Multifamily Agency Underwriter
Required skills
- Fannie Mae
- Freddie Mac
- multifamily
- underwriting
- credit analysis
- financial modeling
- risk assessment
- cash flow analysis
- sponsorship evaluation
- market analysis
Nice to have
- deal volume
- process development
- underwriting standards
Role summary
Zions Capital Markets is seeking a Multifamily Agency Underwriter to join its growing GSE Underwriting team. This role involves evaluating, structuring, and approving multifamily transactions for Fannie Mae and Freddie Mac programs. The underwriter will perform full diligence, including cash flow analysis and risk assessment, and partner with originators and capital markets professionals. Responsibilities include applying agency frameworks, maintaining knowledge of guidelines, reviewing third-party reports, preparing credit write-ups, and contributing to the development of underwriting standards. The position requires a Bachelor's degree and a minimum of 3 years of experience in commercial real estate underwriting with a focus on multifamily, along with demonstrated ability to underwrite agency transactions.
GSE Multifamily Agency Underwriter
Zions Capital Markets is the newest bank-sponsored dual license holder with Fannie Mae and Freddie Mac. Backed by the strength and regional reach of Zions Bancorporation, we are establishing a disciplined, scalable multifamily lending business focused on delivering best-in-class execution to institutional and private real estate clients.
Team Overview
The GSE Underwriting team is responsible for evaluating, structuring, and approving multifamily transactions across both Fannie Mae and Freddie Mac programs. As part of a growing platform, the team is central to defining credit standards, enhancing execution quality, and supporting the firm’s expansion in agency lending.
Role Overview
This position offers the opportunity to work as a core underwriting contributor within a newly formed platform, with meaningful exposure to transaction flow and a voice in shaping underwriting processes, standards, and best practices.
Key Responsibilities
- Analyze and structure multifamily agency loan opportunities, ensuring alignment with Fannie Mae and Freddie Mac guidelines
- Perform full underwriting diligence, including cash flow analysis, risk assessment, and transaction structuring
- Partner closely with originators and capital markets professionals to screen deals and refine execution strategies
- Identify potential credit concerns early and develop solutions to mitigate risk and facilitate closing
- Apply agency frameworks to develop underwritten operating assumptions, including stabilized income and expense projections
- Maintain working knowledge of relevant agency guidelines and updates, incorporating changes into underwriting decisions
- Conduct on-site inspections to evaluate property condition, management quality, and local market dynamics
- Review and interpret third-party materials such as appraisals, engineering and environmental reports, and other diligence items
- Prepare comprehensive and clear credit write-ups to support internal approval processes
- Ensure all deal files are complete, organized, and audit-ready
- Coordinate with internal teams including asset management, servicing, and closing to support loan performance tracking and portfolio insights
- Contribute to the ongoing development of underwriting standards, reporting metrics, and portfolio monitoring tools
- Engage regularly with clients, brokers, consultants, and internal stakeholders throughout the transaction lifecycle
- Travel as needed to support property reviews and business development efforts
- Take on additional responsibilities as the platform evolves
Qualifications
- Bachelor’s degree (minimum)
- Minimum of 3 years of experience in commercial real estate underwriting with a focus on multifamily
- Demonstrated ability to independently underwrite agency transactions (Fannie Mae and/or Freddie Mac), with prior deal volume preferred
- Strong familiarity with agency lending structures, guidelines, and execution processes
Skills and Capabilities
- Solid foundation in multifamily credit analysis, including sponsorship evaluation, market analysis, and operational performance
- Strong analytical mindset with the ability to make informed decisions in time-sensitive environments
- Proficiency in financial modeling and interpreting complex datasets
- Clear and effective communication skills, both written and verbal, with comfort presenting to senior stakeholders
- Ability to operate in a growth-oriented, build-phase environment, demonstrating initiative and ownership
- Experience helping develop or refine processes, frameworks, or underwriting standards is a plus
- Capable of structuring and executing complex transactions within defined risk parameters
- Collaborative approach with a focus on teamwork and cross-functional alignment
- High attention to detail, strong organizational skills, and a commitment to continuous improvement
Location:
This role can be located anywhere in the U.S.
Pay Range (Depending upon relatable skills and experience): $150,000 - $250,000
Benefits:
- Medical, Dental, and Vision Insurance – START DAY ONE!
- Life and Disability Insurance, Paid Paternal Leave, and Adoption Assistance
- Health Savings (HSA), Flexible Spending (FSA), and dependent care accounts
- Paid Training, Paid Time Off (PTO), and 11 Paid Federal Holidays
- 401(k) plan with company match and Profit Sharing
- Mental health benefits, including coaching and therapy sessions
- Tuition Reimbursement for qualifying employees
- Employee Ambassador preferred banking products
