FHA/HUD Deputy Chief Underwriter – LEAN

About this role

Location: 127 Public Square - Cleveland, Ohio 44114

ABOUT KEYBANK REAL ESTATE CAPITAL KeyBank Real Estate Capital is one of the nation's leading commercial real estate finance platforms, offering a full range of debt and equity solutions for multifamily and commercial properties. Our Commercial Mortgage Group (CMG) is a top-tier FHA lender with a proven track record of originating and servicing FHA-insured healthcare loans across the country. We are committed to delivering exceptional client service while maintaining a disciplined, risk-conscious approach to every transaction.

JOB BRIEF (PURPOSE) The FHA/HUD Deputy Chief Underwriter – LEAN is a player-coach role responsible for both individual production and team leadership. This position is expected to independently underwrite complex FHA-insured healthcare transactions — including large portfolios and single-asset loans — while also managing, coaching, and overseeing Senior Underwriters and the broader FHA Underwriting Team. The role provides day-to-day leadership, workflow direction, quality oversight, and training, ensuring transactions are assigned appropriately and executed with a high standard of credit quality, responsiveness, and client service. The Deputy Chief Underwriter serves as a senior underwriting authority, partnering closely with the Chief Underwriter, originators, and HUD to drive sound deal structuring, disciplined risk management, and timely execution across the FHA pipeline.

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 or Cleveland, OH or Overland Park, KS.

ESSENTIAL JOB FUNCTIONS Team Leadership & Pipeline Management • Lead and manage the FHA Underwriting Team, including Senior Underwriters, Underwriters, Analysts, and Loan Processors; assign transactions, balance workload, and ensure work is distributed appropriately based on deal complexity, experience, and capacity. • Manage an individual underwriting portfolio while maintaining critical pipeline data and oversight across the broader team to ensure accurate reporting, visibility into deal status, and proactive management of timelines and bottlenecks. • Coach, mentor, and develop Senior Underwriters and other team members through transaction review, real-time guidance, formal training, and ongoing feedback — with particular emphasis on sound credit judgment, the Lien Guide, HUD program requirements, and FHA underwriting fundamentals. • Participate in recruiting, hiring, and retaining employees. Lead onboarding efforts to ensure seamless integration of new hires into the team. • Conduct mid-year and year-end employee performance reviews. Conduct other reviews as necessary to address issues requiring immediate corrective action.

Credit Oversight & Risk Management • Independently underwrite complex FHA-insured transactions while overseeing the broader FHA underwriting process to ensure all loans are underwritten properly and firm commitments are issued on a timely basis. • Review and quality-control underwriting narratives, HUD-form documentation, and related analyses prepared by Senior Underwriters and other team members for accuracy, completeness, and compliance with applicable FHA policies, Lien Guide requirements, and internal credit standards. • Assess transaction risk, provide risk mitigation strategies, and deal structuring recommendations. Ensure all risks are identified, documented, and appropriately addressed or escalated. • Compare submissions to original quotes and screening terms to ensure conditions and stipulations have been fully addressed. • Work with underwriters to ensure that waivers have been identified and properly requested from HUD.

HUD & Regulatory Governance • Establish and maintain productive working relationships with HUD field offices, the National Servicing Center, and other FHA counterparts to support approvals, waivers, policy interpretations, and issue resolution. • Stay current on Lien Guide changes, HUD Mortgagee Letters, Housing Notices, and program updates. Ensure timely integration into underwriting practices, procedures, and training. • Support audit readiness for all FHA underwriting activities, including internal audits, HUD reviews, OCC examinations, and regulatory inquiries.

Deal Strategy & Client Experience • Serve as a senior underwriting leader on deal calls, functioning as a hands-on problem solver and troubleshooter while helping the team identify issues early and avoid last-minute surprises. • Work collaboratively with the relationships managers and mortgage bankers to problem-solve, develop creative transaction structuring solutions, and drive new business opportunities. • Interface directly with borrowers, HUD staff, and external clients when necessary, maintaining a proactive, professional, and transparent approach. • Deliver responsive, exceptional customer service throughout all stages of the transaction process.

ADDITIONAL RESPONSIBILITIES • Review loan commitments to ensure they are consistent with Loan Committee and HUD approval conditions. • Periodically review and update form documents such as underwriting narratives, commitment letters, and application templates. • Periodically review and update FHA underwriting processes and procedures to reflect best practices and program changes. • Work closely with counsel assigned to each transaction to ensure proper documentation in compliance with approval conditions and HUD program requirements. • Represent KeyBank with professionalism and excellence at industry conferences, HUD training sessions, HMAC forums, and trade organization events. • Travel as required, including overnight stays, to conduct property inspections and fulfill other job-related duties.

REQUIRED QUALIFICATIONS • Minimum of seven (7) years of direct experience underwriting FHA-insured multifamily loans, with at least three (3) years in a su

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