Underwriting Analyst, FHA

Job Type

Full-time

Description

The Underwriting Analyst plays a critical role in the underwriting of FHA loans. Responsibilities include but are not limited to creating and collecting due diligence (DD), ordering and reviewing third party reports, analyzing proposed transactions, reviewing customer data, making sound credit decisions and ensuring they are documented to secondary market guidelines where applicable, as well as assisting loan officers with gathering of loan documents. A candidate with the desire to learn and grow will have the opportunity to advance within the team and company overall. The position's primary focus will be on FHA and RHS loans originated by Merchants Capital.

Requirements

• Participate in kick-off call with MCC deal team and Borrower to gain an understanding of transaction at the onset of the process
• Order and analyze third-party reports including appraisals, market studies, environmental reports, arch/engineering, zoning, and operations & maintenance (O&M) plans
• Review borrower provided organizational documents to determine active and key principals for DD creation and distribution
• Submit and track insurance review to ensure compliance with Agency requirements
• Use technology to track deal and client information that pushes to corporate reporting
• Maintain organized and fully documented electronic loan files and manage DD checklists; confirming the adequacy of DD for the loan file
• Leverage technology to communicate to the MCC deal team and/or borrower any outstanding DD issues in connection with the application package
• Learn FHA MAP Guide underwriting requirements and review updates on an ongoing basis
• Conduct initial review of market areas, property and site characteristics, Borrower and management qualifications
• Work extensively with Microsoft Excel in financial models
• Input income and expense statements to determine maximum loan amounts and ensure compliance with Agency debt requirements
• Review financial statements, business debt and Real Estate Owned schedules
• Learn methodology for building out proforma income & expenses
• Conduct supervised site visits to assess the condition and quality of multifamily projects, their management, and the market
• Work with Underwriter(s) to perform DD for multifamily products and transactions
• Communicate closely with the Underwriting team, Production, Closing, Insurance, and others as appropriate to problem-solve deal issues
• Assist in providing Underwriting narrative and all applicable forms & exhibits to Loan Committee in a timely manner
• Answer client questions that may arise during the loan process
• Coordinate and prepare loan application packages with Underwriting team for Agency submission
• Assist Origination & Underwriting in clearing stipulations required by loan committee or Agency program
• Will be required to work overtime hours as needed to meet the needs of the department
• Attend training on applicable subjects when available and appropriate for the position
• Perform other duties as assigned

Expected Experience, Skills and Education:

• Bachelor's degree (Business, Finance or Accounting) preferred
• Previous experience within the real estate industry preferred
• Requires critical thinking, multitasking, exceptional analytical, problem solving, and organizational skills
• Excellent skills in working with Microsoft Word, Excel, and Outlook are a requirement
• Strong customer service skills in person, via electronic communication and phone
• Committed to conducting business in a manner that always reflects favorably on the good name, goodwill, and reputation of Merchants Capital

ABOUT MERCHANTS CAPITAL

With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank's balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender , Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com .