Rental Underwriter I

Website: The Organization MassHousing will confront the Commonwealth's housing challenges to improve the lives of its people. A bold mission for an innovative agency. Since its inception in 1966, MassHousing has provided more than $30 billion for 92,000+ rental units and 90,000+ 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. Benefits 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 $15,000 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) 12 paid Holidays per year and generous sick, vacation, and personal time Short-Term and Long-Term Disability Central Boston office location, convenient to public transportation and amenities on site Position Summary The Rental Underwriter I supports the prescreening, underwriting, commitment, and closing of multifamily loan transactions financed with taxable or tax-exempt bonds. This role collaborates closely with the Manager of Rental Underwriting and works with Originators, Portfolio Managers, and Legal staff to provide credit and structuring recommendations to meet Agency requirements relative to best practice standards and established policy and procedures. This position reports to the Manager of Rental Underwriting. All positions at MassHousing require a customer service mindset in accordance with our values: Respect, Service, Empathy, Accountability, Collaboration, and Inclusion. MassHousing operates under a hybrid work model; therefore, employees are expected to work on-site according to a schedule determined in collaboration with their manager and based on the needs of the role. To support effective onboarding, new employees may be required to work in the office more frequently during their first 90 days. Essential Functions Prescreening and Underwriting Provide clear and timely feedback to internal staff regarding the proposed project design, development budget, operating budget, market need, and environmental issues during prescreening review Collaborate with the internal deal team and prospective borrowers to review loan applications and underwrite transactions in compliance with loan program requirements Model the economics of loan proposals and identify underwriting issues in collaboration with the internal deal team and technical experts Work with the deal team and senior staff to prepare loan recommendations Loan Closing Collaborate with internal staff, including Legal, Finance, Origination, Design and Construction, Rental Management, and Loan Servicing to coordinate closing requirements, resolve diligence items, and ensure readiness for loan closing Review business-side closing diligence for approval and address issues to ensure resolution prior to closing Communicate feedback to developers regarding closing agenda, required deliverables, and the critical path to closing Prepare strategic recommendations and solutions with guidance from the supervisor Security Comply with MassHousing’s Information Security Program and all other Agency information security policies and procedures Take responsibility for any Agency assets assigned to you Promptly report any security events, incidents, or weaknesses to MassHousing’s Information Security Team Minimum Qualifications Bachelor's Degree in Finance, Real Estate Management, Business Administration, or a related field 3+ years of substantive experience in multifamily finance, tax credit equity investment, or equivalent experience Broad knowledge of tax credit equity, government and private multifamily lending platforms, including credit enhancement and rental subsidy programs Eligibility to work in, and travel freely to and from, the United States without sponsorship Preferred Qualifications Advanced degree in Finance, Business Administration, or a related field Experience working as a multifamily underwriter for a lender, tax credit investor, or developer Familiarity with financial models, database technology, and project management Energetic team player who has exceptional interpersonal skills, takes initiative, and has a dedicated focus on high-level customer service Responsive and proactive in addressing issues and opportunities Exceptional oral and written communication with comfortability in communicating at all levels of the Agency Excellent organizational skills with a disciplined, quality-driven approach Comfortable multitasking, adjusts quickly to shifting priorities, and manages time efficiently in a fast-paced environment Strategic thinker with the dual capacity to see the big picture and attend to details Salary Range: $94,184.76 - $122,440.29 MassHousing is an Equal Opportunity Employer #J-18808-Ljbffr MassHousing