Manager of Rental Underwriting - Boston, United States - MassHousing

Description

Careers at MassHousing:

At MassHousing, we believe a home is more than a roof and four walls. A home is safety and security, opportunity and peace of mind.

Our team of talented professionals works to ensure that all Massachusetts residents have a safe, healthy and affordable place to call home.

If you share our commitment, we hope you will consider joining us.


Equal Opportunity Employer M/F/V/D:


Organization:
MassHousing


Location:
One Beacon Street, Boston, MA 02108


Posting Closes:
Close of Business on May 15, 2024

MassHousing recently affirmed its longstanding commitment to diversity and inclusion in its 5-year Strategic Goals.


The Organization:

• MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people. _A bold mission for an innovative agency. Since its inception in 1966, MassHousing has provided more than $27.5 billion for more than 125,000 apartments and more than 105,000 home mortgage loans. Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, costeffective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts.

We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion.

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck.

MassHousing' s total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

• Tuition reimbursement up to $10,000 per calendar year
• A 35hour work week and a hybrid work schedule
• Back up Child/Elder Care
• Retirement Savings including a pension and a deferred compensation plan (with a match)
• Comprehensive health, dental and vision plans
• 12 paid Holidays per year and generous sick, vacation, and personal time
• Short-Term Disability
• Central Boston office location, convenient to public transportation and amenities on site

Position Summary:

The Manager of Rental Underwriting is primarily responsible for the direct supervision of a small group of junior and senior team members including Senior Rental Underwriters (SRU), Rental Underwriters (RU), Associate Underwriters and/or Underwriting Analysts engaged in the underwriting and closing of multifamily affordable housing financing proposals involving taxable or tax-exempt bond financing.

Taxable transactions typically involve "preservation" (FFB/Treasury) or HUD MAP re-financings and may include financings utilizing 9% Low Income Housing Tax Credits (LIHTCs) as well as other loan products.

Tax-exempt transactions typically involve new construction; substantial rehabilitation utilizing 4% LIHTCs and other debt, equity products.

As a senior member of the Rental Underwriting team, the Manager of Rental Underwriting is called upon to take a leadership role in project and program development, leading deal teams of internal stakeholders on complex rental transactions.

This position has been designated as "Flex" under MassHousing's Alternative Work Schedule (AWS)-hybrid work model.

However, during the first 90 days, the employee may be expected in the office more frequently for training and onboarding.

Specific Duties and Responsibilities:

• Underwrites, closes, and manages their own portfolio of rental loans through completion before the hand off to asset management.
• Provides guidance to Origination and Borrowers during prescreen by identifying early in the process potential issues including deal structuring, loan sizing, appraisal concerns, design and environmental reviews.
• Approves due diligence by working directly with the assigned Appraiser and Architect to order thirdparty reports, while coordinating the underwriting and underwriting inputs from other MassHousing staff, including, but not limited to, Originators, Appraisers, Architects, Design and Technical, Portfolio and Asset Managers, Mortgage Credit and Capital Finance, Diversity & Inclusion and Attorneys.
• Works closely with the Director of Rental Underwriting to ensure that underwriting issues are identified and addressed, and that loans are processed in accordance with prudent loan standards and applicable MassHousing and HUD/FHA regulations, guidelines, and policies.
• Provides technical expertise as assigned to evaluate existing programs and underwriting practices, the development of new multifamily business initiatives, and multifamily lending policies and procedures.
• Manages and mentors a small tea