Underwriting Analyst, GSE

Multifamily Underwriting Analyst - McLean, VA

Salary: $68,000 - $102,000 (based on qualifications).

Full‑time

Work with Underwriters to perform due diligence for multifamily products and transactions, input income and expense statements, conduct reviews, learn underwriting requirements, and more.

• Work with Underwriter(s) and perform due diligence for multifamily products and transactions.
• Input income and expense statements to determine maximum loan amounts.
• Conduct initial reviews of market areas, property and site characteristics.
• Complete initial review of borrower and management qualifications.
• Learn methodology for building up proforma income & expenses.
• Study FNMA and FRE DUS Guide underwriting requirements and review lender updates on an ongoing basis.
• Conduct site visits to assess condition and quality of multifamily projects, management, and market.
• Order and complete preliminary review of third‑party reports including appraisals, engineering, seismic, Phase I environmental assessments, and O&M plans.
• Maintain organized, fully documented underwriting files and manage underwriting checklists.
• Assist in crafting the DUS narratives/final loan packages for committee review.
• Communicate closely with Underwriting, Production, Closing, Insurance, and others to problem‑solve deal issues.
• Assist in completing underwriting deliverables as part of closing and submission of the loan to the investor.

• Bachelor’s degree (Business or Finance preferred).
• Previous experience in the real estate industry preferred.
• Demonstrated analytical skills to evaluate data quickly and act to move transactions forward.
• Excellent interpersonal and presentation skills with strong work ethic to meet the demands of a fast‑paced environment.
• Demonstrated ability to develop and execute solutions to complex issues and transactions.
• Critical‑thinking and multitasking skills.
• Ownership of work, willingness to take on challenges, and patience when learning new processes.

With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways.

Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in‑house tax credit equity to provide a one‑stop shop for developers and owners. To learn more, visit