Agency Underwriter or Senior Agency Underwriter

Location:

ABOUT KEYBANK REAL ESTATE CAPITAL
KeyBank Real Estate Capital is one of the nation's premier commercial real estate finance platforms, offering a comprehensive suite of debt and equity solutions for multifamily and commercial properties. Our Commercial Mortgage Group (CMG) is a top-tier Fannie Mae DUS and Freddie Mac Optigo lender with a proven track record of originating, underwriting, and servicing Agency multifamily loans nationwide. Backed by KeyCorp's balance sheet strength and national reach, CMG delivers competitive execution, deep market expertise, and a commitment to excellence on every transaction. We are growing our Agency production significantly and seeking talented professionals who thrive in a high-volume, high-performance environment.

JOB BRIEF (PURPOSE)
The Agency Underwriter and Senior Underwriter is a high-impact individual contributor responsible for performing comprehensive due diligence and underwriting of Fannie Mae and Freddie Mac conventional market-rate multifamily mortgage loans. This role carries a substantial deal volume and is critical to the timely, accurate, and risk-conscious execution of CMG's Agency lending pipeline. The ideal candidate is a self-starter who manages a heavy workload with speed and precision, exercises sound credit judgment, and consistently delivers institutional-quality underwriting packages from application through commitment. The ideal candidate will work collaboratively with originators, processing, closing, and servicing teams.
Please note: This is an on-site position and is not eligible for remote or virtual work arrangements. The candidate will be required to work from a KeyBank office. Preferred locations include Boston, MA; Chicago, IL and Cleveland, OH but KeyBank would consider Dallas, TX, and Overland Park, KS for the right candidate.

ESSENTIAL JOB FUNCTIONS
* Independently underwrite a high volume of Fannie Mae DUS and Freddie Mac Optigo conventional market-rate multifamily loans, managing multiple transactions simultaneously under tight deadlines.
* Perform accurate loan sizing, cash flow analysis, and overall risk assessment utilizing investor-specific underwriting guidelines, ensuring loans are structured appropriately prior to and/or following application.
* Analyze historical and projected property financial statements, rent rolls, operating budgets, and capital expenditure plans to develop supportable underwriting conclusions.
* Evaluate complex borrower and guarantor structures, including review of personal and business financial statements, organizational documents, credit reports, and background checks to assess sponsor strength and experience.
* Prepare thorough, well-organized underwriting narratives and credit packages for internal review and Agency submission, clearly articulating deal strengths, risks, and mitigants.
* Conduct property inspections and submarket analysis for assigned transactions, documenting physical condition findings and competitive market positioning.
* Obtain, review, and analyze all required third-party reports-including appraisals, engineering/physical condition assessments, environmental reports, and seismic studies-for programmatic compliance and reasonableness, providing timely and actionable feedback to vendors.
* Interact directly with Fannie Mae and Freddie Mac representatives regarding transaction terms, waivers, variances, and program-specific requirements.
* Coordinate with originators to determine optimal deal structures, resolve underwriting issues, and ensure transactions align with both investor guidelines and KeyBank credit standards.
* Interview prospective borrowers and property managers to obtain critical property, management, financial, and operational details for each transaction.
* Manage internal underwriting and deal-management systems (e.g., pipeline tracking, data entry, document management) to ensure accuracy, completeness, and audit-readiness of all loan files.
* Work closely with processing, closing, and servicing teams to monitor submission status, clear conditions, and ensure seamless handoffs at each stage of the loan lifecycle.
* Review commitment letters and loan documents for consistency with underwriting terms and Agency requirements.
* Stay current on Fannie Mae and Freddie Mac program updates, policy changes, Selling and Servicing Guide revisions, and industry regulations that may impact established underwriting procedures.
* Execute all compliance-related tasks for each transaction to minimize risk exposure, ensuring adherence to Anti-Money Laundering (AML), Bank Secrecy Act (BSA), and Fair Lending requirements.
* Deliver exceptional customer service to internal and external stakeholders, contributing to a professional, responsive, and solutions-oriented underwriting process.
* Provide programmatic guidance to colleagues as a subject-matter resource on Agency multifamily underwriting, sharing knowledge and best practices without a formal supervisory role.

MARGINAL OR PERIPHERAL FUNCTIONS
* Collaborate with mortgage bankers and management to support Agency loan origination efforts and identify new business opportunities.
* Assist in the development and refinement of internal underwriting templates, checklists, and process improvements to enhance efficiency and consistency.
* Travel may be required, including overnight stays, to conduct property inspections, attend Agency training sessions, and fulfill other job-related duties.

