Senior Underwriter, Community Lending - Housing
Posted 2025-03-14About Reinvestment Fund:
At Reinvestment Fund, we are dedicated to making a tangible difference in the lives of underserved individuals and communities. Our mission is to foster economic empowerment and wealth-building in historically marginalized areas, ensuring a brighter future for all.
As a federally certified community development financial institution (CDFI), our job is to make finance an agent of positive change and equitable growth. We provide loans, grants and technical assistance to businesses and nonprofits. Our borrowers and grantees educate students, support local economies, and create jobs. They build affordable housing and provide community goods and services that include access to nutritious food, hunger relief, physical and mental health care, and other social services.
About the Position:
Reinvestment Fund is currently hiring a Senior Underwriter within the Lending and Investments department, who will be an integral member of the Community Lending originations team, which is responsible for originations and management of place-based capital across core geographic markets in the MidAtlantic and Southeast. Originations are focused on a wide spectrum of affordable housing project types or projects with affordable housing components, such as mixed housing types (for sale and for rent) around an anchor institution (i.e. HBCU, hospital system, etc.). The Senior Underwriter is responsible for conducting due diligence and underwriting for approval of a broad range of loan types for projects in alignment with Reinvestment Fund?s community lending initiatives and strategies.
The Senior Underwriter reports to and works closely with the Managing Director, Community Lending, and as assigned, will partner with Senior Directors (Loan Officers) to underwrite loans to obtain credit approval as well as to provide underwriting analysis for discrete aspects of the prescreen process which provides an initial review of potential borrowers and their projects. The Senior Underwriter will communicate with borrowers and other external parties, as necessary to complete a quality credit aligned with loan policy. As part of the Lending and Investments team, the Senior Underwriter supports the achievement of team and organization financial and strategic goals.
RESPONSIBILITIES:
Due Diligence:
? The Senior Underwriter reviews loan application materials from the borrower and coordinates the commission of third-party due diligence reports (e.g., appraisal, plan and cost review, etc.) with Lending Operations staff.
Underwriting
? The Senior Underwriter will collaborate with the Senior Director to identify key risks guiding the underwriting.
? The Senior Underwriter will participate in information gathering client or borrower calls, independently and in collaboration with the Senior Director, and, on occasion may attend site visits with other Lending staff as a part of the underwriting process. Travel for work responsibilities is ~10%.
? They will use the due diligence materials and third-party reports and reference the loan policy and underwriting guidelines to perform appropriate analysis of various components of the borrower and project for the loan request.
? Underwriting will include pre-credit approval analysis of: financial proforma projections, budgets, repayment sources, market conditions, appraisals, entitlement/land use assessments, environmental reports, plan and cost reviews, market assessment reports, property conditions reports, requirements related to other capital sources and subsidies, borrower and guarantor financial statements, management and leadership of sponsor, and other analysis as appropriate to assess credit risk on a given transaction.
Credit Approval
? The Senior Underwriter, in collaboration with the Senior Director, will prepare written credit memos (loan approval requests) for presentation to the President, Lending and Investments and to the Chief Credit Officer and/or Internal Loan Committee for final approval.
? They will prepare exhibits (e.g., financial analysis) for the credit approval package.
? The Senior Underwriter will work closely with Senior Director and/or Managing Director to prepare for and respond to questions and follow-up that is identified during the credit approval process.
REQUIREMENTS:
The requirements listed below are representative of the knowledge, skill, and/or ability required. We're committed to creating an inclusive environment and will make reasonable accommodations to enable individuals with diverse abilities to excel in performing the essential functions of this role.
Education and Experience:
? Undergraduate degree in Finance, Economics, City Planning, or other related fields required.
? At least 5 years of experience in real estate-based lending. Experience must include historic and projection credit analysis and review, analysis and synthesis of third-party due diligence reports (i.e. appraisal, rental housing market studies, etc.) to inform a credit decision.
? Must have demonstrated experience of working well in small groups collaboratively to achieve a shared goal or outcome in an effective way.
? At least 3 years of regular, direct experience underwriting low-income housing tax credit (state and/or federal) and other affordable housing programs is required.
? Familiarity with for sale housing lending and the community land trust model is preferred.
Required Skills:
The ideal candidate for this position will have these key qualifications: ? Proficiency in analyzing financial statements of individuals, for-profit businesses, and nonprofit organizations and their real estate operations, in particular, rental housing. Demonstrated experience with basic accounting principles and ability to spread and analyze such statements to assess financial condition. ? Proficiency in analyzing operating proforma, including reconciling projected revenue to market, verifying operating expenses, and performing debt coverage and refinance sensitivity analyses. ? Experience reviewing construction budgets, project plans, appraisals, plan and cost reviews and other real estate documents. Familiarity with the design, permitting, and construction process for developing real property. ? Working experience with a variety of types of funding sources including private sector, federal, state and local government, agency lending, and philanthropic (capital campaign) for projects; familiarity with tax credit subsidy programs such as historic tax credits or new markets tax credits preferred. ? Ability to effectively synthesize information, organize logical arguments and summarize key points in written memos. ? Experience performing analysis and modeling in Excel. ? Ability to draw conclusions from financial, market data and third-party reports to make sound recommendations regarding credit risks. ? Excellent skills in managing multiple tasks requiring strong attention to detail. ? Communication: Must be able to communicate well with others, both in writing and in person or virtual. As part of the hiring process, the candidate will be expected to submit a writing sample of loan underwriting. ? Must share a commitment to advancing equity and willingness to engage in that work to advance Reinvestment Fund?s mission.
Work Location:
Reinvestment Fund can offer two options for this role: Either a flexible work arrangement that is a hybrid home/office for individuals located near our Atlanta or Philadelphia offices (2 days per week in office), or a fully remote work arrangement (maintaining Eastern Time Zone hours) with occasional travel to our Atlanta or Philadelphia offices. There is also an expectation that additional travel will be occasionally required to Reinvestment Fund?s Philadelphia, PA, headquarters.
Compensation and Benefits:
Reinvestment Fund offers a competitive salary based on experience and skills, as well as an excellent benefits package including employer-paid health, disability and life insurance, 401(k) savings plan with employer match, flexible spending accounts (medical, dependent care and transportation), tuition reimbursement, paid time off, and EAP program.
The salary range for this position at commencement of employment is expected to be between $130,000 and $150,000/year, however, base pay offered may vary depending on multiple individualized factors, including market location, job-related knowledge, skills, and experience.
Reinvestment Fund uses E-Verify to validate all new hires' ability to legally work in the United States and all new hires may be subject to a background check.
Reinvestment Fund is an Equal Opportunity Employer. We do not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disability, or status as a veteran. Reinvestment Fund is committed to diversity, equity and inclusion (DEI) throughout our organization and in our external investment practices.
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