Department Overview

Walker & Dunlop’s Small Balance Group is a fully integrated lending platform specializing in debt executions and processes uniquely tailored to the private client multifamily market. As one of the nation’s top Freddie Mac Optigo® Small Balance Loan and Fannie Mae DUS® Small Loan lenders, our experts manage the origination, underwriting, funding, and servicing processes in-house and serve as a trusted advisor to our clients from quote, close, & beyond. At the forefront of technological innovation and process transformation at Walker & Dunlop, the Small Balance Group plays a critical role in shaping the organization’s future.

The Impact You Will Have

An Underwriter is responsible for underwriting mortgages on income producing property in the company’s multifamily agency lines to support the achievement of the company’s loan production goals. The primary accountability is conducting a comprehensive and thorough analysis of each transaction which results in a prudent decision on whether or not to extend credit to a borrower. This is accomplished through the application of analytical techniques, research and pertinent underwriting guidelines through all stages of the underwriting process, including quotes, applications, underwriting, Loan Committee approval, closing and securitization or loan delivery.

In fulfilling these responsibilities, the Underwriter must comply with all Company underwriting guidelines and must be cognizant of Company representations and warranties made upon loan closings.

Timely completion of all responsibilities of the Underwriter is critical to the success of our business. Accordingly, Underwriters are expected to work quickly and efficiently in moving loans from application to commitment and closing. Underwriters will be accountable in complying with the Company’s “timeline guidelines”.

Primary Responsibilities

• Underwrite complex multifamily real estate transactions in accordance with official Freddie Mac and Fannie Mae product guidelines.

• Establish underwriting timeline in conjunction with the loan officer and closing coordinator.

• Assist Loan Officers and Regional Managers in issuing quotes and applications: preliminary estimate of NOI and determination of threshold issues to estimate debt service coverage and loan-to-value ratios.

• Conduct detailed analysis of each transaction to determine the feasibility of each loan.

• Oversee generation of borrower’s checklist for the proper product type and introducing borrower to the information requirements.

• Selecting contractors and initiation of the necessary third party reports for the underwriting process (e.g., appraisal, environmental, engineering.

• Assess borrower financial and legal standing to determine borrower eligibility for each loan

• Thorough due diligence review of issues relating to the property’s market, location, condition, borrower and principal’s mortgage credit issues, property management and other issues relevant to risks identified in borrowers checklist

• Conduct a critical review and analysis of the appraisal, including a review of the market analysis, property description, real estate tax analysis, zoning analysis and the comparable properties submitted.

• Conduct a critical review and analysis of the engineering report and environmental reports plus additional reports included as part of the underwriting including, seismic studies and market studies as appropriate

• Conduct site and market inspections.

• Prepare comprehensive loan narratives for Chief Underwriter credit approval.

• Communicate and problem-solve daily with teammates, clients, vendors, and other stakeholders, often in combination with travel.

• Other skills related to building a career in Underwriting!

• Attendance is generally required from 8:30 am – 5:30 pm local time, Tuesday through Thursday, with the option to work remotely on Mondays and Fridays.

Education and Experience

• Bachelor’s degree required preferably with an emphasis on Real Estate, Economics or Finance preferred

• 3+ years underwriting experience with Fannie Mae and Freddie Mac loans required

• Experience working with appraisers and engineering/environmental firms required

• Advanced degree or professional certification (e.g., MAI, CCIM) preferred

Knowledge, Skills and Abilities

• Demonstrated knowledge of and experience in multifamily underwriting. This includes but would not be limited to a working knowledge of the key players in the industry, the issues and trends facing the industry, the ability to identify and underwrite the key credit, sponsor related risks, and the ability to evaluate alternative risks carefully when structuring a transaction, and a demonstrated knowledge of property operations

• Demonstrated relationships with Freddie Mac and Fannie Mae personnel

• Demonstrated leadership with evidence of increasing responsibility throughout career history

• Excellent interpersonal and presentation skills and the ability to effectively communicate with all levels of management

• Demonstrated commitment to innovation and change and willingness to take initiative to accomplish change

• Demonstrated ability to develop and execute solutions to complex issues and transactions

• Multifamily experience across a wide range of financial and product executions including fixed and variable rate transactions

• Ability to show ownership of your work, take on challenges and acknowledge growth opportunities, and demonstrate patience when learning new processes

• Courtesy, respect, and thoughtfulness in teaming with colleagues and other stakeholders

This position has an estimated base salary of $80,000 - $95,000 plus discretionary bonus. An employment offer is based on the applicant’s relevant work experience, applicable knowledge, skills, abilities, internal equity, and alignment with market data.

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