Product Manager, Underwriting Specialist, CoStar Debt Solutions

About this role

Product Manager, Underwriting Specialist, CoStar Debt Solutions

Job Description

Product Manager, Underwriting Specialist  

Location:   Boston, in-office  

CoStar Debt Solutions is building a new platform for CRE underwriting — one where credit officers, data pipelines, and AI agents work against the same shared data model. Banks, sponsors, and asset managers query, write, and collaborate on the same underlying system.  

We’re hiring a Product Manager, Underwriting Specialist to help us build a world-class underwriting platform — the workflows, defaults, and decisions that decide whether a credit officer or originator reaches for our product first thing in the morning. In year one, that means partnering with our senior product team to turn underwriting scenarios into product: capital stack construction, rent roll injection, peer benchmarking, portfolio surveillance, deal counterparty visibility. Over time, it means taking on more of the surface yourself — across asset classes, customer types, and the agent workflows that increasingly run alongside the human ones.  

The work starts with the underwriting judgment you’ve built. It ends with that judgment encoded into a system other underwriters run against.  

What you’ll work on:  

• The underwriting workflows across the product surface — capital stack construction, rent roll ingestion, peer benchmarking, portfolio surveillance, deal counterparty visibility. These exist today as scenarios; the work is helping turn them into product that originators and credit officers reach for daily. You’ll start by owning pieces and grow into owning more.  

• The default behaviors that decide whether the platform feels expert or generic — the stack heuristics the LLM proposes, the way variance gets sorted, what the system asks vs. assumes, when it surfaces uncertainty, what stays in front of a human. You’ll bring your underwriting instinct to these decisions and learn to translate it into product defaults alongside the senior PM.  

• Design-partner relationships at two or three banks and sponsors. You will be on the calls, in the deals, and part of the team they trust to translate what they need into what gets built.  

• The boundary between “the platform can model this” and “the workflow should expose this” — working directly with engineering and product on where the line gets drawn for each new capability.  

• Contribution to the roadmap for the underwriting surface as it grows — new asset classes, new customer profiles, new agent-driven workflows that sit alongside the human ones. You’ll bring proposals, defend them, and see them ship.  

Basic Qualifications:  

• Real CRE underwriting domain experience.  

• 3 or more years in a CRE underwriting, credit, or originations role with real deal reps — whether your title is Underwriter, Credit Analyst, Credit Officer, Acquisitions Associate, or something adjacent. Bank, sponsor-side, life co, debt fund, agency, or advisory backgrounds all work if the depth is there. Domain is the highest bar for this role — it’s what we can’t substitute for.  

• A working model of how originators, credit officers, asset managers, and sponsors actually spend their days — not just the artifacts they produce, but the friction between them.  

• Bachelor’s degree from an accredited, not-for-profit, in person, university or college.  

• A track record of commitment to prior employers  

Preferred Qualifications:  

• Sharp judgment about what’s worth automating, what needs human-in-the-loop, and what should never leave a credit committee.  

• A bias for being specific. Generic underwriting opinions are not useful here. We need someone who can say “the LLM should not propose mezz above 12% in this market without flagging it” and be right about it.  

What helps a lot:  

• Tech fluency. You don’t write production code, but you’re willing to read a schema, reason about software as a system, and learn to argue with the model when it’s wrong. Any prior exposure to working with product or engineering teams is a plus.  

• Product instinct. A growing sense for what belongs in a default, what belongs in a setting, what belongs in a warning, and what belongs nowhere at all. Underwriters who’ve built or improved internal tools — spreadsheets, models, templates — tend to develop this fast.  

• Comfort with LLM-driven workflows. You don’t need to have built with them. You do need to find the question of “what should the model decide vs. ask vs. flag” genuinely interesting.  

The growth path:  

The first year is learning-heavy: real workflows, real design partners, real deals informing real shipping decisions. You’ll work closely with a senior PM and engineers who’ve built this kind of system before, and you’ll be expected to bring your underwriting judgment to every product call. Over time, as you build product muscle on top of the domain knowledge you already have, the role grows from “contribute to these workflows” into “own pieces of the underwriting platform” — defaults, asset classes, the line between what the model decides, what it asks, and what it escalates. The person who grows into this role is the one whose judgment ends up shaping how a market underwrites.  

What’s unusual about this role:  

You will not be the underwriter of record on anything. You’ll be on the product side of the table, helping decide what the platform knows and does on behalf of the underwriters who use it. That is a different job from being an underwriter — more leverage, more abstraction, and more responsibility for the second-order effects of the workflows you ship. If you’re early in your CRE career and want to keep doing deals, this is the wrong move. If you want to take the underwriting instinct you’ve built so far and encode it into a system that other underwriters will run against, this is the right place to do that.  

WHAT’S IN IT FOR YOU? When you join CoStar Group, you’ll experience a collaborative and innovative culture

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