Responsible for all underwriting duties as defined by the Department of Housing & Urban Development's Multifamily Accelerated Processing (MAP) guide, the LEAN Underwriting Guidelines and in conformance with all other HUD/FHA and CBRE HMF's guidelines, statutes, regulatory and administrative requirements. Responsible for making sure the assigned projects for underwriting conform to and comply with CBRE HMF, Inc and FHA credit policies and underwriting parameters.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Production Goals - Meet performance underwriting goals established annually by Chief Underwriter. Act as liaison to borrower ensure underwriting processes move forward at a steady pace and manage the company and borrower's expectations for financing of loan. Manages assigned project underwriting expenses. Reports expense issues to Chief Underwriter.
Credit Delegation - Makes credit decisions within delegated underwriting authority. Prepares final loan underwriting recommendations for internal origination staff as well as Management staff to conform to HUD/FHA guidelines, statutes and regulations as requested. Participates in FHA loan committee, as presenting underwriter to lead project specific discussions regarding project, borrower, market and feasibility of borrower's ability to close. Researches and provides interpretation of special issues for HUD / FHA statutory and regulatory compliance for underwriting and origination staff as well as borrowers and their development team members. Reviews and assesses mortgage credit information including financial statements, verification of assets and liabilities, resumes, credit reports and references in order to confirm the creditworthiness of individual and corporate participants. Recommends approval or remediation of mortgage credit issues.
Project Management - Manages daily underwriting processing of assigned FHA-insured projects. Manages a portfolio of projects including tracking progress of multiple parties and components, determining next steps, assigning tasks and managing to project deadlines. Reviews the economics of the project to determine feasibility and risk. Assesses third party recommended replacement reserve, absorption, operating deficit escrow and cash flow analysis for reasonableness. Recommends final project financial data and prepare appropriate HUD forms according to regulatory guidelines. Review and analyze documentation, third party reports and economic feasibility in order to develop recommendation regarding project approval including mitigation of issues, assessment of risk and proposal of special conditions or waivers. Point of contact for internal and external parties for inquiries regarding project details, status, analysis, documentation and recommendations. Manage communication of project participants to ensure project deadlines are met. Verify revisions are made to appropriate documents and vetted to appropriate parties.
Keep team members informed of project status in order to facilitate conclusion of underwriting, loan closing and funding. Participates in periodic calls to report on project progress and to discuss project specific details associated with the document preparation, review, collection and 3rd party report submissions. Identifies due diligence results. Prepares the final conclusion of the underwriting and financing of the proposed project loan.
Completes and submits loan applications. Responsible for collection for all supporting materials, verification of accuracy and completion. Completes and submits loan applications per HUD guidelines for MAP (Multifamily Accelerated Processing), TAP (Traditional Application Processing) and LEAN (section 232 FHA insured) loans.
Directs the gathering of documents and work with analysts/processors to gather documentation from both internal and external sources, reviews and analyzes information for accuracy and organizes according to HUD requirements. Answers questions and explains guidelines in support of completion of documentation. If necessary, completes documentation for mortgagor approval.
Coordinates 3rd Party Services by advising participants regarding selection of appropriately experienced third party vendors such as surveyors, general contractors, architects, title insurers, attorneys, etc. Engages third party vendors including appraiser, market analyst, environmental engineer, capital needs assessor and architectural and cost review analyst. Ensures vendors have appropriate professional credentials. Reviews third-party reports (appraisal, market study, environmental site assessment, PCNA, architectural and cost review) and verifies MAP and/or LEAN requirements. Researches public information and market data to compare to data in third party reports.
Develops and compiles comments, negotiates revisions and verifies completion of changes requested. Researches unique issues including options for mitigation. Completes procedures for multiple report drafts to ensure a satisfactory final product. Monitors completion of reports to project deadlines.
Prepares narrative summary with assistance of analysts/processors. Ensures narrative identifies key elements of the loan proposal and addresses any risks and mitigations to risks.
Performs site inspections to verify accuracy of third party recommendations, determines suitability of value conclusions and confirms satisfaction of HUD and corporate requirements.
Represents the company within the real estate lending industry. Participates in real estate, mortgage banking and FHA professional organizations. Stays abreast of market, industry, FHA/HUD conditions and changes. Recommends revisions to internal policies and processes to incorporate changes in order to increase efficiency and maintains market competitiveness of CBRE HMF, Inc.
Other duties as assigned.
No formal supervisory responsibilities in this position. Provides informal assistance such as technical guidance, and/or training to coworkers. May lead project teams and/or plan, and supervise assignments of lower level employees.
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
With broader and deeper capabilities than any other company, CBRE is the leading full-service real estate services and investment organization in the world.
CBRE Group, Inc. is the world’s largest commercial real estate services and investment firm, with 2017 revenues of $14.2 billion and more than 80,000 employees (excluding affiliate offices). CBRE has been included in the Fortune 500 since 2008, ranking #214 in 2017. It also has been voted the industry’s top brand by the Lipsey Company for 17 consecutive years, and has been named one of Fortune’s “Most Admired Companies” in the real estate sector for six years in a row. Its shares trade on the New York Stock Exchange under the symbol “CBRE.”
CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.