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Senior Rental Underwriter

Company: MassHousing
Location: Somerville
Posted on: June 18, 2022

Job Description:

Title: Senior Rental Underwriter

Organization: MassHousing

Location: One Beacon Street, Boston, MA 02108

Posting Closes: Close of Business on June 29, 2022


MassHousing recently affirmed its longstanding commitment to diversity and inclusion in its 5-year Strategic Goals, see


MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people. A bold mission for an innovative agency. Since its inception in 1966, MassHousing has provided more than $27.5 billion for more than 125,000 apartments and more than 105,000 home mortgage loans. Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts. We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion.

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck. MassHousing' s total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

Tuition reimbursement up to $10,000 per calendar year
A 35-hour work week and a hybrid work schedule
Back up Child/Elder Care
Retirement Savings including a pension and a deferred compensation plan (with a match)
Comprehensive health, dental and vision plans
12 paid Holidays per year and generous sick, vacation, and personal time
Short-Term Disability
Central Boston office location, convenient to public transportation and amenities on site

If you're ready to join our dynamic team of mission driven professionals, this might be the job for you! Interested candidates should send a letter of interest and a resume to MassHousing by logging in to

Position Summary

The Senior Rental Underwriter (SRU) is primarily responsible for the direct supervision of assigned Rental Underwriters (RU) engaged in the underwriting and closing of multifamily affordable housing financing proposals involving taxable or tax-exempt bond financing. Taxable transactions typically involve "preservation" (FFB/Treasury) or HUD MAP re-financings and may include financings utilizing 9% Low Income Housing Tax Credits (LIHTCs). Tax-exempt transactions typically involve new construction; substantial rehabilitation or FHA Tax Credit Pilot Program financings utilizing 4% LIHTCs.

Specific Duties and Responsibilities

The SRU will underwrite and close their own portfolio of rental loans.
The SRU (or RU) will provide technical guidance to the Rental Lending Originator in prescreening transactions by identifying early in the process potential issues including deal structuring, loan sizing, appraisal concerns, design and environmental reviews.
Upon application/engagement, the SRU (or RU) commences the due diligence process working directly with the assigned Appraiser and Architect to order third-party reports, while coordinating the underwriting and underwriting inputs from other MassHousing staff, including, but not limited to; Appraisers, Architects, Energy & Environmental Specialist, 504/ADA Coordinators, Portfolio and Asset Managers, Mortgage Credit and Diversity & Inclusion Professionals and Attorneys.
The SRU works closely with the Manager of Rental Underwriting to ensure that underwriting issues are identified and addressed, and that loans are processed in accordance with prudent loan standards and applicable MassHousing and HUD/FHA regulations, guidelines and policies.
The SRU (or RU) communicates all findings to the Rental Lending Originator and assists in preparing the Board Proposal and is responsible for preparing the Commitment Letter. After commitment the SRU prepares applications to HUD for applicable credit enhancement commitments (HUD/HFA Risk Sharing, FHA mortgage insurance, etc.) and assists legal coordinating the closing of the loan by taking the lead to review and approve business due diligence and communicating with the Borrower and internal MassHousing deal team staff.
The SRU is especially proficient in the underwriting and processing of Risk Sharing and FHA-insured transactions for existing portfolio re-financings and new Agency business.
The SRU is also responsible for assisting in the evaluation of existing programs and underwriting practices, the development of new multifamily business initiatives, and establishment and maintenance of multifamily lending policies and procedures.
The SRU will perform other duties and responsibilities as assigned and reports directly to the Manager of Rental Underwriting.

Knowledge, Skills and Abilities Required

Exceptional critical thinking, negotiation, problem-solving and effective time management skills.
Ability to work both collaboratively and independently.
Excellent organizational, written and oral communication skills.
Sound judgement, ability to anticipate problems and opportunities, identify, assess and take steps to mitigate risk, explore options and develop solutions.
Ability to responds to needs of internal and external customers and key stakeholders, collaborate with co-workers and business partners, resolve conflicts effectively, and assume additional responsibility when needed.

Minimum Education and Training

Master's or professional degree or equivalent work experience required.
HUD-approved MAP underwriter (or commitment to training/testing for the designation) preferred.
At least five years of substantial experience in the financing or asset management of multifamily apartment properties.
Must have broad knowledge of government and private financing programs, including federal insurance and subsidy programs.
Prior supervisory experience preferred.
Excellent written and oral communication skills required.

Salary Range: $114,710 - $149,123

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service. Inherent in these values is our commitment to diversity, equity, and inclusion for all.

This position has been designated as "Flex" under MassHousing's Alternative Work Schedule (AWS)-hybrid work model which means; employee is in the office at least eight days a month.

As a condition of employment, successful applicants will be required to be fully vaccinated against COVID-19 or have an approved exemption as of their start date. Details relating to demonstrating compliance with this requirement will be provided to applicants selected for employment. Applicants who receive an offer of employment who can provide documentation that the vaccine is medically contraindicated or who object to vaccination due to a sincerely held religious belief may make a request for an exemption.

MassHousing is an Equal Opportunity Employer

Keywords: MassHousing, Somerville , Senior Rental Underwriter, Accounting, Auditing , Somerville, Massachusetts

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