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Multifamily - Head of Agency Underwriting

Company: Citigroup
Location: Reston
Posted on: January 16, 2022

Job Description:

The Underwriter role is responsible for underwriting, closing and securitizing loans in coordination with the investment banking team. The overall objective is to finance new construction and the preservation of affordable and workforce rental housing, as well as office, retail, warehouse/industrial, multifamily, hotel, and self-storage properties for Citigroup.Responsibilities: Create written and oral work products to test the financial feasibility and credit worthiness of loan forwards, permanent loans, and permanent loan conversions.Review due diligence and prepare internal committee packages for approval, as well as, credit submissions required for the sale of the loans to Bond Investors and for Rating Agencies. -Process transactions through internal systems to ensure regulatory requirements.Manage communications among a diverse mix of internal and external participants.Understand and analyze different local and national real estate markets.Travel to markets throughout the United States to conduct site inspections, meet with internal and external clients, and participate in training opportunities.Conduct analysis on firm special projects as needed.Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.Qualifications:15+ years of experience, including 8-10+ years' managerial experienceIndividual must have excellent communication, organizational and interpersonal skills.Individual must work well under tight deadlines, manage priorities, and complete assigned tasks with minimal management follow up. -Candidate has quantitative skills with a high proficiency with Excel and other Microsoft based programs.Minimum of 8 years in loan underwriting or equivalent experience.Excellent analytical and computer skills including the ability to quickly adopt new technology.Additional non-core qualifications which will be considered are:The individual should have established working knowledge of lending Underwriting Guides and be familiar with the processes of Rating Agencies. -The successful candidate will be comfortable analyzing real estate projects for financial feasibility as well as analyzing property and market risk factors. - This person will be well versed in commercial real estate concepts such as NOI, Cap Rates, debt service coverage, etc.The individual will have the tact and composure to be client focused while also managing internal and external relationships. - A successful Underwriter will take ownership while maintaining attention to details and working independently or among team members. -This person will have the ability to read, comprehend, and summarize legal documents collected in the due diligence process. -Working knowledge of the nuances of loan transactions will be very highly weighted in favor of the successful candidate.Ability to travel (20% of time) on short notice necessary. -Education:Bachelor's/University degree, Master's degree preferred. -The professionals at Citi Community Capital ("CCC") originate, underwrite and close construction and permanent loans that are used to finance the new construction, rehabilitation and preservation of affordable and workforce rental housing. CCC is the community lending and investing arm of Citigroup, housed in the Global Spread Products Group of Citi's Institutional Clients Group. Unique among its peers, CCC provides a comprehensive array of financial products from investment banking to lending and equity investment designed to improve neighborhoods, create jobs, or improve the health care services or educational opportunities available to the communities we serve as well as contribute toward Citigroup's Community Reinvestment Act performance.CCC works with for-profit and non-profit developers, as well as state and local government agencies on both straightforward and highly structured transactions that may use a combination of taxable and tax-exempt loans or bonds, Low Income Housing Tax Credit ("LIHTC") equity, and governmental and private subsidies. CCC is a balance-sheet construction lender and a permanent lender, a Fannie Mae and Freddie Mac mortgage banker, and principal in unique equity investments.CCC works throughout the country and, according to Affordable Housing Finance Magazine, has been the #1 affordable housing lender in the United States for 11 of the past 12 years. This success is due in large part to having the strongest and most innovative team of professionals in the industry. Citi's team of experienced professionals, coupled with its capital-committing capability, is able to provide creative financing solutions that are specifically designed to meet each client's needs. CCC closed over 200 transactions in 2020.CCC is currently recruiting for an experienced Head of Agency Underwriting to lead the Agency Underwriting team. -KEY RESPONSIBILITIESLead a team of Agency Underwriters, working closely with Fannie Mae and Freddie Mac, originating bankers and other key stakeholders.Provide guidance on the financial feasibility of new transactions, including construction, acquisition and permanent loans.Review due diligence and prepare credit memorandums and financial analysis spreadsheets which are presented to credit committee for approval.Travel to markets throughout the U.S. to conduct site inspections, meet with internal and external clients and analyze real estate market dynamics.Oversee the processing of deals through internal systems to ensure transactions are properly represented in the risk systems and satisfy regulatory requirements.Manage communications among a diverse mix of internal and external participants including borrowers, equity investors, production, legal (internal and external) loan approvers, Fannie Mae and Freddie Mac.Work with Production, Transaction Management and Asset Management teams during the closing of a transaction.Liaise between, but not limited to, Legal, Operations, Technology, Production and Credit Risk Management.Review transactions for internal and external (local laws and regulatory) policies.REQUIRED SKILLSCandidate is required to have a BA/BS. Preferred candidates would have 10-15 years of Affordable Housing underwriting experience, ideally with both Fannie Mae and Freddie Mac.Ability to analyze real estate projects for feasibility including developing and modeling construction budgets, operating pro formas, reviewing appraisals and other 3rd party reports, analyzing market factors, completing sponsor analysis as well as identifying and mitigating transaction risks.Excellent communication, organization, and interpersonal skills, as well as the ability to multi-task under tight deadlines.High attention to detail and the desire to take ownership of a process to drive towards resolutions.Strong motivation with the ability to work without supervision, keen judgement and a pay for performance attitude.Possess the professionalism and composure to provide client focused business while also managing internal relationships.Analytical and computer skills including the ability to quickly adopt new technologyStrong knowledge of or the desire to learn the nuances of affordable housing, bond and LIHTC transactions.Ability to travel on short notice necessary.-------------------------------------------------Job Family Group: Institutional Banking-------------------------------------------------Job Family:Investment Banking------------------------------------------------------Time Type:Full time------------------------------------------------------Citi is an equal opportunity and affirmative action employer.Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.Citigroup Inc. and its subsidiaries ("Citi") invite all qualified interested applicants to apply for career opportunities. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review Accessibility at Citi.View the "EEO is the Law" poster. View the EEO is the Law Supplement.View the EEO Policy Statement.View the Pay Transparency Posting-----------------------------Effective November 1, 2021, Citi requires that all successful applicants for positions located in the United States or Puerto Rico be fully vaccinated against COVID-19 as a condition of employment and provide proof of such vaccination prior to commencement of employment.

Keywords: Citigroup, Reston , Multifamily - Head of Agency Underwriting, Accounting, Auditing , Reston, Virginia

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