Director, Head of Underwriting (CPC Climate Capital)

About Us: The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974. Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $15 billion to finance the creation and preservation of more than 230,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy. As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration. About CPC Climate Capital: CPC Climate Capital is a new subsidiary of The Community Preservation Corporation and will be a subrecipient of Climate United Fund, the recipient of a $6.97 billion grant from the National Clean Investment Fund established by the federal government as part of the Inflation Reduction Act (IRA). CPC Climate Capital will use its subaward of approximately $2.4 billion to decarbonize multifamily housing by making subordinate debt financing available to owners of multifamily housing nationally. These investments will reduce or eliminate on-site fossil fuels, thereby reducing greenhouse gas emissions. Our climate goals will be simultaneously delivered against other critical national priorities, including the creation and preservation of affordable housing, promoting equity and environmental justice, and supporting high-quality jobs. For more information, please visit Role Summary: CPC Climate Capital will fund subordinate mortgage debt behind both construction and permanent first mortgage loans secured by both affordable and conventional properties. The Head of Underwriting will be responsible for: Building out the Climate Capital underwriting platform; Provide leadership, guidance, support, training and direction to the underwriting team; Ensuring quality, completeness and accuracy of the underwriting team's work. This leadership role will facilitate timely and appropriate communication between all parties involved in the transaction. What You'll do: Oversee the design and implementation of CPC Climate Capital's underwriting policies, processes and procedures. Ensuring the underwriting package meets CPC Climate Capital underwriting guidelines. Manage the underwriting team's workload to ensure quality and timely completion of loan applications and other assigned tasks. Cultivate and maintain strong relationships with Freddie Mac, Fannie Mae, Mortgage Banks and Portfolio Lenders to obtain lender consent for CPC Climate subordinate debt. Review loans prior to internal and agency submission providing feedback/approvals to the underwriting team. Ensure operating efficiencies and implement process improvements including maximizing the use of technology. Create and oversee training and professional development for all members of the team on an ongoing basis. Ensure that the team is clearly communicating to internal and external transaction working group members. Develop measurable team goals for each team member and ensure necessary resources are in place to support the achievement of all goals. Maintain effective controls and compliance including operating within CPC Climate Capital's policies and procedures and adhering to all legal, regulatory, and programmatic requirements. Demonstrated commitment to CPC Climates mission and objectives. Work on special projects as necessary. Perform other administrative duties, as directed. Skills and Experience: 10+ years demonstrable experience in underwriting both construction and permanent loans secured by both affordable and conventional properties 5+ years management and leadership experience. BA / BS required. Graduate degree in Real Estate Finance / Development, Urban Planning / Policy, Affordable Housing, Community Development, or similar discipline preferred. Experience with both Freddie Mac/Fannie Mae conventional and affordable underwriting standards. Strong communication skills and interest in learning beyond their area of expertise. Highly developed analytical, research and written/oral presentation skills. Ability to problem-solve and exercise independent judgment while displaying a high degree of initiative and accuracy. Demonstrated ability to organize & prioritize projects; complete multiple tasks on schedule. Experience with green building standards, building decarbonization and sustainable housing. What We Offer: Competitive compensation 401(k) retirement plans with employer match Medical, dental, and vision benefits for employees and their dependents Commuter benefits PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability Tuition assistance program Two "work from anywhere" weeks per year Summer Fridays Collaborative working spaces Service days to support our communities Employee development and engagement events More about our offerings and culture here This is a hybrid role that can be based in either NYC and would work out of our Manhattan office 2 - 3 days a week or in Washington DC with willingness to work in a hybrid work environment, or ability to travel to the NYC office quarterly for team collaboration The salary range is $175,000 - $200,000, dependent on experience. The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.

Created: 2024-11-05