Agency Underwriter or Senior Agency Underwriter

Location:

127 Public Square Cleveland Ohio

ABOUT KEYBANK REAL ESTATE CAPITAL
KeyBank Real Estate Capital is one of the nations 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 KeyCorps 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.

JOB BRIEF (PURPOSE)
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 CMGs 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 KeyBank office. Preferred locations include Boston MA; Chicago IL and Cleveland OH but KeyBank would consider Dallas TX and Overland Park KS for the right candidate.

ESSENTIAL JOB FUNCTIONS
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 reportsincluding appraisals engineering/physical condition assessments environmental reports and seismic studiesfor 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 KeyBank 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 (e.g. 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 documents for consistency with underwriting terms and Agency requirements.
Stay current on Fannie Mae and Freddie Mac program updates policy changes Selling and Servicing Guide revisions and industry regulations that may impact established underwriting procedures.
Execute all compliance-related tasks for each transaction to minimize risk exposure ensuring adherence to Anti-Money Laundering (AML) Bank Secrecy Act (BSA) and Fair Lending requirements.
Deliver exceptional customer service to internal and external stakeholders contributing to a professional responsive and solutions-oriented underwriting process.
Provide programmatic guidance to colleagues as a subject-matter resource on Agency multifamily underwriting sharing knowledge and best practices without a formal supervisory role.

MARGINAL OR PERIPHERAL FUNCTIONS
Collaborate with mortgage bankers and management to support Agency loan origination efforts and identify new business opportunities.
Assist in the development and refinement of internal underwriting templates checklists and process improvements to enhance efficiency and consistency.
Travel may be required including overnight stays to conduct property inspections attend Agency training sessions and fulfill other job-related duties.

REQUIRED QUALIFICATIONS - Underwriter
Bachelors degree required.
Minimum of three (3) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement.
Demonstrated expertise in analyzing market-rate multifamily real estate transactions including cash flow underwriting loan sizing market analysis and borrower/guarantor evaluation.
Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines.
Strong working knowledge of Fannie Mae DUS and Freddie Mac Optigo program requirements guidelines and Selling/Servicing Guides.
Excellent verbal and written communication skills with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences.
Proficiency in reviewing and interpreting third-party reports including appraisals environmental assessments and engineering reports.

REQUIRED QUALIFICATIONS - Senior Underwriter

Bachelors degree required.
Minimum of five (5) years of direct experience underwriting or analyzing conventional multifamily mortgage loans for Fannie Mae and/or Freddie Mac permanent loan placement.
Demonstrated expertise in analyzing market-rate multifamily real estate transactions including cash flow underwriting loan sizing market analysis and borrower/guarantor evaluation.
Proven ability to manage a high-volume pipeline of Agency transactions while maintaining quality and meeting aggressive timelines.
Strong working knowledge of Fannie Mae DUS and Freddie Mac Optigo program requirements guidelines and Selling/Servicing Guides.
Excellent verbal and written communication skills with the ability to convey complex financial and credit information clearly and professionally to internal and external audiences.
Proficiency in reviewing and interpreting third-party reports including appraisals environmental assessments and engineering reports.

PREFERRED QUALIFICATIONS
A degree in Real Estate Finance Economics or Accounting is preferred; however candidates with degrees in other relevant fields may also be considered based on experience and qualifications.
Five (5) to Seven (7) or more years of Agency multifamily underwriting experience.
Experience underwriting across a range of market-rate multifamily product types including conventional market rate mobile home communities age-restricted and student housing.
Familiarity with Fannie Mae and Freddie Mac technology platforms and submission portals.
Prior experience at a DUS or Optigo lender GSE or national mortgage banking firm.
Working knowledge of affordable housing tax credit (LIHTC) and mixed-income programs is a plus but not required.

COMPETENCIES / SKILLS
Exceptional organizational and time-management skills with the ability to prioritize and advance a large number of transactions simultaneously without sacrificing accuracy or quality.
Strong analytical and critical-thinking abilities with a detail-oriented approach to financial analysis and risk assessment.
Self-directed and resourcefultakes initiative works independently and drives transactions to successful outcomes with minimal supervision.
Thrives in a fast-paced deadline-driven environment and adapts quickly to shifting priorities and program changes.
Collaborative team player who fosters positive working relationships across departments and with external partners.
Professional demeanor with a solutions-focused approach to problem-solving and conflict resolution.
Demonstrates integrity accountability and a commitment to continuous learning and improvement.

EQUIPMENT USED / PHYSICAL REQUIREMENTS
Proficient in PC-based productivity tools including Microsoft Word Excel Outlook PowerPoint and Adobe Acrobat with the ability to leverage these platforms for efficient documentation financial analysis and communication.
Skilled in utilizing financial calculators and Excel-based financial modeling tools to perform underwriting analysis loan sizing scenario testing and data-driven decision-making.
Ability to travel nationally for property inspections which may include walking properties climbing stairs and inspecting building systems and grounds.

TRAINING REQUIRED
Complete all required KeyBank compliance training within designated timelines to ensure adherence to regulatory and organizational standards.
Develop and maintain a thorough understanding of KeyBanks underwriting and processing procedures to ensure consistency accuracy and alignment with internal protocols.
Complete Fannie Mae DUS and Freddie Mac Optigo required lender training and certification modules as applicable.
MBA Multifamily Inspection Course will be required if not previously taken which will be at the expense of KeyBank.

COMPENSATION
A competitive base salary discretionary bonus
Generous benefits 401(k) matching (dollar-for-dollar up to 6%) PTO fitness and tuition reimbursement and so much more.
Paid on the job training and access to a library of on-demand professional development and training courses

COMPENSATION AND BENEFITS

This position is eligible to earn a base salary in the range of $96000.00 - $181000.00 annually. Placement within the pay range may differ based upon various factors including but not limited to skills experience and geographic location. Compensation for this role also includes eligibility for incentive compensation which may include production commission and/or discretionary incentives.

This position (Agency Underwriter) is eligible to earn a base salary in the range of $80000.00 to $150000.00 annually depending on location and job-related factors such as level of experience. Compensation for this role also includes eligibility for short-term incentive compensation and deferred incentive compensation subject to individual and company performance.

Please click here for a list of benefits for which this position is eligible.

Key has implemented an approach to employee workspaces which prioritizes in-office presence while providing flexible options in circumstances where roles can be performed effectively in a mobile environment.

Job Posting Expiration Date: 07/31/2026 KeyCorp is an Equal Opportunity Employer committed to sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race color religion sex sexual orientation gender identity national origin age genetic information pregnancy disability veteran status or any other characteristic protected by law.

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