KeyBank

Agency Sr. Underwriter - Affordable

KeyBank • $96K — $181K *
Cleveland, OH 44130In-Person
Finance & Insurance
5 - 7 years of experience
Today
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Job Overview by Ladders

Qualifications

  • 5-7 years of experience in underwriting Affordable housing loans, including key financing programs.
  • Strong understanding of affordable housing finance and underwriting fundamentals.
  • Bachelor's degree in relevant field required; finance, real estate or economics preferred.
  • Excellent verbal and written communication skills for complex information delivery.
  • Proficiency in financial analysis tools and Microsoft productivity software.

Responsibilities

  • Deliver exceptional customer service by facilitating well-underwritten real estate transactions.
  • Foster strong working relationships within teams and with external partners to support transaction success.
  • Mentor and motivate team members, exemplifying professionalism and respect.
  • Adapt to a fast-paced environment while maintaining high performance in responsibilities.
  • Contribute unique insights and market intelligence to team goals and KeyBank's mission.
  • Communicate effectively in both verbal and written forms with clients and stakeholders.
  • Lead underwriting teams and evaluate adequacy of construction budgets for commitments.

Benefits

  • Health insurance, including vision and dental coverage.
  • 401(k) plan with employer matching contributions.
  • Generous paid time off policy, including holidays.
  • Professional development opportunities and training programs.
  • Employee discounts and wellness programs.
Full Job Description
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 position is eligible to earn a base salary in the range of $96,000.00 - $181,000.00 annually. Placement within the pay range may differ based upon various factors, including but not limited to skills, experience and geographic location. Compensation for this role also includes eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.

Please click here for a list of benefits for which this position is eligible.

Key has implemented an approach to employee workspaces which prioritizes in-office presence, while providing flexible options in circumstances where roles can be performed effectively in a mobile environment.

Job Posting Expiration Date: 09/30/2026

About KeyBank

Shockingly, nearly 9-in-10 people who get their real estate license in America fail. We're solving that problem; And doing it while increasing profitability for the brokerage. Through technology, business automation, and a team approach we have created a system where agents focus solely on working with clients and closing deals.

KeyBank Careers

Joining KeyBank means stepping into a world of professional growth and innovation, where job opportunities abound in an environment that values leadership, diversity, and forward-thinking. As a member of our team, you will be part of a company that's committed to empowering your career journey while contributing to the financial wellness of our communities.

Work You'll Do

At KeyBank, we're not just in the business of banking; we're in the business of helping individuals and communities thrive. By joining our team, you will have the chance to be part of a culture that celebrates diversity and fosters leadership and professional development. Whether you're looking for a position in customer service, IT, finance, or management, KeyBank offers a variety of roles suited to your skills and career aspirations.

Innovate and Lead

KeyBank stands at the intersection of finance and innovation. Our employees are encouraged to lead with creativity and integrity, driving solutions that make a real difference. With a focus on digital transformation and sustainable growth, your work at KeyBank will challenge the status quo and encourage you to explore new ideas.

Grow Your Career

Career growth at KeyBank is not just a possibility—it's a priority. We are dedicated to your professional development through comprehensive training programs, leadership workshops, and continuous learning opportunities. Our commitment to your growth is matched by our dedication to inclusion, ensuring all voices are heard and valued.

Be Part of a Great Team

Our team at KeyBank is our strongest asset. We believe in using our collective skills to foster an environment of innovation and collaboration. Join us and connect with colleagues who are just as passionate and driven as you are. Through teamwork, we achieve exceptional results and push the boundaries of what's possible in the banking sector.

Internship and Employment Opportunities

For those starting their careers, KeyBank offers robust internship and employment opportunities that provide a solid foundation in the financial industry. Interns at KeyBank gain hands-on experience, beneficial networking connections, and insights into our day-to-day operations, setting the stage for a successful career.

Benefits and Culture

KeyBank is committed to offering benefits that enhance your life and well-being. From healthcare to retirement plans, and flexible working conditions, we ensure our employees are well taken care of. More than just benefits, our company culture is built on respect, integrity, and accountability—values that guide us in making a positive impact on our clients and communities.

Join Our Team

Explore the job opportunities at KeyBank and find the right fit for your skills and interests. We are continuously hiring and looking for individuals who are curious, innovative, and ready to make a difference. Prepare your resume, ace your interview, and join a team that's dedicated to your success and to transforming the landscape of banking.

Stay Connected

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Search KeyBank Jobs

Ready to take the next step in your career? Search open positions at KeyBank that match your skills and interests. We look for passionate, creative, and solution-driven team players who are ready to grow and succeed in a dynamic and supportive environment.

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Join KeyBank and be part of a company where your career is as important to us as it is to you. Together, let's unlock opportunities for growth, innovation, and meaningful impact in the financial world.
Learn more about KeyBank
Size
17,110 employees
Market Cap
$16 billion
Industry
Finance & Insurance
Net Income
$1.3 billion
Founded
1825
5 Year Trend
+5.6%
NASDAQ
KEY
* Ladders Estimates

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