REQUIRED QUALIFICATIONS - Underwriter
* Bachelor's degree required.
* Minimum of three (3) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement.
* Demonstrated expertise in analyzing market-rate multifamily real estate transactions, including cash flow underwriting, loan sizing, market analysis, and borrower/guarantor evaluation.
* Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines.
* Strong working knowledge of Fannie Mae DUS and Freddie Mac Optigo program requirements, guidelines, and Selling/Servicing Guides.
* Excellent verbal and written communication skills, with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences.
* Proficiency in reviewing and interpreting third-party reports, including appraisals, environmental assessments, and engineering reports.

REQUIRED QUALIFICATIONS - Senior Underwriter

*Bachelor's degree required.
*Minimum of five (5) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement.
*Demonstrated expertise in analyzing market-rate multifamily real estate transactions, including cash flow underwriting, loan sizing, market analysis, and borrower/guarantor evaluation.
*Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines.
*Strong working knowledge of Fannie Mae DUS and Freddie Mac Optigo program requirements, guidelines, and Selling/Servicing Guides.
*Excellent verbal and written communication skills, with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences.
*Proficiency in reviewing and interpreting third-party reports, including appraisals, environmental assessments, and engineering reports.

PREFERRED QUALIFICATIONS
* A degree in Real Estate, Finance, Economics, or Accounting is preferred; however, candidates with degrees in other relevant fields may also be considered based on experience and qualifications.
* Five (5) to Seven (7) or more years of Agency multifamily underwriting experience.
* Experience underwriting across a range of market-rate multifamily product types, including conventional market rate, mobile home communities, age-restricted, and student housing.
* Familiarity with Fannie Mae and Freddie Mac technology platforms and submission portals.
* Prior experience at a DUS or Optigo lender, GSE, or national mortgage banking firm.
* Working knowledge of affordable housing, tax credit (LIHTC), and mixed-income programs is a plus but not required.

COMPETENCIES / SKILLS
* Exceptional organizational and time-management skills, with the ability to prioritize and advance a large number of transactions simultaneously without sacrificing accuracy or quality.
* Strong analytical and critical-thinking abilities, with a detail-oriented approach to financial analysis and risk assessment.
* Self-directed and resourceful-takes initiative, works independently, and drives transactions to successful outcomes with minimal supervision.
* Thrives in a fast-paced, deadline-driven environment and adapts quickly to shifting priorities and program changes.
* Collaborative team player who fosters positive working relationships across departments and with external partners.
* Professional demeanor with a solutions-focused approach to problem-solving and conflict resolution.
* Demonstrates integrity, accountability, and a commitment to continuous learning and improvement.

EQUIPMENT USED / PHYSICAL REQUIREMENTS
* Proficient in PC-based productivity tools including Microsoft Word, Excel, Outlook, PowerPoint, and Adobe Acrobat, with the ability to leverage these platforms for efficient documentation, financial analysis, and communication.
* Skilled in utilizing financial calculators and Excel-based financial modeling tools to perform underwriting analysis, loan sizing, scenario testing, and data-driven decision-making.
* Ability to travel nationally for property inspections, which may include walking properties, climbing stairs, and inspecting building systems and grounds.

TRAINING REQUIRED
* Complete all required KeyBank compliance training within designated timelines to ensure adherence to regulatory and organizational standards.
* Develop and maintain a thorough understanding of KeyBank's underwriting and processing procedures to ensure consistency, accuracy, and alignment with internal protocols.
* Complete Fannie Mae DUS and Freddie Mac Optigo required lender training and certification modules as applicable.
* MBA Multifamily Inspection Course will be required if not previously taken, which will be at the expense of KeyBank.

COMPENSATION
* A competitive base salary + discretionary bonus
* Generous benefits - 401(k) matching (dollar-for-dollar up to 6%), PTO, fitness and tuition reimbursement and so much more.
* Paid on the job training and access to a library of on-demand professional development and training courses

COMPENSATION AND BENEFITS

This position (Agency Underwriter) is eligible to earn a base salary in the range of $80,000.00 to $150,000.00 annually depending on location and job-related factors such as level of experience. Compensation for this role also includes eligibility for short-term incentive compensation and deferred incentive compensation subject to individual and company performance.

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.

Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com.