Summary: The FHA Underwriter is responsible for ensuring the timely and accurate underwriting of multifamily mortgage loan transactions in accordance with agency guidelines as originated by Merchants Capital. Responsibilities include but are not limited to reviewing customer data, making sound credit decisions and ensuring they are documented to secondary market guidelines where applicable, as well as assisting loan officers and processors with gathering of loan documents. The FHA Underwriter is an individual contributor role with no leadership or management responsibilities, however, will be looked to as a mentor by less experienced colleagues. This role may take lead on special projects. The FHA Underwriter will have limited customer interactions.
Expected Outcomes: A successful FHA Underwriter will possess an experienced understanding of the underwriting process for FHA multifamily mortgage loans and will underwrite loans accurately and efficiently while working closely with the lending team to maintain high quality loans.
Essential Duties and Responsibilities:
Underwrite multifamily loans originated by Merchants Capital to FHA and RHS guidelines.
Provide Underwriting narrative and all applicable forms & exhibits to Loan Committee in a timely manner.
Analyze and review third party provided reports including Phase I, Appraisal, Market Study, AE/C (when applicable) & PCNA’s.
Review borrower provided organizational documents, financial statements, business debt and Real Estate Owned schedules.
Review loan terms as provided by Merchants Capital and ensure compliance with agency debt requirements.
Collaborate with loan processor to confirm adequacy of due diligence (DD) for the loan file.
Communicate to the processor/borrower any outstanding DD issues in connection with preparing the lender narrative, forms & exhibits.
Work extensively with Microsoft Excel in financial models as it relates to the underwriting and flow of funds on transactions.
Collaborate with closing team to ensure DD is obtained and verified.
Review amendment requests and closing documents to ensure clear to close.
Attend training on applicable subjects when available and appropriate for position.
Perform other duties as assigned.
Minimum of two-years multifamily underwriting or experience in a related field required.
Requires an experienced understanding of the multifamily mortgage loan process.
Bachelor’s degree in finance, real estate, or related field preferred.
Requires critical thinking skills and multitasking.
Excellent customer service skills in person and on the phone.
Excellent skills in working with Microsoft Word, Excel, and Outlook are a requirement.
All employees are expected to contribute to the overall success of the organization by performing requested duties regardless of explicit inclusion in the job description or reasonable relation to an employee’s primary role. Additionally, all employees must understand and adhere to all federal and state laws and banking regulations and company policies and procedures applicable to assigned job responsibilities, including compliance as appropriate under the Bank Secrecy Act and Anti-Money Laundering regulations.
Additionally, all employees are expected to demonstrate the following Core Competencies:
Professionalism – acting with responsibility, integrity and accountability; demonstrating consistent trustworthiness and reliability; always remaining flexible, adaptable and willing to accept coaching; building and managing professionally healthy relationships; deliberately managing career decisions; and continually developing awareness of business-related topics.
Communication – understanding various active and passive tools and styles and their effects; and exhibiting appropriate, effective, timely use of tools and styles to connect, collaborate, facilitate teamwork and serve customers.
Work Quality – demonstrating an ongoing commitment to compliance, safety and security; executing work with efficiency, a sense of urgency and attention to detail; and displaying organized work practices and a results-oriented mindset.
Analytical Ability – navigating work-related circumstances with practical, sound reasoning; and demonstrating creativity in problem solving.
Leadership – displaying good judgment and certainty in decision making; taking initiative with job-related demands; demonstrating innovative thinking and sound planning with business practices; managing individual performance toward shared organizational goals; and thinking strategically to set and accomplish goals.
Merchants Bancorp and its affiliates and subsidiaries are committed to being equal opportunity employers. All job candidates and incumbents will be assessed based on only criteria relevant to successfully performing the job as defined in this job description and as generally accepted in the job’s relevant industries.
About Merchants Capital
Merchants Capital, formerly PR Mortgage & Investments, was established in August of 1990 as a mortgage banking firm specializing in multifamily housing and health care facilities finance. With extensive experience in these types of finance, the company is a premier provider and servicer of Multifamily, Affordable, Healthcare, and Student Housing. Our mission is simple: to provide the best origination and service of our loan and investment products with exceptional customer service, accuracy, creativity, speed, and conformance to regulations.