PGIM Real Estate Finance (PGIM REF) is one of the nation's largest full-service commercial real estate lenders. PGIM REF originates a wide variety of commercial mortgage investments for Prudential's General Account, investment management clients, CMBS Program and third party capital sources (such as Fannie Mae, Freddie Mac, FHA, or other institutional investors). PGIM REF’s FHA lending division is a leading provider of FHA-insured commercial mortgages on multi-family and health care properties, specializing in working with the U.S. Department of Housing and Development (HUD) on providing a wide variety of financing options for multifamily and elderly care facilities throughout the United States. Financing includes but is not limited to new construction, refinances, and acquisitions of properties which may include market rate rental properties or affordable properties with a mix of subsidies (Section 8, Tax Credits, Bonds, Grants).
PGIM REF is seeking a Deputy Chief Underwriter for underwriting duties as defined by the Department of Housing and Urban Development’s Multifamily Accelerated Processing (MAP) guide. The Deputy Chief Underwriter will work in a team environment and have responsibility for underwriting complex loan transactions, overseeing certain aspects of the underwriting of all transactions assigned to the team, serving as a technical advisor on transactions, assist in managing the team’s underwriting workflow to insure an efficient process, and facilitating relationships with internal and external stakeholders. The incumbent will ensure that systems are in place for appropriate risk assessment and quality control of new loan originations and adherence to all FHA, investor, and Prudential requirements.
Primary responsibilities include, but are not limited to:
- Assist in transaction oversight; assure timing and client expectations are met and proactive communication between originations, underwriting and the client is on-going.
- Assist in the oversight of the underwriting team, including underwriters, analysts and processors.
- Cultivate strong leadership and teamwork among team members. Assure adherence to PGIM REF credit standards and guidelines.
- Cultivate and maintain external relationships with Agencies and other trade associations.
- Support the originations efforts by providing sound credit decisions and taking intelligent risks to facilitate new business opportunities.
- Maintain knowledge of all FHA multifamily program/investor guidelines.
- Recommend loan parameters and ensure adherence to credit policy standards.
- Make recommendations to FHA Loan Committee for the approval of loan requests.
- Establish a process for approval of the qualifications of appraisers, engineers and other service providers. Manage vendor relationship and monitor vendor performance.
- Facilitate strong customer service and can-do attitude among staff members.
- Provide feedback to underwriting staff and investors as necessary.
- Drive the group to meet and exceed its business performance metrics and drivers and help assure the unit’s adherence to the annual budget.
- Serve as a member of the underwriting management team with strategic responsibility for recommending and implementing departmental goals and business planning.
Skills & Qualifications:
- Extensive experience and expertise in FHA multifamily lending. The successful candidate would have more than 10 years of credit, FHA and/or multifamily lending experience.
- Established and extensive relationships with potential external partners and industry contacts.
- Exceptional credit sense, judgment, and decision-making skills plus demonstrable technical skills in underwriting, structuring, pricing and closing complex multi-family deals.
- Strong knowledge of FHA multifamily lending programs, analytical tools and markets nationwide.
- Proven underwriting experience in small to medium size financial institution.
- Must be able to meet all the qualification requirements for MAP Approval for all FHA MAP Programs if not already approved.
- Strong leadership abilities, with demonstrated capability to manage, mentor and develop team members required.
- Excellent advocacy, customer service and negotiation skills as well as strong communication skills required.
- Ability to multi-task and prioritize accordingly.
- Ability to travel extensively at times to attend industry conferences, management meetings, borrower meetings, and property reviews.
A little about us:
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