Senior Investment Associate, Affordable Underwriter

Job Classification Investment Management - Investments

PGIM RE is seeking to hire an Underwriter to join our Agency Lending business focused on Affordable housing. The Underwriter will be responsible for underwriting both conventional and affordable multifamily transactions across Fannie Mae, Freddie Mac, balance sheet, and private placement capital sources. The role will support execution of transactions involving affordable housing restrictions and structures, while maintaining a strong foundation in agency underwriting standards and credit analysis.

The role will be a hybrid role based in any of the following locations:
Arlington, Chicago, Atlanta, and Dallas.

• Monitor the collection and due diligence materials as well as approval of due diligence materials reviewed by underwriting staff.
• Review initial screening and loan application.
• Serve as the primary point of contact for clients and provide support on credit and underwriting matters with internal and external stakeholders.
• Complete review, analysis and approval of due diligence materials related to a loan submission.
• Review and provide commentary on third party reports.
• Evaluate transactions involving more complex structures, including layered capital, regulatory agreements, and affordability-related considerations, and assess implications on credit risk and execution.
• Identify key transaction risks and support development of mitigants and credit recommendations.
• Finalize the underwriting narrative and model and/or provide direction to underwriting staff.
• Ensure on-going and proactive communication on all aspects of the loan process with all key stakeholders.
• Conduct site visits independently.
• Support the preparation of materials for Investment/Loan Committee when necessary.
• Proactively collaborate with Agency partners as necessary throughout the transaction.
• Management and mentorship of the team’s analysts.

• 6 or more years of experience in underwriting roles.
• Strong experience underwriting multifamily transactions with a focus on agency execution (Fannie Mae / Freddie Mac).
• Ability to independently manage transactions and exercise sound credit judgment.
• Experience navigating agency requirements and addressing transaction-specific nuances, including working through exceptions, waivers, and interpretive guidance where applicable.
• Excellent critical thinking and decision-making skills.
• Excellent verbal and written communication skills.
• Strong attention to detail.
• Proficient in analysis of Mortgage Credit and Borrower structures.
• Proven management capability.
• Demonstrated ability to take ownership of transactions while operating as part of a collaborative, fast-paced underwriting team.

• Familiarity with affordable housing transactions, including Fannie Mae and Freddie Mac programs (e.g., LIHTC, Section 8 / PBV, tax-exempt bond–financed transactions), and an understanding of associated regulatory restrictions, subsidies, and more complex capital structures.
• Experience applying agency underwriting guidelines to affordable housing properties, including treatment of subsidies, rent restrictions, subordinate debt, low income housing tax credits, and tax abatements.
• Demonstrated understanding of long-term affordability, compliance risks, and mission-driven objectives associated with agency-financed affordable housing.

Note:

Prudential is required by state-specific laws to include the salary range for this role when hiring a resident in applicable locations. The salary range for this role is from $120,000 to $135,000. Specific pricing for the role may vary within the above range based on many factors, including geographic location, candidate experience, and skills. Roles may also be eligible for additional compensation and/or benefits.

• Market competitive base salaries, with a yearly bonus potential at every level.
• Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave.
• 401(k) plan with company match (up to 4%).
• Company-funded pension plan.
• Wellness Programs including up to $1,600 a year for…