Agency Sr. Underwriter – Affordable

About this role

Location: 8117 Preston Road, Suite 400, Dallas Texas

The selected candidate will be responsible for performing comprehensive due diligence and underwriting activities for Fannie Mae , Freddie Mac , and Private Placement Affordable multifamily mortgage loans . This role requires a strong understanding of affordable housing finance programs and a commitment to delivering high-quality, risk-conscious underwriting support.

Please note: This is an on-site position and not eligible for remote or virtual work . The candidate will be required to work from a KeyBank office , with preferred locations including Dallas, TX , Cleveland, OH , Overland Park, KS , Atlanta, GA or Chicago, IL.

ESSENTIAL JOB FUNCTIONS

• Deliver exceptional customer service to internal and external clients by facilitating well-underwritten, risk-conscious real estate transactions that align with the business strategy. • Foster strong working relationships across teams and with external partners to support transaction success. • Mentor and motivate team members by modeling professionalism, integrity, and mutual respect. • Thrive in a dynamic, fast-paced environment while maintaining high performance and adaptability. • Contribute unique insights, market intelligence, and ideas to support KeyBank’s mission and team goals. • Communicate effectively—both verbally and in writing—while promoting open, direct, and collaborative dialogue with clients, teammates, and stakeholders. • Demonstrate initiative and independence in managing responsibilities, driving transactions to successful outcomes with minimal supervision. • Support cross-functional efforts within the Commercial Mortgage Group (CMG) to help achieve departmental goals. • Exhibit full proficiency in Agency and Private Placement programs for affordable and market-rate multifamily housing, offering underwriting and programmatic expertise as needed. • Underwrite affordable housing loans efficiently and in accordance with established policies and procedures to ensure a professional and risk-mitigated process. • Apply knowledge of LIHTC and bond financing programs to assess transaction viability. • Maintain strong understanding of lending program requirements and proactively identify and mitigate compliance risks. • Review third-party reports for programmatic compliance and provide timely, actionable feedback to vendors. • Conduct property inspections and market analysis for assigned transactions. • Analyze complex borrower structures and identify key participants. • Lead underwriting teams for affordable housing transactions, leveraging resources to meet client and team expectations. • Evaluate documents related to affordable transactions (e.g., LURAs, subordinate debt, PILOT agreements) and summarize findings in written narratives. • Assess construction budgets for adequacy in forward commitments. • Manage internal underwriting and deal management systems to ensure data accuracy and completeness. • Collaborate with origination, closing, and servicing teams to ensure compliance with Agency guidelines. • Execute assigned duties professionally and escalate issues promptly when necessary. • Complete all compliance-related tasks for each transaction to minimize risk exposure.

MARGINAL OR PERIPHERAL FUNCTIONS

• Collaborate with mortgage bankers and management to support the origination of Affordable housing loans and drive new business opportunities. • Facilitate staff development by conducting training sessions, identifying growth opportunities, and promoting continuous learning for both team members and self. • Lead recruitment and onboarding efforts to ensure seamless integration of new hires into the team. • Represent KeyBank with professionalism and excellence at industry conferences, training sessions, and trade organization events. • Travel may be required, including overnight stays, to conduct property inspections and fulfill other job-related duties.

REQUIRED QUALIFICATIONS

• Demonstrated expertise in analyzing Affordable multifamily real estate transactions, with a strong understanding of underwriting fundamentals. • Bachelor’s degree required. • Minimum of five (5) years of experience underwriting Affordable housing loans, including Fannie Mae, Freddie Mac, and Private Placement programs. • Excellent verbal and written communication skills , with the ability to convey complex information clearly and professionally.

PREFERRED QUALIFICATIONS

• A degree in Real Estate , Finance , or Economics is preferred; however, candidates with degrees in other relevant fields may also be considered based on experience and qualifications.

COMPETENCIES/SKILLS

• Demonstrates strong organizational and time management skills, ensuring tasks are completed efficiently and effectively. • Exhibits initiative and leadership qualities, contributing positively to team dynamics and project outcomes. • Capable of managing multiple deadline-driven responsibilities simultaneously while maintaining high standards of quality. • Thrives in collaborative, team-oriented environments, fostering cooperation and shared success. • Resolves conflicts constructively and professionally, maintaining a calm and solution-focused approach.

EQUIPMENT USED/PHYSICAL REQUIREMENTS

• Proficient in PC-based productivity tools including Microsoft Word, Excel, Outlook , and Adobe Acrobat , with the ability to leverage these platforms for efficient documentation, analysis, and communication. • Skilled in utilizing financial calculators and Excel-based financial modeling tools to perform advanced underwriting, scenario analysis, and data-driven decision-making.

TRAINING REQUIRED

• Complete all required KeyBank compliance training within designated timelines to ensure adherence to regulatory and organizational standards. • Develop a thorough understanding of KeyBank’s underwriting and processing procedures to ensure consistency, accuracy, and alignment with internal protocols.

COMPENSATION AND BENEFITS This pos

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