The Multifamily Division is seeking a Senior Director of Underwriting for our Targeted Affordable Housing group. The person will be responsible for the credit quality, underwriting assuredness, and execution of loan production and for our nationwide affordable housing platform. Freddie Mac’s Multifamily Division provides financing for loans backed by multifamily properties. A primary focus is originating, structuring, and distribution of commercial real estate assets structured primarily as commercial mortgage-backed securities via the Freddie Mac securitization execution.
*Overseeing the underwriting of loans originated by the Targeted Affordable Housing group. Directly managing four teams comprised of managers, multiple underwriters and analysts in underwriting and closing multifamily loans. Management responsibilities include oversight of employees. Team members are in three cities – McLean, Dallas, and Los Angeles. The current team size is more than 30 people.
*Through knowledge of affordable programs and elements is required, including Low Income Housing Tax Credits, Section 8 HAP property contracts and vouchers, tax exempt bond credit finance, and other federal, state, and local programs. Understanding of borrower motivations when developing and operating a property with limited rents and limited growth in rents.
*Active involvement with production, capital markets, legal, and pricing teams from the loan structuring/quoting stage through loan purchase and securitization as well as the management of deal flow and volume across teams and across offices. Presenting deals for approval to executives as needed.
*Approval of transactions and the negotiation of mortgage documents, including review of underwriter created investment brief (pro forma, I&E and rent roll analysis, borrower financial position, market analysis).
*Active participation in the loan securitization process as well as frequent interaction with lender network and borrowers, including conferences, meetings, and other travel.
*Responsible for underwriting all apartment types, including gardens, high & mid-rise, mixed-use, elderly, SRO, and other special purpose supportive housing. Occasionally conducting property inspections.
*Establishes operational objectives and work plans, and delegate’s assignments to subordinate managers.
*Involved in developing, modifying and executing company policies that affect immediate operations and may also have division-wide impact. Assist in development and implementation of strategic policies when selecting methods, techniques, and evaluation criteria for obtaining results.
*Able to prepare and roll out new loan executions designed to result in multiple loans quickly or are new digital systems rollouts which will likely involve improvement and disruption to standard methods.
*Establishes and assures adherence to budgets, schedules, work plans, and performance requirements. Completes and responsible for monthly attestations and audits on data collected on closed loans. Regularly interacts with senior management or executive levels on matters concerning several functional areas, divisions, and/or customers.
QualificationsPreferred Skills*Typically has 12+ years of related experience in Multifamily Real Estate industry and 4+ years of management experience
*5plus years’ experience in affordable housing lending or investing
*Direct experience in Multifamily Underwriting and Commercial Real Estate
*Strong Leadership and Management experience (team of 10+)
*Strong ability to interface with and act as internal liaison to Production, Capital Markets, Legal, Purchase, Enterprise Risk Management, and Asset Management teams.
*Travel could be as much as 25% of time
Key to success in this role
*Multifamily and Affordable Credit and Underwriting expertise
*Ability to work cross divisionally
*Comfortable working in undefined situations
*Intellectual agility and interpersonal flexibility
Top 4 Personal Competencies to possess
*Partnership – Build trust and strong partnerships through my own and my team’s actions
*Customer Focus – Personally engage with customers to learn and deliver on their needs
*Leadership – Set and execute upon a clear vision, strategy and goals while being a role model for our target culture
*Time Management – able to determine where to spend time and where to delegate and greatest result for period spent.
Requisition Number: 11599BR