Community Development Finance Underwriter - AssociateCountry: United States of America
SummaryThe Associate, Community Development Finance Underwriter is responsible for assisting in originating new community development equity investments and loans for the Company's Community Reinvestment Act (CRA) Program. The incumbent will be responsible for underwriting and reviewing CRA qualifying equity investments and loans within the following asset classes: i) multifamily developments financed with Low Income Housing Tax Credits (LIHTC), ii) community development financial institutions (CDFIs), iii) real estate private equity funds, iv) Small Business Investment Corporations (SBIC), iv) New Markets Tax Credits (NMTC), and v) other qualifying assets for Santander Bank, N.A.'s CRA Program.The underwriting process formally assesses the risk of the proposed loans and investments and ensures they conform to Santander's credit risk management standards. Duties include analyzing due diligence items such as market trends, sponsor strength and financial projections; preparing credit write-ups and presenting to approval committees.In addition to the underwriting and review of investments and loans, the CDF Underwriter will also be responsible for monitoring and reporting the existing portfolio to stakeholders within the Bank.
Duties & Responsibilities- Perform underwriting and credit analysis of CRA qualifying loans and investments; ensure transactions adhere to the Bank's credit policy
- Prepare approval memos for and presents to various credit committees on current and prospective loans and investments
- Ensures documentation complies with internal policies and procedures and facilitates management and regulatory reporting
- Ensures own work is in compliance with applicable laws, regulations and guidelines, as detailed in policies located on the Company Intranet; policies include but are not limited to Fair Lending, Know Your Customer, Bank Secrecy Act and other applicable anti-money-laundering policies
- Performs site visits related to new and current loans and investments
- Leads the due diligence process on new investments and loans including conducting due diligence and financial analysis and working with fellow credit professionals to produce summary memos for new investments and loans
- Monitor the risk profile of the portfolio including risk rating of loans and investments and enforces credit policy compliance, regulatory and legal compliance, credit transaction integrity and completeness of all transactions
- Keeps abreast of overall trends and best practices in multifamily real estate and affordable housing. Review industry periodicals, Bank portfolio data and other materials/statistics to build and maintain current knowledge of factors that impact Bank's underwriting of its real estate investments
- Participates in preparing, interpreting and communicating periodic self-assessments of the Company's Community Development Finance portfolio
- Works with credit, compliance, and internal and external auditors to ensure investments and loans are originated and managed within policy and applicable laws and regulations.
- Acts as a subject matter expert (SME) while providing leadership, guidance, and mentorship to other team members
Qualifications- Must possess low income housing tax credit underwriting experience ; knowledge of real estate investments and loans including community development financing such as Low-Income Housing Tax Credits, Multifamily Affordable Residential Construction Loans, Private Equity Funds, New Markets Tax Credits and Historic Tax Credits and CDFIs
- Bachelor's Degree in finance, business, political science or other relevant field, or equivalent work experience
- 3+ years of experience in affordable housing, economic development or other community development origination, underwriting or portfolio management role
- Strong analytical and financial skills; knowledge of credit policy and asset management processes
- Strong verbal and written communication skills as well as strategic planning and management ability
- Ability to work with third party accounting and legal consultants as well as sophisticated project development consultants and advisors
EducationBachelor's Degree or equivalent work experience: Finance, Business, Political Science or other equivalent field Req
Skills and AbilitiesExtensive experience developing and structuring community development finance transactions including LIHTC, NMTC or CDFI lending and investment.Excellent, sales, persuasion and negotiation skills required to represent the Company's interests in negotiations.In-depth knowledge of CRA and Fair Lending regulations required, including HMDA and ECOA.Ability to communicate the organizational CRA strategies, goals, current needs and risk/reward appetite for community development loans and investments to market leadership and business unit managers.
Diversity & EEO StatementsAt Santander, we value and respect differences in our workforce and strive to increase the diversity of our teams. We actively encourage everyone to apply.Santander is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status or any other characteristic protected by law.
Working ConditionsFrequent Minimal physical effort such as sitting, standing and walking. Occasional moving and lifting equipment and furniture is required to support onsite and offsite meeting setup and teardown. Physically capable of lifting up to fifty pounds, able to bend, kneel, climb ladders.
Employer RightsThis job description does not list all of the job duties of the job. You may be asked by your supervisors or managers to perform other duties. You may be evaluated in part based upon your performance of the tasks listed in this job description. The employer has the right to revise this job description at any time. This job description is not a contract for employment and either you or the employer may terminate at any time for any reason.The base pay range for this position is posted below and represents the annualized salary range. For hourly positions (non-exempt), the annual range is based on a 40-hour work week. The exact compensation may vary based on skills, experience, training, licensure and certifications and location.
Base Pay RangeMinimum:$69,375.00 USDMaximum:$121,250.00 USDPrimary Location: New York, NY, New YorkOther Locations: New York-New York,New York-New York,Massachusetts-BostonOrganization: Santander Bank N.A.