Careers at MassHousing

Underwriting Analyst – Rental Underwriting

Since its inception in 1966, MassHousing has supported affordable home ownership and rental housing opportunities throughout Massachusetts. The Agency has provided more than $22 billion for affordable housing in that time. Currently, MassHousing is seeking an experienced professional for the position of Underwriting Analyst – Rental Underwriting, to continue the Agency's storied history of affordable housing funding.

The Underwriting Analyst provides high-level analytical support to individual Underwriters engaged in processing multifamily mortgage loan applications. The Underwriting Analyst will assist in underwriting all transaction types, including taxable financing proposals (typically "preservation" or MAP transactions and 9% LIHTC transactions) and tax-exempt financing proposals (typically new construction, substantial rehabilitation and FHA transactions involving 4% LIHTCs). The Underwriting Analyst must be able to quickly develop an understanding of specific requirements of various lending programs, including HUD/FHA Risk-Sharing and other FHA multifamily mortgage insurance programs, and stay up-to-date on changes to FHA and GSE guidelines.

More specifically, the Underwriting Analyst – Rental Underwriting, is responsible for the following:

• Update and analyze data available in MassHousing’s reporting systems (EIS, FOA, PAWS, OnBase) used for tracking multifamily projects during the prescreening, loan origination and underwriting stages through to commitment and closing.
• Create efficient workflows for tracking and processing multifamily loan applications.
• Obtain and review third-party reports, including environmental site assessments, property condition reports (Capital Needs Assessments) and appraisals, and conduct due diligence, including review of borrower financial statements as part of making mortgage credit determinations.
• Create pro forma financial models, including operating budgets (income and expenses), development budgets (sources and uses).
• Assist Underwriters in preparing credit recommendations for review and approval by MassHousing’s Loan Committee and Board of Directors.
• Assist Underwriters throughout the rate-lock and loan closing process to ensure deliverables are provided to counsel and other deal participants in a timely manner.
• Prepare, analyze and reconcile data in preparation for annual and semi-annual reporting to external parties, including HUD, GSEs and other agencies.

Knowledge, Skills and Abilities Required

• Exceptional critical thinking and problem-solving skills with a high-level of attention to detail.
• Strong work ethic and the ability to work independently with minimal supervision, and as a member of a team.
• Strong interpersonal and communication skills.
• Effective time management and project management skills.
• Proficiency with Microsoft Office Suite; preference for candidates with demonstrated command of Excel for the creation of complex spreadsheet tracking tools.
• Ability to travel to properties throughout Massachusetts.

Minimum Education and Training

• Bachelor's Degree required; preference for candidates with degrees in Finance, Real Estate Management, Business Administration, or related field.
• Three to five years of substantive experience in finance or real estate, including asset management of multifamily properties.
• Demonstrated history of academic success and professional development.

Salary Range: $75,850 – $98,600

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service.

MassHousing offers competitive compensation as well as an attractive benefits package. Serious candidates should send a letter of interest and a resume to Human Resources, MassHousing, One Beacon Street, Boston, MA 02108, or faxed to 617.624.9494, or emailed to jobs@masshousing.com. Please share in your cover letter how or from whom you heard about this career opportunity.

MassHousing is an Equal Opportunity Employer.