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Commercial MBS Senior Underwriting Manager, Managing Director
Union Bank
New York, NY, United States
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Description
Commercial Mortgage-Backed Securities Underwriting Manager, MD
Join a bank that’s as committed to your future as you are. At Union Bank, a part of Mitsubishi UFJ Financial Group (MUFG), we share a vision for our future, we share our successes, and we strive to bring out the best in each other in everything we do. Our diverse colleagues are connected by a common ambition to create change for the better - from forging more dynamic career paths, to driving progress in our communities, to continuously reshaping the standards of financial services. Positive impact starts here; see the change you can make as we strive to become the world’s most trusted financial group.
Job Summary:
The Commercial Mortgage Backed Securities (CMBS) Senior Underwriting Manager evaluates new loan opportunities for suitability both under Union Bank’s Underwriting Guidelines as well as current CMBS market standards. The incumbent is responsible for representation of the credit metrics and the quality of the loan to the CMBS Credit Committee and will oversee transactions from their initial sizing/pricing through securitization. This is a high-level management position responsible for managing a team of Underwriters and Portfolio Managers that are engaged in this effort. The position is part of the Real Estate Capital Solutions business unit, with offices in New York and San Francisco, within Union Bank's Real Estate Industries Group (REI). The Capital Solutions Group focuses on originating CMBS conduit loans within a national footprint.
Major Responsibilities:
• Oversees production and review of underwriting files for CMBS Loans.
• Ensures the quality, completeness and accuracy of the analysis that precedes credit and business decisions as well as manage the overall delivery of the credit transaction.
• Provides preliminary underwriting metrics and analysis required to accurately price and size new lending opportunities.
• Evaluates loan suitability in the context of the current CMBS market.
• Partners with borrowers, brokers and originators to ensure information used for underwriting is accurate and received in a timely manner.
• Analyzes and recommends solutions for underwriting issues that arise during regional loan underwriting and securitizations.
• Responsible for representation of the credit metrics and quality of the loan to the CMBS Credit Committee and will be involved in transactions from their initial sizing/pricing up through securitization.
• Prepares and presents loan credit to Business Committees and Credit Committees to include reports with cash flow, risks and strengths, borrower / sponsor and market analysis.
• Reviews and analyzes third party reports, including appraisal results; as well as sponsors credit reports and representations.
• Produces asset summary reports and other support documentation to prepare loans for securitization.
• Creates and participates in presentations of loans to Rating Agencies and bond buyers.
• Oversees ongoing monitoring and management of the loan portfolio.
• Follows current underwriting trends, real estate markets, and rating agency guidance.
• Ensures loan underwriting is in compliance with Union Bank’s underwriting guidelines.
• Reviews and provides commentary on legal documents in conjunction with the relationship manager.
• Responsible for managing a team of CMBS underwriters and overseeing all aspects of the evaluation process including:
◦ Interacting with clients and maintaining client relationships.
◦ Reviewing and analyzing borrower/sponsor searches.
◦ Applying a critical eye at each phase of the process and reporting any anomalies.
◦ Managing multiple transactions and deadlines, and maintaining high production and quality standards.
◦ Allocating resources efficiently based on timelines and workload.
◦ Coordinating the preparation, review and approval of loan documentation to ensure the documents meet agreed upon business terms and satisfy the specific requirements of the appropriate credit approval authority.
Qualifications
Education, Licensure, Year of Experience:
• 15+ years of relevant experience underwriting CMBS Conduit loans for a financial institution.
• Extensive experience in commercial loan portfolio management.
• Bachelor’s degree required; advanced degree preferred.
Knowledge, Skills, Abilities:
• Extensive US Commercial Real Estate market knowledge.
• Prior rating agency experience preferred.
• Extensive knowledge and experience of credit policy and credit administration procedures.
• Ability to quickly become well versed in the Bank's credit policies and procedures and regularly adapt to change.
• Possesses effective management skills including recruitment, selection, and continuous development of employees.
• Effective leader who works collaboratively with executive management and line leadership across Bank divisions and disciplines to meet overall business line objectives.
• Sound operational and risk management knowledge.
• Excellent communication and interpersonal skills; with the ability to demonstrate the Bank's core competencies.
• Excellent financial acumen and strong analytical abilities.
The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified
We are proud to be an Equal Opportunity/Affirmative Action Employer and committed to leveraging the diverse backgrounds, perspectives and experience of our workforce to create opportunities for our colleagues and our business. We do not discriminate in employment decisions on the basis of any protected category.