages for compliance with Agency Affordable Housing program requirements and confirm that proposed loan sizing and structure align with applicable program and credit criteria.
• Underwrite complex affordable multifamily transactions, including properties with regulatory or affordability restrictions, rent and income limitations, tax credits, subsidies, and other affordable housing program requirements, as applicable to the transaction.
• Critically assess borrower and sponsor creditworthiness, organizational structure, third-party reports, market conditions, and property financial and physical performance to determine whether the borrower and property meet applicable Agency and company requirements.
• Evaluate the impact of applicable affordability restrictions, regulatory agreements, subsidy arrangements, and other property-specific requirements on property operations, cash flow, valuation, and credit risk.
• Ensure accuracy and compliance with applicable Fannie Mae and Freddie Mac Guides, affordable housing program requirements, required forms, underwriting standards, and third-party reports.
• Draft and finalize comprehensive underwriting submission packages that clearly articulate transaction strengths and weaknesses, identify and assess key credit risks, document appropriate mitigants, and request waivers or exceptions when necessary.
• Provide final review and approval of supporting reports and documentation.
• Partner with Origination and other stakeholders to identify potential underwriting, structural, or execution issues early in the transaction and develop appropriate solutions consistent with Agency and company requirements.
• Provide support and guidance throughout the closing process to ensure final loan documentation and transaction structure conform to approved credit terms and applicable Agency requirements.
• Proactively keep the DCUW, Originators, Analysts, Closing, GPO, and other stakeholders informed regarding transaction progress, outstanding underwriting items, credit concerns, and potential execution risks.
• Provide technical leadership, training, and mentorship to Analysts, Underwriters, GPO, and other team members regarding Agency Affordable Housing underwriting, credit analysis, and program requirements.
• Maintain current knowledge of Fannie Mae and Freddie Mac affordable housing programs, policies, Guide updates, and regulatory developments affecting affordable multifamily lending.
• Participate in Agency training and industry education to maintain expertise in evolving affordable housing programs and underwriting requirements.
• Contribute to process improvements, technology initiatives, and underwriting best practices designed to improve efficiency, consistency, risk management, and deal execution.
• Other duties as assigned.

Preferred Qualifications

• Demonstrated expertise underwriting and structuring Agency affordable multifamily transactions, with strong knowledge of Fannie Mae and/or Freddie Mac affordable housing programs.
• Exceptional credit judgment and demonstrated ability to identify, assess, and mitigate risks associated with complex multifamily transactions.
• Experience evaluating affordable housing structures that may include rent and income restrictions, regulatory agreements, LIHTC, Section 8/HAP contracts, subordinate financing, tax exemptions, and other governmental or subsidy programs.
• Strong understanding of multifamily property financial analysis, borrower/sponsor analysis, valuation, market analysis, third-party reports, and loan structuring.
• Ability to interpret complex transaction structures and understand how affordability requirements and restrictions affect property economics, cash flow, valuation, and long-term credit performance.
• Strong project and transaction management skills with the ability to independently manage multiple complex transactions and competing deadlines.
• Exceptional attention to detail, analytical ability, communication skills, and ability to work effectively across Origination, Underwriting, Closing, Servicing, Legal, and operational teams.
• Demonstrated ability to mentor and develop junior underwriting professionals and serve as a technical resource on Agency Affordable Housing transactions.

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Benefits

• Monthly paid volunteer hours and donation matching to benefit our communities
• Employee Resource Groups that help you grow with us
• Fertility and family planning services
• Up to 12-weeks of fully paid parental leave
• Mental health care, including free counseling sessions:
• We'll help you fund your learning journey with generous tuition reimbursement
• Pet insurance discounts
• And more!

Be Your Best Self. Be Berkadia.

Berkadia, as an equal opportunity employer, celebrates our employees’ unique differences, which we believe drives personal and company-wide innovation and creates a people-first culture where your career can take the long view. To achieve these goals, we are committed to the inclusion of all qualified individuals, without regard to race, religion, age, color, national origin, gender, sexual orientation, gender identity or expression, marital status, domestic partner status, military and veteran status, disability, pregnancy, parental status, genetic information, political affiliation, or any other status protected by federal, state and local laws. In keeping with our commitment, Berkadia takes the necessarysteps to provide a workplace free from harassment, discrimination, and unlawful retaliation, as well as access and reasonable accommodations for individuals with disabilities and sincerely held religious beliefs. If you require a reasonable accommodation to take part in the interview process, please contact View email address on click.appcast.io.

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At Berkadia, our people are shaping the future of commercial real estate. With industry-leading investments in people and technology, we’re building a culture where amazing people (like you) can do their best work as they learn, grow, and succeed. We work hard because we love what we do, and we never sacrifice our values along the way. Whether your talents lie in mortgage banking, investment sales, loan servicing, marketing, operations, finance, human resources, management, innovation, or something different altogether, we invite you to explore a wide range of commercial real estate jobs and Be Part of the Next.