Agency Underwriter or Senior Agency Underwriter

About Key Bank Real Estate Capital

Key Bank Real Estate Capital is one of the nation's premier commercial real estate finance platforms, offering a comprehensive suite of debt and equity solutions for multifamily and commercial properties. Our Commercial Mortgage Group (CMG) is a top-tier Fannie Mae DUS® and Freddie Mac Optigo® lender with a proven track record of originating, underwriting, and servicing Agency multifamily loans nationwide. Backed by Key Corp's balance sheet strength and national reach, CMG delivers competitive execution, deep market expertise, and a commitment to excellence on every transaction.

We are growing our Agency production significantly and seeking talented professionals who thrive in a high-volume, high-performance environment.

127 Public Square, Cleveland Ohio

Preferred locations include Boston, MA;
Chicago, IL and Cleveland, OH but Key Bank would consider Dallas, TX, and Overland Park, KS for the right candidate.

The Agency Underwriter and Senior Underwriter is a high-impact individual contributor responsible for performing comprehensive due diligence and underwriting of Fannie Mae and Freddie Mac conventional market‑rate multifamily mortgage loans. This role carries a substantial deal volume and is critical to the timely, accurate, and risk‑conscious execution of CMG's Agency lending pipeline. The ideal candidate is a self‑starter who manages a heavy workload with speed and precision, exercises sound credit judgment, and consistently delivers institutional‑quality underwriting packages from application through commitment.

The ideal candidate will work collaboratively with originators, processing, closing, and servicing teams.

Please note:

This is an on‑site position and is not eligible for remote or virtual work arrangements. The candidate will be required to work from a Key Bank office.

• Independently underwrite a high volume of Fannie Mae DUS® and Freddie Mac Optigo® conventional market‑rate multifamily loans, managing multiple transactions simultaneously under tight deadlines.
• Perform accurate loan sizing, cash flow analysis, and overall risk assessment utilizing investor-specific underwriting guidelines, ensuring loans are structured appropriately prior to and/or following application.
• Analyze historical and projected property financial statements, rent rolls, operating budgets, and capital expenditure plans to develop supportable underwriting conclusions.
• Evaluate complex borrower and guarantor structures, including review of personal and business financial statements, organizational documents, credit reports, and background checks to assess sponsor strength and experience.
• Prepare thorough, well‑organized underwriting narratives and credit packages for internal review and Agency submission, clearly articulating deal strengths, risks, and mitigants.
• Conduct property inspections and submarket analysis for assigned transactions, documenting physical condition findings and competitive market positioning.
• Obtain, review, and analyze all required third‑party reports—appraisals, engineering/physical condition assessments, environmental reports, and seismic studies—for programmatic compliance and reasonableness, providing timely and actionable feedback to vendors.
• Interact directly with Fannie Mae and Freddie Mac representatives regarding transaction terms, waivers, variances, and program‑specific requirements.
• Coordinate with originators to determine optimal deal structures, resolve underwriting issues, and ensure transactions align with both investor guidelines and Key Bank credit standards.
• Interview prospective borrowers and property managers to obtain critical property, management, financial, and operational details for each transaction.
• Manage internal underwriting and deal‑management systems—pipeline tracking, data entry, document management—to ensure accuracy, completeness, and audit‑readiness of all loan files.
• Work closely with processing, closing, and servicing teams to monitor submission status, clear conditions, and ensure seamless handoffs at each stage of the loan lifecycle.
• Review commitment letters and loan…