Company Description

Rose Community Capital provides our customers with excellent affordable, workforce and mixed income multifamily housing finance services. A designated FHA Multifamily Accelerated Processing (MAP) and USDA 538 lender, we originate, underwrite, place and service , FHA and USDA insured multifamily mortgage loans. We have deep knowledge of – and long experience in – navigating the intricacies of FHA, HUD, and USDA requirements and procedures. For buyers seeking a quick acquisition loan closing, RCC provides bridge lending for affordable, workforce housing and construction loans.

Our experienced team includes industry veterans and former HUD and USDA professionals who are focused on getting your deal to the finish line as quickly as possible. With a genuine passion for what we do and dedication to detail, we are not simply your financing facilitator but your trusted partner.

Responsibilities:

The Senior Underwriter will be primarily responsible for underwriting and successful submission of assigned financing applications to the Department of Housing and Urban Development (HUD) in accordance with its Multifamily Accelerated Processing (MAP) Guide, related HUD guidelines and Company procedures and guidelines.

The salary range for this position is $105,000 - $125,000 per year based upon factors including but not limited to related experience and time in the industry.

Ideal candidate is located on the West Coast.

MORTGAGE CREDIT ANALYSIS – 20%

• Utilizes HUD application documents and other Company information, as available, and analyzes credit documentation to determine ownership structure, credit worthiness as it relates to the subject as well as consider capacity issues, and other risks/mitigants.
• Understands the analysis required of LIHTC investors in affordable transactions as well as how to analyze non-profit financial statements and review non-profit executives and boards.

APPRAISAL ANALYSIS & REVIEW – 20%

• Participates in the process of selecting and working with approved third-party appraisers and will have primary responsibility for review of the appraisal and related forms and for working with the appraiser to develop a final appraisal meeting applicable guidelines and accurately characterizing the subject.

PCNA/A&E REVIEW/ENVIORNMENTAL – 10%

• Participates in the selection process and works with the third-party as needed towards a final work product meeting applicable guidelines and accurately reflecting the transaction.

RISKS & MITIGATION – 15%

• Completes the Underwriter’s Narrative and required forms which identify relevant risks and mitigants pursuant to agency guidelines.

ECONOMIC FEASIBILITY ANALYSIS – 10%

• Manages all components of net operating income (rents, expenses, vacancy, etc.), proposed cost estimates and anticipated lease-up, as applicable.
• Maintains working knowledge of affordable housing programs including LIHTC, HOME, RAD, HAP contracts and vouchers, and ability to research and understand other federal and state programs and apply appropriately to FHA MAP lending guidelines.
• Understands and applies guidelines related to tax abatement programs and ground leases typical in the affordable housing arena.

MARKET ANALYSIS – 10%

• Reviews Market Studies and other data derived from other research and source material gathered directly via in-market visits to ensure sufficient demand and supportable rents for the purpose of projecting net operating income, lease-up pace and also for determining unrestricted market rents in accordance with program guidelines.

RESOURCE CREATION & MAINTENANCE – 10%

• Creates and maintains a database of all applicable HUD Notices, Mortgagee Letters, Handbooks, Memos and other related materials related to FHA processing; communicates new information to originators.
• Creates sizing tools, standard templates and other materials to promote the program to the public in conjunction with the Managing Director.
• Participates in industry meetings and communicates relevant information to staff.

DEAL STRUCTURING – 5%

• Understands the use of LIHTC equity, tax-exempt bond financing, and subordinate financing in the context of FHA financing and apply appropriate FHA guidelines to the transaction throughout the process.
• Works with borrowers, and internal and external partners to determine equity structuring requirements, bridge financing needs, and acceptable subordinate debt terms, as applicable.
• Works closely with the Chief Underwriter and the Deputy Chief Underwriter.
• Assists with loan closings, as needed and work with third-party closer/servicing, attorney’s and government agencies.
• Engages third-party reports as appropriate after collecting the required third-party report deposit from the borrower.

Requirements:

• Master’s Degree in Accounting, Finance, Economics, Real Estate or other related field required.
• MAP Certified preferred.
• 5-7 years FHA lending experience or equivalent including affordable housing lending required.
• Strong written and verbal communication skills
• Ability to travel at least 25% of the time.

Rose Companies Benefits:

At Rose Companies our goal is to provide an affordable and comprehensive benefits package that provides security for you and your family and supports your overall wellbeing. Benefits offered include, but are not limited to: Medical, Dental, Vision, Flexible Spending Accounts, Life, Short-Term Disability, Long-Term Disability, 401K with company match, competitive paid time off policy, paid holidays, parental bonding leave and educational assistance.

Rose Companies is committed in policy and practice to providing equal employment opportunities for all applicants and employees, based upon their training, experience, and overall qualifications. Consistent with this commitment, discrimination against an applicant or employee based upon the individual’s race, color, creed, religion, sex, gender, age, national origin, ancestry, citizenship status, marital or familial status, sexual orientation, gender identity, gender expression, disability, military status, protected veteran status, genetic information, or any other condition or characteristic protected by law is strictly prohibited.