Underwriter I, II Or Iii, Commercial Real Estate (Seattle, Wa/Portland, Or/Brea, CA)

Homestreet, Inc Brea , CA 92821

Posted 1 week ago

EO/AA Employer including Vets and Disabled

Qualified applicants with arrest and conviction records will be considered in accordance with legal requirements.

Job Description Summary

Underwriter I

Underwrite income property loan requests, including borrower credit, property and market analysis. Assure loans are underwritten in accordance with the Company's high professional standards in compliance with appropriate programmatic regulations and requirements. Capable of underwriting most loan transactions with minimal supervision of Senior Underwriter or Underwriting Manager.

May assist Underwriting Manager in various projects.

Proactively assists in managing the loan pipeline.

Underwriter II

Underwrite income property loan requests, including borrower credit, property and market analysis. Assure loans are underwritten in accordance with the Company's high professional standards in compliance with appropriate programmatic regulations and requirements. Capable of underwriting most loan transactions with little to no supervision.

May assist Underwriting Manager in various projects.

Proactively assist in managing the loan pipeline.

Underwriter III

The Senior Commercial Real Estate Loan Underwriter is responsible for underwriting complex multifamily and commercial real estate loans, in the $2MM to $20MM range with minimal supervision. The underwriter's goal is to ensure the quality, completeness, and accuracy of analysis that precedes credit and business decisions.

Job Details

PRIMARY FUNCTIONS:

Underwriter I

Underwrite:

  • Ability to underwrite multiple product types of HomeStreet's portfolio or Fannie Mae as needed. Underwrite loan assumption and modification requests.

  • Perform property economic and financial analysis including initial input of numbers and sizing of loan within specified program parameters. This to include multiple product types such as mixed-use, office, etc.;

  • Complete accurate and timely market analysis;

  • Review and analyze financial and credit documentation for entity and individual borrowers;

  • Conduct on-site property inspections to assess the physical condition, viability, quality of management and marketability of loan collateral;

  • Complete lease analyses for mixed use projects to account for rollover in exit strategies.

  • Prepare loan recommendations. Able to identify transaction risks and provide possible mitigants with clear and concise writing.

  • Coordinate with CRE team in regard to processing and approval of loans including presenting loan recommendations to the Company's Loan and Credit Committees.

  • Review and analyze all third party items including appraisals, environmental, soils, and engineering reports and any supplemental information to such reports. May also include actual ordering of third party, borrower and project documentation. Determine whether additional or more detailed documentation is necessary.

Risk Management:

  • Conduct all business production efforts in accordance with stated Company policies, procedures, and appropriate regulations to ensure quality, accuracy and completeness of work.

Customer Focus:

  • Manage loans proactively to ensure deadlines and expectations of customer are met.

  • Perform tasks that may be assigned from time-to-time, such as property inspections, data gathering, market surveying, responding to investor requests, maintaining department market data library, assisting with the correspondent network, monthly and quarterly department and loan reports etc.

Team Leadership:

  • Coordinate and manage team hand-off meetings to set timelines and track progress for individual loans.

  • Other duties as assigned.

  • Accountability for deadlines.

Underwriter II

Underwrite:

  • Ability to underwrite HomeStreet's Fannie Mae or portfolio loans as needed. Underwrite loan assumption and modification requests.

  • Performing property economic and financial analysis including initial input of numbers, and sizing of loan within specified program parameters. This to include Fannie Mae, portfolio and other investor product types;

  • Complete accurate and timely market analysis;

  • Review and analyze financial and credit documentation for entity and individual borrowers.

  • Conduct on-site property inspections to assess the physical condition, viability, quality of management and marketability of loan collateral. In addition, capable of assessing the general feasibility of a property's location.

  • Complete lease analyses for mixed use projects.

  • Prepare loan recommendations. Able to identify transaction risks and provide mitigates with clear and concise writing and strong conclusions throughout.

  • Coordinate with Income Property Department team in regard to processing, approval and closing of loans.

  • Review and analyze all third party items including appraisals, environmental, soils, and engineering reports and any supplemental information to such reports. Determine whether additional or more detailed documentation is necessary.

  • Review cost estimates, construction budgets, draw requests, and third party progress assessments in conjunction with Construction Loan Administrator, project engineer, and Construction Lending Manager.

  • Assist Underwriting Manager in Department Policy and Procedure revision and update.

  • May also provide interdepartmental support in annual portfolio analysis.

Customer Focus:

  • Manage loans proactively to ensure deadlines and expectations of customer are met.

  • Perform tasks that may be assigned from time-to-time, such as property inspections, housekeeping chores, data gathering, market surveying, responding to investor requests, maintaining department market data library, assisting with the correspondent network, monthly and quarterly department and loan reports etc.

Team Leadership:

  • Coordinate and manage team hand-off meetings to set timelines and track progress for individual loans.

  • Assist in training and coaching to team members as needed.

  • Other duties as assigned.

  • Accountability for deadlines.

Underwriter III

  • Analyzes and evaluates various permanent commercial real estate loan opportunities on multifamily, office, retail, industrial, self-storage and mobile home park properties.

