Status: Exempt (Salaried)
Reports to: Vice President of Housing Finance and Development
Location: 3906 Farnam Street, Omaha, NE
Work Schedule: FPI operates on a 7.5-hour workday with core hours of 9am-3pm. This role offers hybrid flexibility with regular in-office collaboration expected.
Compensation: Hiring range of $104,100-122,500 with eligibility for annual incentive compensation (4-8% of base salary).
We are committed to equitable compensation practices and base salaries on a consistent framework tied to role scope, responsibility, and experience. Most candidates will be hired near the midpoint of the range, depending on experience and qualifications.
Benefits: Comprehensive benefits package including health, dental, and vision insurance; retirement contributions; generous paid time off; professional development support; and hybrid work flexibility.
Role Overview:
The Senior Underwriter at Front Porch Investments (FPI) is responsible for leading the financial and credit analysis of affordable housing loans. This role will independently evaluate and structure transactions, conduct due diligence, prepare credit recommendations, and coordinate approved loans through closing and handoff to loan operations staff.
Responsibilities and Duties
Key responsibilities include, but are not limited to the following:
Underwriting and Credit Analysis
- Lead the underwriting of acquisition, predevelopment, bridge, construction, mini-permanent, permanent, and other affordable housing loans.
- Evaluate borrower and guarantor capacity and analyze project budgets, operating pro formas, rent rolls, development schedules, and proposed capital structures.
- Assess collateral, leverage, debt-service coverage, affordability requirements, and the timing and reliability of public subsidies and other project funding.
- Identify material credit, construction, market, operational, and compliance risks; recommend appropriate loan terms, covenants, reserves, guarantees, and other mitigants.
- Prepare clear credit memoranda and recommendations, supported by sensitivity analysis, proposed risk ratings, policy exceptions, and complete underwriting documentation.
Approval, Due Diligence, and Closing
- Present underwriting recommendations to the Loan Committee and Board of Directors, as requested, and document approval conditions and policy exceptions.
- Manage transaction-specific due diligence and review appraisals, market studies, environmental reports, construction information, title materials, funding commitments, and other third-party documentation.
- Coordinate with borrowers, consultants, legal counsel, and internal staff to confirm that approved terms, affordability requirements, and closing conditions are satisfied and accurately documented.
- Provide a complete post-closing handoff to loan operations and compliance staff and support subsequent modifications or other material credit actions.
Program & Organizational Support
- Help transition loan origination from the current third-party provider through structured knowledge transfer, documentation of existing practices, and continuity planning for active transactions.
- Assist in developing and refining internal underwriting workflows, credit standards, policies, templates, approval controls, risk-rating practices, and quality-assurance procedures and ensure their consistent application.
- Work closely with the Loan Fund Manager and Loan Operations & Compliance Manager to coordinate application screening, underwriting, closing, servicing handoff, and ongoing compliance responsibilities.
- Monitor the underwriting pipeline, communicate emerging issues and decision timelines, and help improve origination systems and performance measures.
- Provide expertise to loan product design, pricing, affordability, portfolio-risk, and organizational planning and represent the organization professionally with borrowers, partners, public agencies, and other stakeholders.
This job posting is not intended to be an exhaustive list of responsibilities and may be adjusted as organizational needs evolve.
Qualifications
- Bachelor's degree in finance, accounting, real estate, business administration, public administration, or a related field, or an equivalent combination of education and relevant experience.
- At least 7 years of progressively responsible experience in commercial real estate, affordable housing, community development, or similarly complex credit underwriting.
- Demonstrated experience independently underwriting multifamily housing, mixed-use real estate, or community development transactions.
- Strong understanding of real estate financial statements, development budgets, operating pro formas, cash-flow analysis, collateral valuation, and credit risk.
- Experience evaluating layered capital structures that may include public subsidies, grants, subordinate debt, tax credits, or other nontraditional financing sources.
- Ability to identify material risks, develop appropriate mitigants, and communicate balanced credit recommendations.
- Advanced proficiency with Excel-based financial modeling and sensitivity analysis.
- Strong written, verbal, organizational, and interpersonal communication skills.
- Ability to independently manage multiple transactions, deadlines, and competing priorities.
- Demonstrated attention to detail, sound judgment, and commitment to consistent documentation and internal controls.
- Commitment to affordable housing, community development, and the organization's mission.
- High level of initiative, adaptability, integrity, and ability to build trusted relationships with borrowers, partners, and colleagues
We encourage candidates with a mix of lived experience, professional expertise, and transferable skills to apply, even if you don't meet every listed qualification.
To Apply
Please complete an application at https://omahafoundation.org/people/careers/. Applications will be reviewed on a rolling basis until the position is filled. Priority consideration will be given to applications received by October 12.
