Agency Sr. Underwriter - Affordable

• Deliver exceptional customer service to internal and external clients by facilitating well-underwritten, risk-conscious real estate transactions that align with the business strategy.
• Foster strong working relationships across teams and with external partners to support transaction success.
• Mentor and motivate team members by modeling professionalism, integrity, and mutual respect.
• Thrive in a dynamic, fast-paced environment while maintaining high performance and adaptability.
• Contribute unique insights, market intelligence, and ideas to support KeyBank’s mission and team goals.
• Communicate effectively—both verbally and in writing—while promoting open, direct, and collaborative dialogue with clients, teammates, and stakeholders.
• Demonstrate initiative and independence in managing responsibilities, driving transactions to successful outcomes with minimal supervision.
• Support cross-functional efforts within the Commercial Mortgage Group (CMG) to help achieve departmental goals.
• Exhibit full proficiency in Agency and Private Placement programs for affordable and market-rate multifamily housing, offering underwriting and programmatic expertise as needed.
• Underwrite affordable housing loans efficiently and in accordance with established policies and procedures to ensure a professional and risk-mitigated process.
• Apply knowledge of LIHTC and bond financing programs to assess transaction viability.
• Maintain strong understanding of lending program requirements and proactively identify and mitigate compliance risks.
• Review third-party reports for programmatic compliance and provide timely, actionable feedback to vendors.
• Conduct property inspections and market analysis for assigned transactions.
• Analyze complex borrower structures and identify key participants.
• Lead underwriting teams for affordable housing transactions, leveraging resources to meet client and team expectations.
• Evaluate documents related to affordable transactions (e.g., LURAs, subordinate debt, PILOT agreements) and summarize findings in written narratives.
• Assess construction budgets for adequacy in forward commitments.
• Manage internal underwriting and deal management systems to ensure data accuracy and completeness.
• Collaborate with origination, closing, and servicing teams to ensure compliance with Agency guidelines.
• Execute assigned duties professionally and escalate issues promptly when necessary.
• Complete all compliance-related tasks for each transaction to minimize risk exposure.

MARGINAL OR PERIPHERAL FUNCTIONS

• Collaborate with mortgage bankers and management to support the origination of Affordable housing loans and drive new business opportunities.
• Facilitate staff development by conducting training sessions, identifying growth opportunities, and promoting continuous learning for both team members and self.
• Lead recruitment and onboarding efforts to ensure seamless integration of new hires into the team.
• Represent KeyBank with professionalism and excellence at industry conferences, training sessions, and trade organization events.
• Travel may be required, including overnight stays, to conduct property inspections and fulfill other job-related duties.

• Demonstrated expertise in analyzing Affordable multifamily real estate transactions, with a strong understanding of underwriting fundamentals.
• Bachelor’s degree required.
• Minimum of five (5) years of experience underwriting Affordable housing loans, including Fannie Mae, Freddie Mac, and Private Placement programs.
• Excellent verbal and written communication skills, with the ability to convey complex information clearly and professionally.

• Demonstrates strong organizational and time management skills, ensuring tasks are completed efficiently and effectively.
• Exhibits initiative and leadership qualities, contributing positively to team dynamics and project outcomes.
• Capable of managing multiple deadline-driven responsibilities simultaneously while maintaining high standards of quality.
• Thrives in collaborative, team-oriented environments, fostering cooperation and shared success.
• Resolves conflicts constructively and professionally, maintaining a calm and solution-focused approach.

• Proficient in PC-based productivity tools including Microsoft Word, Excel, Outlook, and Adobe Acrobat, with the ability to leverage these platforms for efficient documentation, analysis, and communication.
• Skilled in utilizing financial calculators and Excel-based financial modeling tools to perform advanced underwriting, scenario analysis, and data-driven decision-making.

• Complete all required KeyBank compliance training within designated timelines to ensure adherence to regulatory and organizational standards.
• Develop a thorough understanding of KeyBank’s underwriting and processing procedures to ensure consistency, accuracy, and alignment with internal protocols.

COMPENSATION AND BENEFITS

Please click here for a list of benefits for which this position is eligible.

Key has implemented an approach to employee workspaces which prioritizes in-office presence, while providing flexible options in circumstances where roles can be performed effectively in a mobile environment.

• A degree in Real Estate, Finance, or Economics is preferred; however, candidates with degrees in other relevant fields may also be considered based on experience and qualifications.

This position is eligible to earn a base salary in the range of $96,000.00 - $181,000.00 annually. Placement within the pay range may differ based upon various factors, including but not limited to skills, experience and geographic location. Compensation for this role also includes eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.