  • Reviews property historical operating statements, Borrower provided and publicly available information for comparison to historical property expenses and current property details/condition to develop historical and pro forma cash flow statements.

  • Reviews appraisals for conformity with initial loan sizing, underwriting and consistency.

  • Reviews Environmental Reports, Property Condition Assessments or Property Inspection Reports to confirm soundness of the collateral property.

  • Analyzes the creditworthiness of potential Borrowers and Guarantors using financial statements/REO Schedules, income tax returns, organizational documents and credit reports including payment histories for existing loans, etc.

  • Prepares and structures written loan presentations for final approval which should include all the fundamentals of the proposed loan to ensure compliance with established policies, procedures and guidelines. Establishes underwriting requirements for loan funding.

  • Coordinates with Loan Processing/Closing Department and outside counsel, as needed, in the preparation, review and approval of loan documentation.

  • Partners with Wholesale and Retail Loan Origination Departments to cultivate strong client relationships. Exhibits a sense of urgency towards meeting client requests while also meeting acceptable risk parameters

  • Participates in department/unit training activities.

  • Other duties as assigned

QUALIFICATIONS:

Underwriter I

  • BA preferred in a related field.

  • Three years commercial mortgage underwriting or other applicable experience including appraisal, credit review and due diligence, analysis and processing of loans to ensure quality and to manage risk.

  • Strong knowledge of Real Estate Principles, with demonstrated abilities to assess the physical condition of proposed collateral, its marketability and its management.

  • Basic understanding of Income Property appraisal methodology and Income Property financial mathematics.

Competent at Word and Excel.

  • A self-starter, accurate and dependable in completing responsibilities with strong attention to detail, good organizational skills, and able to work independently with little supervision.

  • Ability to work within deadlines and under extreme pressure.

  • Good at problem solving, researching, and decision making with the ability to think critically and independently.

  • Willingness to assume additional duties/projects as they arise.

  • Ability to accept and facilitate change, whether indicated by corporate needs, market, or regulatory requirements.

  • Ability to work on multiple concurrent projects.

  • Excellent communication skills interacting with Senior Management, customers, co-workers and other departments. This includes written, verbal and personal contact.

  • Demonstrated high level of personal integrity, judgment, maturity, with the ability to accept responsibility and handle confidential information.

  • Ability and desire to work with others as a team, respecting people of diverse backgrounds, to provide excellent customer service.

  • Valid driver's license, vehicle and liability insurance.

Underwriter II

  • BA preferred in a related field.

  • Capable of sizing and completing the underwriting of most loan transactions with minimal supervision.

  • Minimum five years commercial mortgage underwriting experience preferred including appraisal, credit review and due diligence, analysis and processing of loans to ensure quality and to manage risk.

  • Strong knowledge of Real Estate Principles, with demonstrated abilities to assess the physical condition of proposed collateral, its marketability and its management.

  • Basic understanding of Income Property appraisal methodology and Income Property financial mathematics.

  • Competent at Word and Excel.

  • A self-starter, accurate and dependable in completing responsibilities with strong attention to detail, good organizational skills, and able to work independently with little supervision.

  • Ability to work within deadlines and under extreme pressure.

  • Good at problem solving, researching, and decision making with the ability to think critically and independently.

  • Willingness to assume additional duties/projects as they arise.

  • Ability to accept and facilitate change, whether indicated by corporate needs, market, or regulatory requirements.

  • Proven ability to work on multiple concurrent projects.

  • Excellent Customer Service skills.

  • Ability to maintain composure and present a professional image in very volatile and stressful situations including dealing with difficult customers.

  • Excellent communication skills interacting with Senior Management, customers, co-workers and other departments. This includes written, verbal and personal contact.

  • Demonstrated high level of personal integrity, judgment, maturity, with the ability to accept responsibility and handle confidential information.

  • Ability and desire to work with others as a team, respecting people of diverse backgrounds, to provide excellent customer service.

  • Valid driver's license, vehicle and liability insurance.

Underwriter III

  • BA typically required - preferably in Business Administration or a similar field of study.

  • 8 years of similar Commercial Real Estate Loan Underwriting experience. Additional underwriting experience (# of years) may be required, for non-BA candidates.

  • Stong interpersonal skills and ability to communicate effectively. Strong writing skills as must.

  • Strong analytical skills. Strong attention to detail. Excellent co-worker and customer service skills.

  • Must be a self-starter with the ability to work independently and as part of a team.

  • Ability to read and interpret complex financial statements, tax returns, legal documents and other financial documents.

  • Ability to think and react in a fast-paced environment while juggling multiple priorities.

  • Advanced Microsoft Excel skills.

This Position Description may not be limited to the Functions and Requirements as outlined, now or in the future. For example, changes in corporate needs, position demands, or individual performance may result in changes to the Functions or Requirements of this position.

Area

Underwriting (Sales)

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Underwriter I, II Or Iii, Commercial Real Estate (Seattle, Wa/Portland, Or/Brea, CA)

Homestreet, Inc