Job description
Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company that puts people and communities first. Our people are our greatest assets and create the work environment that makes Bellwether Enterprise a place of growth, productivity, and ingenuity. We implore you to explore the many career opportunities we have available here at Bellwether Enterprise!
Job Description
The BWE Direct Bond Purchase Program (“BWE Direct”) is a tax-exempt lending platform that provides construction and permanent financing for affordable multifamily housing properties financed with tax-exempt bonds throughout the US. BWE Direct invests in tax-exempt bonds on behalf of institutional investors.
The Direct Bond Purchase Underwriter (“Underwriter”) is charged with project managing and coordinating the movement of tax-exempt bond direct purchase (private placement) transactions through the underwriting pipeline from prescreen through closing.
The Underwriter will also oversee quote issuance and application generation for transactions.
The Underwriter will be responsible for identifying transaction risks and mitigating factors and succinctly presenting all underwriting to BWE and its investors credit committee(s) for consideration.
The Underwriter will be the primary point of contact for BWE’s investors as it relates to underwriting and credit related issues.
The Underwriter will play a pivotal role in the growth and expansion of the BWE Direct Bond Purchase program.
PRIMARY JOB FUNCTIONS:
- Establish underwriting timeline in conjunction with the Loan Originator, Transaction Manager and Closing Manager.
- Oversee generation of borrower’s checklist and all forms for the proper product type and introduce borrower to the information requirements.
- Solicit bids and engage contractors selected for the necessary third-party reports for the underwriting process (e.g., appraisal, environmental, engineering) and ensure the timely receipt and delivery of all third-party reports and documents.
- Conduct due diligence review of the property’s market, location, condition, borrower and principal’s mortgage credit, property management and other items relevant to risks identified during the due diligence process.
- Conduct a critical review and analysis of the appraisal, including a review of the market analysis, property description, real estate tax analysis, zoning analysis, and the comparable properties.
- Conduct a critical review and analysis of the engineering report and environmental reports plus additional reports included as part of the underwriting including, seismic studies, market studies, etc., as appropriate.
- Conduct site inspections, and market analysis for transactions underwritten.
- Demonstrate and maintain ongoing familiarity with Freddie Mac and Fannie Mae program guidelines as established in each of their Multifamily Seller and Servicer Guides.
- Summarize bond purchase transactions by preparing a presentation for credit approval and recommendation to BWE and its investor(s).
- Coordinate and manage other underwriters, transaction managers and analysts, where necessary, to ensure timely processing of transactions.
- Work with the Bond Purchase management team to continuously streamline and improve the process and procedures for pricing, prescreen, underwriting and approval of transactions being processed through the Bond Purchase Program.
- Ability to manage expectations and timeframes for borrowers and investors, while ensuring delivery of due diligence and checklist items needed for financing quotes, final loan approval and closing.
- Work with Investors to ensure compliance with underwriting criteria and credit requirements.
- Ability to understand and comment on critical loan documents to accurately reflect negotiated deal terms.
- Establish and maintain strong working relationships with outside parties (investors, legal counsel, etc.) and internal working party (underwriters, closers, servicers, construction monitoring team)
- Knowledge and experience in affordable housing, LIHTC and tax-exempt bond financing is preferred.
- Ability to provide creative solutions and optionality.
- Assist in the negotiation of loan quotes, loan applications and loan commitments and review to ensure they comply with both internal and investor requirements
- Additional duties and responsibilities may be assigned as required.
QUALIFICATIONS:
- Bachelor’s Degree required.
- 5+ years of relevant experience, including a good working knowledge of market factors relevant to multifamily underwriting, including occupancies, rent levels, expense items; experience working with appraisers, engineering/environmental firms.
- Previous affordable housing underwriting experience: tax exempt bond purchase (private placement) or GSE (Fannie Mae or Freddie Mac) underwriting experience strongly preferred.
- Knowledge of and experience working with a variety of affordable housing programs, including: Low Income Housing Tax Credits, Section 8, Section 236 and other forms of government subsidies.
- Possess computer literacy and have a strong working knowledge of Microsoft products.
- Ability to operate effectively in a team environment as well as able to work independently.
- Ability to meet deadlines and work in a fast-paced environment and demonstrate a proven track record of multi-tasking.
- Prior management experience.
- Ability to evolve with the changing capital markets.
- Excellent organizational skills and drive to succeed.
- Ability to organize, direct and motivate others.
- Demonstrated ability to meet deadlines.
- Maturity and self-confidence to simultaneously handle a variety of assignments.
- Ability to work harmoniously with internal/external workers/customers.
- Excellent written and verbal communication skills.
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