VP, Senior Affordable Housing; LIHTC Underwriter

Overview

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Job Description:

At Regions, the RAH (Regions Affordable Housing) Affordable Housing Underwriter serves as part of the first line of defense, evaluating and underwriting tax credit investments to ensure each supports Regions’ objectives and meets or exceeds investment guidelines. Through timely and thorough underwriting, this role supports Regions strategy to maintain and expand investor relationships. This position identifies and mitigates risk in existing and proposed transactions.

This position will also work directly with teammates in Credit Risk, Client Coverage, Capital Markets, and other areas of the bank to lead the analysis of credit opportunities, underwriting of credit exposure, and management of a portfolio of loans and other credit relationships while providing effective challenge to these various constituents. This individual will evaluate and underwrite low-income housing tax credit (LIHTC) investments and construction/bridge loans to ensure each supports RAH’s objectives and meets or exceeds investment guidelines.

• Works in support of the RAH banking team and adds value directly to client and coverage in articulating Regions’ underwriting methods, processes, and risk appetite for specific debt products

• Creates and maintains financial models for affordable housing investments, which include schedules such as sources and uses, operating expense analysis, and sensitivity analysis

• Identifies potential real estate finance issues through analysis and income and expense underwriting for each project assigned

• Manages the due diligence checklist, gathers all required documents, reviews the documents, and notes any issues as appropriate; reviews tax credit and project due diligence including tax credit documents, real estate documents, market studies, appraisals, environmental reports, project approvals, and construction documents

• Understands the background and experience of each development team member including sponsor/developer, general contractor, architect, property manager, project accountant, and support service agency (if applicable) as well as reviews references and conducts background checks

• Reviews lower-tier partnership agreements, construction, and permanent loan documents while understanding the importance of each document and its relationship to the transaction

• Maintains market knowledge of loan pricing and structural trends to match client needs with Regions’ debt product solutions

• Calls jointly on clients with coverage bankers to understand clients’ needs and specific risks to client business

• Works with coverage bankers to develop client strategy focusing on existing and potential credit exposure and assists coverage banker in optimizing relationship through cross sell activities of debt products

• Proactively identifies potential issues through sources and uses, capital structure analysis, market analysis, and income and expense underwriting for assigned projects

• Prepares comprehensive executive summaries of the proposed investments for review by team management, internal committee,…