Job Description

Reference # : 17-03338Title : FHA MAP Underwriter
Location : Washington, DC
Position Type : Direct Placement
Experience Level : Start Date : 04/05/2017
FHA MAP Underwriter

Be a part of creating the right solutions. Eclaro is looking for an FHA MAP Underwriter for our client in Washington, DC.

Eclaro’s client is one of the world's largest financial institutions, committed to providing the tools and services that bridge the gap between customers and their goals. If you’re up to the challenge, then take a chance at this rewarding opportunity!

The FHA MAP Underwriter will be primarily responsible for underwriting and submitting assigned financing applications to the Department of Housing and Urban Development (HUD) in accordance with its Multifamily Accelerated Processing (MAP) Guide, related HUD guidelines, and company procedures and regulatory guidelines. This encompasses typical underwriting functions including but not limited to:
  • Deal Structuring:
o The Underwriter should understand the use of LIHTC equity, tax-exempt bond financing, and subordinate financing in the context of FHA financing and be able to apply appropriate FHA guidelines to the transaction throughout the process. This will include working with borrowers and internal and external partners to determine equity structuring requirements, bridge financing needs, and acceptable subordinate debt terms, as applicable.
  • Economic Feasibility Analysis:
o This includes all components of net-operating income (rents, expenses, vacancy, etc.), proposed cost estimates and anticipated lease-up, as applicable. Candidate should have a working knowledge of affordable housing programs including LIHTC, HOME, RAD, HAP contracts and vouchers, and ability to research and understand other federal and state programs and apply appropriately to FHA MAP lending guidelines. In addition, the underwriter should be able to understand and apply guidelines related to tax abatement programs and ground leases typical in the affordable housing arena.
  • Market Analysis:
o Underwriter should have the ability to review Market Studies and other data derived from other research and source material gathered directly via in-market visits to ensure sufficient demand and supportable rents for the purpose of projecting net-operating income, lease-up pace, and also for determining unrestricted market rents in accordance with FHA and Client guidelines.
  • Appraisal Analysis and Review:
o The Underwriter will participate in the process of selecting and working with approved third-party appraisers. S/he will have primary responsibility for review of the appraisal and related forms and for working with the appraiser to develop a final appraisal meeting applicable guidelines and accurately characterizing the subject.
  • Food and Beverage Client/AEC Review/Environmental:
o As with the appraisal, the Underwriter will participate in the selection process and work with the third-party as needed towards a final work product meeting applicable guidelines and accurately reflecting the transaction.
  • Mortgage Credit Analysis:
o Utilizing HUD application documents and other Bank information, as available, the Underwriter must be able to analyze credit documentation, including REO schedules, to determine ownership structure, credit worthiness as it relates to the subject as well as consider capacity issues, and other risks/mitigants to HUD and Client. The Underwriter should understand the analysis required of LIHTC investors in affordable transactions as well as how to analyze non-profit financial statements and review non-profit executives and boards.
  • Underwriter's Narrative, Site Visit, Concept Meeting and HUD Forms:
o The Underwriter will be responsible, in conjunction with other team members, for completion of the Underwriter's Narrative and required HUD forms which identify relevant risks and mitigants to the satisfaction of the Client Risk Review Committee and pursuant to HUD guidelines. The Underwriter will also responsible for conducting the site inspection and, if applicable, preparing a concept meeting package and attending concept meeting with Borrower.
  • Primary contact for HUD on a transaction basis:
o The Underwriter will serve as the primary HUD contact maintaining a positive relationship throughout.
  • Facilitate Closing, as needed; work with third-party closer/servicing, attorneys and HUD to facilitate closing.
  • In addition, the MAP Underwriter may be called upon to:
o Serve as a resource/expert on FHA financing to CDB and other bank associates
o Provide input and ideas on FHA policies and procedures in the spirit of on-going process and customer service improvement
o Provide input and assist in the development of forms, templates on an as needed basis
o Assist in the screening and analysis of deals prior to underwriting
o Assist in training and supervision of less-experienced FHA teammates
o Participate in creation and presentation of training sessions for CDB associates
o Participate in meetings with CDB associates, clients and prospective borrowers
o Attend internal and external conferences and meetings

  • B.S./Master's degree in Accounting, Finance, Economics, Real Estate or other related field
  • MAP certification (LEAN not required)
  • 3 -5 years of FHA lending experience or equivalent, including affordable housing lending
  • Ability to work in a team environment
  • Ability to matrix manage for tasks and projects where needed
  • Willingness to travel required for site inspections, conferences, and meetings (20%)

This an opportunity to work with one of the leading financial institutions in Community Development Banking. The working environment is highly team-oriented and professional, the management is second to none in terms of their knowledge of the business coupled with their ability to design an environment that is highly desirable to work in.

Equal Opportunity Employer: Eclaro values diversity and does not discriminate based on Race, Color, Religion, Sex, Sexual Orientation, Gender Identity, National Origin, Age, Genetic Information, Disability, Protected Veteran Status, or any other legally protected group status.

Application Instructions

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