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Capital Market Underwriter III - Freddie Mac in New York, NY at M&T Bank

Date Posted: 11/27/2018

Job Snapshot

  • Employee Type:
  • Location:
    New York, NY
  • Job Type:
  • Experience:
    Not Specified
  • Date Posted:
  • Job ID:

Job Description

M&T Realty Capital Corporation is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial properties, including multifamily, healthcare facilities, office, industrial, retail, and student, senior, and military housing. As a wholly-owned subsidiary of M&T Bank—one of the 20 largest US headquartered commercial bank holding companies—we have direct access to commercial/multifamily mortgage capital markets, and are fully accredited lenders for:

• Fannie Mae DUS®
• Freddie Mac Program Plus®
• FHA/HUD Healthcare (LEAN)
• FHA/HUD Multifamily (MAP)
• Life insurance companies
• Conduit

This candidate will work directly with M&T Realty Capital Corporation's (M&T RCC) underwriting staff, loan originators and its customers in an effort to help identify the ideal execution and underwrite multifamily permanent Agency mortgage loans through the Freddie Mac Seller/Servicer programs, or other programs (i.e. Life Company or Conduit Loans) that best meet the customer's needs and financing objectives.

This position will be primarily full-time underwriting for M&T RCC (±80%); however, the candidate may also be required to work pre-screening transactions prior to application (±20%).

For underwriting, the candidate will be responsible for taking the transaction from the initial pre-screening/quote process and moving it forward to final loan approval. This will include obtaining and reviewing the due diligence submissions as well as the third party reports (appraisal, PCA, ESA). The culmination of this information will be to draft a Loan Approval Package that will include a comprehensive underwriting analysis and recommendation for the subject loan request.

At the pre-screening/quote stage, the candidate will be responsible for gathering all of the necessary information in order to generate a preliminary loan sizing/quote package that is in conformance with both M&T RCC's risk appetite as well as the respective Agency guidelines. The candidate will identify the credit risks for each transaction and obtain approvals for any underwriting waivers that may be required.

Underwriting Overview: Position Responsibilities:
• Indirect management, providing Processor guidance as the candidate works together to obtain all borrower due diligence submissions and third party reports.
• Work with third party providers to ensure reports are acceptable and Agency / M&T RCC compliant;
• Identify all necessary product waivers and prepare for submission to Freddie Mac.
• Perform property inspections (travel-required-National territory).
• Accurate and timely completion of a comprehensive underwriting analysis that is in the form of a Loan Summary Approval package that includes, but not limited to, underwriting spreadsheets, narrative, Schedule of Real Estate Owned, maps, pictures, etc.
• Once the loan has been approved, work closely with the Closing Group to provide any documentation in order to expedite closing.
Pre-Screening Overview: Position Responsibilities:
• Perform accurate loan sizing and overall risk assessment, as well as Sponsorship credit worthiness, providing supportable mitigates to minimize any risk identified.
• Review Freddie Mac guidelines in order to ensure that the transaction is Agency compliant, as well as keep current with changes to Agency guidelines.
• Work closely with Origination to assist in negotiating deal terms, if necessary.
• Identify all product waivers and prepare a submission package to the respective Agency for approval.
• Perform property inspections (travel-required-National territory).
• Review of the Application Letter and hand-off transaction to assigned underwriter and processor.
• Interact with Freddie Mac representatives regarding loan transaction terms.

Basic Skills Required:
• Bachelor's Degree, or equivalent work experience, and 3 years

agency underwriting experience plus completion of multifamily inspection training (or similar work experience and credit training)
• Strong knowledge of Microsoft Office systems including Outlook, Excel, Word, etc.
• Strong interpersonal skills with the ability to interact with all levels of personnel and customer base.
• Excellent verbal and written communication skills.
• Strong analytical and problem solving skills to identify issues early that may impact a transaction and come up with solutions to mitigate, if possible, transaction issues.
• Good organizational skills--ability to multi-task plus compile and review information in a timely and organized matter.
• Detail oriented, particularly with numbers.
• Ability to function independently and meet deadlines.

Ideal Skills: 
Experience underwriting multi-family loans through Freddie Mac.
National multifamily market knowledge.

We encourage candidates with relevant military experience to apply.

About M&T
At M&T, we strive to be the best place our employees ever work, the best bank our customers ever do business with and the best investment our shareholders ever make. So when looking to advance your career, look to M&T.  As a top 20 US bank holding company and one of the best performing regional banks in the country, we offer a wide range of performance based career development opportunities for talented professionals. And through our longstanding tradition of careful, conservative and consistent management and a strong commitment to the communities we serve, we continue to grow with a focus on the future. 

M&T Bank Corporation is an Equal Opportunity/Affirmative Action Employer. M&T Bank Corporation does not sponsor individuals for the purpose of obtaining H-1 Visas. M&T Bank Corporation has policies and procedures in place to promote a drug free workplace.