Rose Community Capital are specialists in financing affordable and mixed-income housing with a personal touch. With the focused attention of a single lending expert throughout the process, we become not simply your financing facilitator but your trusted partner for the life of each project—and the next.
We have deep knowledge of—and long experience in navigating—the intricacies of governmental programs and policies. With over 20 years of origination and serving experience, we maintain relationships with several HUD offices. We also are able to tap the expertise of Jonathan Rose Companies—particularly in the areas of finance, acquisition, and development—to ensure we are bringing the best options to the table.
Position Description
The Underwriter will be primarily responsible for underwriting and successful submission of assigned financing applications to the Department of Housing and Urban Development (HUD) in accordance with its FHA Multifamily Accelerated Processing (MAP) Guide, related HUD guidelines and Company procedures and guidelines.
Primary Responsibilities Include:
- Deal Structuring. The Underwriter will understand the use of LIHTC equity, tax-exempt bond financing, and subordinate financing in the context of FHA financing and apply appropriate FHA guidelines to the transaction throughout the process. This includes working with borrowers, and internal and external partners to determine equity structuring requirements, bridge financing needs, and acceptable subordinate debt terms, as applicable. The Underwriter will serve as the primary HUD contact maintaining a positive relationship throughout. The Underwriter will also facilitate closing, as needed and work with third-party closer/servicing, attorney’s and HUD to facilitate closing.
- Economic Feasibility Analysis. This includes all components of net operating income (rents, expenses, vacancy, etc.), proposed cost estimates and anticipated lease-up, as applicable. The underwriter will have 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 will understand and apply guidelines related to tax abatement programs and ground leases typical in the affordable housing arena.
- Market Analysis. The Underwriter will 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 guidelines.
- Appraisal Analysis and Review. The Underwriter will participate in the process of selecting and working with approved third party appraisers and 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.
- PCNA/A&E Review/Environmental. 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. Utilizing HUD application documents and other Company information, as available, Underwriter will analyze credit documentation to determine ownership structure, credit worthiness as it relates to the subject as well as consider capacity issues, and other risks/mitigates to HUD. The Underwriter will 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 is responsible, in conjunction with other team members, for completion of the Underwriter’s Narrative and required HUD forms which identify relevant risks and mitigants pursuant to HUD guidelines.
- Creates and maintains a database of all applicable HUD Notices, Mortgagee Letters, Handbooks, Memos and other related materials related to FHA processing; communicates new information to originators; in conjunction with the Managing Director, creates sizing tools, standard templates and other materials to promote the program to the public. Participates in industry meetings and communicates relevant information to staff.
Requirements:
- Bachelors degree in Finance or related experience required.
- 3-7 years of experience with FHA lending experience or equivalent including affordable housing lending.
- Strong financial modeling and decision making skills needed.
- Detail oriented and ability to make an impact.
- Proficient with the Microsoft Office suite.
- Ability to travel up to 15% of the time.
Rose Companies Benefits:
At Rose Companies our goal is to provide an affordable and comprehensive benefits package that provides security for you and your family and supports your overall wellbeing. Benefits offered include, but are not limited to: Medical, Dental, Vision, Flexible Spending Accounts, Life, Short-Term Disability, Long-Term Disability, 401K with company match, competitive paid time off policy, paid holidays, parental bonding leave and educational assistance.
Rose Companies is committed in policy and practice to providing equal employment opportunities for all applicants and employees, based upon their training, experience, and overall qualifications. Consistent with this commitment, discrimination against an applicant or employee based upon the individual’s race, color, creed, religion, sex, gender, age, national origin, ancestry, citizenship status, marital or familial status, sexual orientation, gender identity, gender expression, disability, military status, protected veteran status, genetic information, or any other condition or characteristic protected by law is strictly prohibited.
Equal Opportunity Employer & Drug Free Workplace