Senior Rental Underwriter
Posted on: June 17, 2022
Title: Senior Rental Underwriter
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
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
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
Specific Duties and Responsibilities
The SRU will underwrite and close their own portfolio of rental
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
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
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
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
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
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
MassHousing is an Equal Opportunity Employer
Keywords: MassHousing, Brookline , Senior Rental Underwriter, Accounting, Auditing , Brookline, Massachusetts
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