About Us:
The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.
Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $11.9 billion to finance the creation and preservation of more than 220,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.
As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.
Role Summary:
As Deputy Chief Underwriter, you will manage the affordable and conventional underwriting team and oversee the Fannie Mae, Freddie Mac, and CPC underwriting process by providing leadership, guidance, support, training, and direction. You will also ensure quality, completeness, and accuracy of the underwriting team’s work and facilitate timely and appropriate communication between all parties involved in the transaction.
What You’ll do:
- Provide leadership, direction, and support to the underwriting team to ensure the underwriting package meets all CPC and GSE guidelines.
- Manage the underwriting team’s workload to ensure quality and timely completion of loan applications and other assigned tasks.
- As needed, underwrite loans to align with Freddie Mac, Fannie Mae, and other CPC balance sheet lending product credit guidelines with a particular focus on large affordable transactions.
- Review loans prior to internal and agency submission providing feedback/approvals to the underwriting team.
- Identify problems early and effectively troubleshoot during the underwriting process.
- Cultivate and maintain strong relationships with Freddie Mac and Fannie Mae’s underwriting and credit teams.
- Ensure operating efficiencies and implement process improvements including maximizing the use of technology.
- Develop and maintain a network of necessary third party providers required for the timely and accurate underwriting of GSE loans.
- Review and approve new CPC, Freddie Mac, and Fannie Mae underwriter qualifications using current published guidelines.
- Create and oversee training and professional development for all members of the team on an ongoing basis.
- Ensure that the team is clearly communicating to internal and external transaction working group members.
- Develop measurable team goals for each team member and ensure necessary resources are in place to support the achievement of all goals.
- Monitor and disseminate all changes to GSE underwriting policies and guidelines, providing training and guidance, as necessary.
- Maintain effective controls and compliance including operating within CPC’s policies and procedures and adhering to all legal, regulatory, and programmatic requirements.
- Manage contract underwriting firms.
- Work on special projects and perform other administrative duties, as directed.
Skills and Experience
- BA / BS required. Graduate degree in Real Estate Finance / Development, Urban Planning / Policy, Affordable Housing, Community Development, or similar discipline preferred.
- At least 10 years’ demonstrable experience in underwriting Freddie Mac/Fannie Mae affordable loans. Experience with Fannie Mae products is required.
- At least 3 years’ supervisory experience, including in the area of training, development, and oversight of underwriter trainees.
- Superior Microsoft Excel and Word skills required.
- Ability to work under pressure to meet deadlines, and work independently.
- Strong communication skills and interest in learning beyond their area of expertise.
- Highly developed analytical, research, and written/oral presentation skills.
- Ability to problem-solve and exercise independent judgment while displaying a high degree of initiative and accuracy.
- Demonstrated ability to organize & prioritize projects; complete multiple tasks on schedule.
- Ability to travel, as required.
What We Offer:
- Competitive compensation
- 401(k) retirement plans with employer match
- Medical, dental, and vision benefits for employees and their dependents
- Commuter benefits
- PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
- Tuition assistance program
- Two “work from anywhere” weeks per year
- Summer Fridays
- Collaborative working spaces
- Service days to support our communities
- Employee development and engagement events
- More about our offerings and culture here
This is a hybrid role that can be based in either NYC and would work out of our Manhattan office 2 - 3 days a week or remote in select locations (Washington DC, Massachusetts, Pennsylvania, Texas, Illinois, Ohio, California, Washington) and will need to periodically travel to our Manhattan office. The salary range is $170,000 – $200,000, dependent on experience.
The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.
