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Multifamily Underwriting Associate (Freddie Mac)
Ref No.: 16-07855
Location: Chicago, Illinois
The position joins a dedicated team for Multifamily's newest and fastest growing execution – origination of Small Balance Loans. The Multifamily Underwriting Associate will report to the Underwriting Manager of Small Balance Loans and assists other Underwriters in evaluating and documenting credit risk for conventional multifamily loans up to $5 million in the North Central region. All responsibilities build toward credit approval and closing individual mortgage loans collateralized by multifamily properties. The position has development potential for additional responsibilities access to training and mentors and an opportunity to join an industry leading execution. The position will be based in Chicago, Illinois. Responsibilities include: • Inspect subject and competing properties and market for condition and income producing ability 1-2 days a week; • Positively represent Freddie Mac SBL with property owners, mortgage banks and brokers in the field • Communicate efficiently with Freddie Mac SBL Seller/Servicer network to leverage Seller due diligence and work to deal timeline goals for borrower closing • Evaluate all aspects of proposed loans for credit risk, assist in preparing and obtaining deal approvals, assist in issuing Commitments • Collecting, entering, and validating loan data from various sources, resolving discrepancies and ensuring loan data integrity while processing loans through Freddie Mac systems. Loan data affects Freddie Mac's corporate financial statements • Analyze historical property financial statements, critique third party reports (ex. real estate appraisals and physical risk reports) and review borrower/sponsor financial adequacy • Understand and convey market implications on subject asset • Summarize and present requested loans for approval and issue binding Commitment letters and lock interest rates and other economic terms • Work efficiently in Microsoft Excel and Word, proprietary data systems, and on-line data sources • Apply job knowledge, company policies and principals and critical thinking to complete assigned tasks accurately, completely, and independently in a timely manner • Communicate daily to internal colleagues and external customers • Develop resolutions to problems of limited scope following specific and detailed procedures • 2-5 years of related underwriting experience • Bachelor's degree in Finance, Business Administration, Economics or related discipline • Market knowledge and residence in the Chicago, IL area • Ability to work independently • Proficiency with Microsoft Excel and Word • Possesses analytical thinking and positive attitude • Ability to travel domestically (up to 30% of the week) Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you'll do important work for the housing finance system and make a difference in the lives of others. Freddie Mac is an equal opportunity and top diversity employer. EOE, M/F/D/V.

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