An Underwriting Associate in Community Development Banking (CDB) Real Estate's Northeast Underwriting Team has an integral role in the bank’s Community Reinvestment Act (CRA) mission and providing housing opportunities to low- and moderate-income level families. The CDB Real Estate business primarily involves the financing of construction for rental and for sale housing for low- and moderate-income families. Clients include both for-profit real estate developers and not-for-profit entities. Underwriters have multiple responsibilities, which include preparation and presentation of credit approval packages, account management, and portfolio management. An Underwriting Associate will support senior underwriters in various tasks to prepare credit approval memos and manage portfolio accounts.
In preparation of credit approval packages, an underwriter reviews cash flow forecasts, project budgets, financial statements of prospective project sponsors and guarantors, and third party reports (appraisal/marketing studies, environmental reports, and PNA/construction reviews). The underwriter is then challenged to identify the key credit risks in a transaction and clearly communicate them in a clear and succint summary memo.
In account management, underwriters work as a team with CDB bankers to attend pre-closing conference calls with clients and attorneys, loan documentation negotiation and review to coordinate loan closings, and post-closing follow-up with internal business partners. Additionally, underwriters prepare and present extensions and modifications of existing credit facilities.
In portfolio management, underwriters report to management on projects under construction. Reports include: annual client reviews, facility reviews, and reports on adversely classified loans. Annual client reviews are a comprehensive analysis of the project sponsor, current financial condition, exposure summary, projects in portfolio, and the internal risk ratings. Facility reviews and reports on adversely classified loans include a summary of transaction, discussion of issues, strategy of management, and internal risk grade. Underwriters also police delinquencies and loan maturities and track covenant compliance.
Credit/Lending Experience: Minimum of two years in a commercial real estate credit or lending function; experience with commercial clients and complex transactions.
Knowledge/Education: BA/BS or Masters, with concentration in accounting/finance/economics. Other plusses are successful completion of credit training, understanding of commercial real estate, and knowledge of Community Development.
Skills: excellent teamwork and customer service; consistently delivering on commitments to colleagues and internal and external customers; strong analytical and project management skills with the ability to multi-task; communications skills, both written and oral; computer skills, particularly Excel and Word; ability to handle problems, be it for internal or external customers, and persist until problem is resolved; attention to detail.
The final officer title and job grade is at the discretion of the firm and will be discussed at the time of offer. It may be different than what is listed on the requisition based on candidate experience level.