GSE Underwriting Intern - Summer 2026

Description

Are you looking for an internship that encourages creativity and innovation? We believe our people make the difference in our business and our interns are no exception. In our internship program you will be responsible for supporting your assigned team with a variety of projects and administrative work. No coffee runners work here in the summer, you will do real work that you can add to your resume once you have completed this program. For our top performing interns, this program is our pipeline for many of our entry level full-time positions.
 

As a GSE Underwriting Intern you will… 

• Work with Underwriter(s) and perform due diligence for multifamily transactions across various product types.
• Review operating statements and rent rolls to determine the underwritten net cash flow of a property. 
• Evaluate the property’s market and submarket, as well as the property, and its site characteristics. 
• Complete initial review of borrower and management qualifications. 
• Learn methodology for building up proforma income & expenses. 
• Learn FNMA and FMAC underwriting requirements along with reviewing any lender updates on an on-going basis. 
• Conduct site visits to assess the condition and quality of multifamily projects, their management, and the market. 
• Order and complete preliminary review of third-party reports including appraisals, engineering, seismic, Phase I      environmental assessments, and Zoning Reports. 
• Maintain organized and fully documented underwriting files and manage underwriting checklists. 
• Assist in crafting the underwriting narratives/final loan packages for committee review. 
• Communicate closely with the Underwriting, Production, Closing, and Insurance teams, and others as appropriate to      problem-solve deal issues. 
• Assist in completing underwriting deliverables as part of the closing and submission of the loan to the investor. 
• Be assigned projects tailored to your department. The goal is that you will take what you have learned in your course work,   apply it to your projects and then implement those solutions or recommendations. The aim is for these projects to help you build and broaden technical ability as well as help develop emotional intelligence (AKA soft skills).
• Have both a manager and mentor to help guide you through our program and your day-to-day work. 
• Be given the opportunity to deliver a final presentation of your project results and make business recommendations to your department, team members and executive leadership.
• Have a better understanding of “what we do and how we do it” and be prepped and ready to enter the workforce.

We also offer weekly Development Days to help our interns grow professionally and learn about our industry. These offerings include…

• Mock interviews and resume review with our talent management team to help prepare you to enter the workforce.
• LinkedIn training to help you build and develop your personal profile and teach you about online professional networking.
• DISC Assessment – coursework on how to leverage work styles and preferences to help improve teamwork, communication, and productivity in the workplace.
• “Company Insiders” Training – Listen to current Merchants employees tell their success stories and learn about who we are      and what each department does to support our success.

Requirements

We are looking for…

• Students who have completed at least their sophomore year of college. College graduates are welcome to apply as well.
• High school diploma or GED from an accredited institution required.

Ranked as the top-performing U.S. public bank by S&P Global Market Intelligence, Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana, operating multiple lines of business, including multifamily housing and healthcare facility financing and servicing, mortgage warehouse financing, retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking. Merchants Bancorp conducts its business through its direct and indirect subsidiaries, Merchants Bank, Merchants Capital Corp., and Merchants Mortgage, a division of Merchants Bank.

Merchants Capital was established in August of 1990 as a mortgage banking firm specializing in multifamily housing and health care facilities finance. With extensive experience in these types of finance, the company is a premier provider and servicer of Multifamily, Affordable, Healthcare, and Student Housing. Our mission is simple: to provide the best origination and service of our loan and investment products with exceptional customer service, accuracy, creativity, speed, and conformance to regulations.