Agency Underwriter or Senior Agency Underwriter

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Location: 127 Public Square, Cleveland Ohio ABOUT KEYBANK REAL ESTATE CAPITAL KeyBank Real Estate Capital is one of the nation's 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 KeyCorp's 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 CMG's 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 reports-including appraisals, engineering/physical condition assessments, environmental reports, and seismic studies-for 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

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