Sr. Affordable LIHTC Underwriter

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Job Description:

At Regions, the RAH (Regions Affordable Housing) Underwriter serves as part of the first line of defense, evaluating and underwriting tax credit investments to ensure each supports Regions’ objectives and meets or exceeds investment guidelines. Through timely and thorough underwriting, this role supports Regions' strategy to maintain and expand investor relationships. This position identifies and mitigates risk in existing and proposed transactions. This position will also work directly with teammates in Credit Risk, Client Coverage, Capital Markets, and other areas of the bank to lead the analysis of credit opportunities, underwriting of credit exposure, and management of a portfolio of loans and other credit relationships while providing effective challenge to these various constituents. This role will evaluate and underwrite low-income housing tax credit (LIHTC) investments and construction/bridge loans to ensure each supports RAH’s objectives and meets or exceeds investment guidelines.

Primary Responsibilities

• Creates and maintains financial models for affordable housing investments, which includes schedules such as sources and uses, operating expense analysis, and sensitivity analysis
• Manages the due diligence checklist, gathers all required documents, reviews the documents, and notes any issues as appropriate; reviews tax credit and project due diligence including tax credit documents, real estate documents, market studies, appraisals, environmental reports, project approvals, and construction documents
• Understands the background and experience of each development team member including sponsor/developer, general contractor, architect, property manager, project accountant, and support service agency (if applicable) as well as reviews references and conducts background checks
• Reviews lower-tier partnership agreements, construction, and permanent loan documents while understanding the importance of each document and its relationship to the transaction
• Prepares comprehensive executive summaries of the proposed investments for review by team management, internal committee, and investor approval including a detailed project description, a list of merits, as well as risks and risk mitigants
• Coordinates the initial closing, internal department, and third-party review process
• Responds to developer/investor inquiries, underwriting, and due diligence questions
• Conducts site visits when necessary
• Prepares Letters of Intent when necessary
• Assists with special projects, equity payments, or other priorities as requested
• Serves as the primary contact with Credit Risk
• Conducts ongoing portfolio monitoring and servicing
• Develops a strong working knowledge of and ensures compliance with internal bank commercial loan policy, credit risk management policy, and external regulatory requirements and documents any exceptions to policy and provides related rationale/mitigants
• Conducts analyses of guarantors as needed to support credit underwriting
• Prepares credit approval packages for new and renewed debt products including determination of the appropriate risk rating as well as risk factors that could change the risk rating, analysis of financial performance, performance vs. projections, covenant compliance, relationship profitability (RAROC), and any other significant risk driver
• Offers advice and guidance to junior underwriters, assisting in the development of necessary skills and the promotion of continuous improvement initiatives

This position is exempt from timekeeping requirements under the Fair Labor Standards Act and is not eligible for overtime pay.

This position is incenti