Lead Underwriter (CPC Climate Capital)

About Us:

The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.

Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $15 billion to finance the creation and preservation of more than 230,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.

As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.

About CPC Climate Capital:

CPC Climate Capital is a new subsidiary of The Community Preservation Corporation and will be a subrecipient of Climate United Fund, the recipient of a $6.97 billion grant from the National Clean Investment Fund established by the federal government as part of the Inflation Reduction Act (IRA). CPC Climate Capital will use its subaward of approximately $2.4 billion to decarbonize multifamily housing by making subordinate debt financing available to owners of multifamily housing nationally. These investments will reduce or eliminate on-site fossil fuels, thereby reducing greenhouse gas emissions. Our climate goals will be simultaneously delivered against other critical national priorities, including the creation and preservation of affordable housing, promoting equity and environmental justice, and supporting high-quality jobs.

For more information, please visit us at CPCClimateCapital.com

Role Summary:

CPC Climate Capital will fund subordinate mortgage debt behind both construction and permanent first mortgage loans secured by both affordable and conventional properties. The Lead Underwriter will be responsible for supporting the VP, Director of Underwriting by performing evaluation of subordinate loans for CPC Climate Capital and ensuring all required approvals are obtained; building out the Climate Capital underwriting platform; and providing support and training to the underwriting team.

What You?ll do:
? Support the design and implementation of CPC Climate Capital?s underwriting policies, processes and procedures.
? Manage the loan underwriting process from application to closing.
? Manage third party vendors when necessary and evaluate all required third party reports including but not limited to: appraisal reports, engineering reports, environmental reports, zoning reports, flood certifications and preliminary title reports.
? Coordinate and manage communication with all parties to the transaction, including but not limited to, CPC Climate Capital Production and Legal teams, senior lenders, third party vendors, appraisers, engineers, legal counsel and environmental and insurance consultants and borrowers.
? As appropriate, either directly review or verify and validate third-party analysis of borrower financial statements, bank statements, credit reports, legal searches, real estate owned (REO) schedules, resumes and all other available materials to determine potential credit risks.
? As appropriate, either directly review or verify and validate third-party analysis of historical operating statements, rent rolls, market characteristics and all other appropriate data and complete the underwriting financial template, ensuring that the incremental risk attributable to the Climate Capital loan are captured, addressed and adequately mitigated.
? Generate a Due Diligence checklist in coordination with Underwriting team and monitor receipt and processing of due diligence on an ongoing basis. Review files for completeness and identify critical missing information throughout process.
? Prepare the Underwriting Memo and compile the Risk Committee Package for evaluation and approval by all appropriate parties.
? Alert appropriate people on all sides of the transaction to potential deal issues as they arise.
? Mentor Underwriters and Analysts.
? Maintain effective controls and compliance including operating within CPC Climate Capital?s policies and procedures and adhering to all legal, regulatory, and programmatic requirements.
? Work on special projects, as required.
? Perform other administrative duties, as assigned.

Skills and Experience:
? Bachelor?s degree, preferably in Finance, Economics, Real Estate or related field.
? 7 years? experience in commercial loan underwriting, with a focus on multifamily lending, preferred or an equivalent combination of education and experience.
? Experience with both Freddie Mac/Fannie Mae conventional and affordable underwriting standards preferred.
? Experience with green building standards, building decarbonization and sustainable housing preferred.
? Demonstrated ability to organize & prioritize projects; complete multiple tasks on schedule.
? Exceptional analytical, problem solving and organizational skills required.
? The ability to successfully work with others as a team in a fast-paced environment, including listening, negotiating and leadership skills.
? An expertise in Microsoft Word, Excel, PowerPoint and Adobe products required.
? Effective written and oral communication skills and excellent interpersonal skills are required.

What We Offer:
? Competitive compensation
? 401(k) retirement plans with employer match
? Medical, dental, and vision benefits for employees and their dependents
? Commuter benefits
? PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
? Tuition assistance program
? Two ?work from anywhere? weeks per year
? Summer Fridays
? Collaborative working spaces
? Service days to support our communities
? Employee development and engagement events
? More about our offerings and culture here

This is a full-time, hybrid role where you will work from the Manhattan office two - three days a week. The salary range is $140,000 - $170,000, dependent on experience.

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