Multifamily (LIHTC) Affordable Housing Underwriter

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Job Description:

At Regions, the RAH (Regions Affordable Housing) 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 individual 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

• Prepares comprehensive executive summaries of 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 mitigates
• Prepares credit approval packages on 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 drivers
• Conducts analyses of guarantors as needed to support credit underwriting
• Reviews closing due diligence in collaboration with and oversight by more senior RAH team members
• Maintains credit files including post-closing items (actively manages financial reporting requirements, covenant requirements, past dues and documentation exceptions and ensures credit files are complete with all up to date information)
• Creates and maintains financial models, operating expense analysis, and sensitivity analyses
• Coordinates initial closing, internal department, and third-party review process
• Responds to developer and investor inquiries and underwriting and due diligence questions
• Conducts site visits when necessary
• Assists with special projects, equity payments, or other priorities, as requested
• Conducts ongoing portfolio monitoring and servicing activities
• Validates the appropriate risk rating for a company and proactively identifies risk rating changes
• Identifies opportunities for exposure reduction or new opportunities within assigned portfolio
• Develops a strong working knowledge of and ensures compliance with internal bank commercial loan policy, credit risk management policy, and external regulatory requirements documents any exceptions to policy and provides related rationale/mitigants
• Offers advice and guidance to junior underwriters on occasion

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

This position is incentive eligible.

Requirements

• Bachelor’s degree in related field
• Four (4) years of underwriting and/or portfolio management or similar experience
• Completion of a major corporate credit training program or equivalent corporate banking/finance experience
• Proven ability to competently complete credit packages and credit servicing agreements under limited supervision

Skills and Competencies

• Ability to research,