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; Cleveland, OH; Dallas, TX; and Overland Park, KS).

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 role requires collaboration with originators, processing, closing, and servicing teams. This is an on-site position and is not eligible for remote or virtual work arrangements.

• 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 before or after 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, and 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 documents for consistency with underwriting terms and agency requirements.
• Stay current on Fannie Mae and Freddie Mac program updates, policy changes,…