Head of Underwriting

Our client is a leading European headquartered global investment bank (the "Bank").  They are widely recognized as a major industry player thanks to their comprehensive array of financing services involving the entire spectrum of asset types.  Within Real Estate, they provide clients with a broad range of funding tools such as CMBS, bridge loans and B-notes. They have built up top-tier market insight underpinned by more than 20 years’ experience in Western Europe and over 10 years’ in the US. 


We are working with our client to help identify a Head of Real Estate Underwriting.


The Head of Real Estate Underwriting will be generally responsible for developing and monitoring a framework for best practices underwriting that complies with the policies and procedures of the Bank and fosters the culture established by the Bank’s Code of Conduct.


The Head of Real Estate Underwriting will report locally to the Head of Real Estate Portfolio Lending.


Sample responsibilities:

  • Develop guidelines for best practices underwriting in collaboration with Credit and Compliance
    • Cash flow analysis
    • Due diligence review
    • KYC
  • Develop a sustainable framework for:
    • Supervising and monitoring the underwriting activities of originations
    • Consistent underwriting standards across origination teams
    • Uniform format and standards for Credit submissions
    • Evaluating the quality of work product of individual underwriters
    • Evaluating the quality of work product of third-party underwriters
    • Providing feedback to underwriters on quality of work product
    • Providing feedback to 3rd-party underwriters on quality of work product
    • Ensuring high-quality staffing of underwriting team
  • Educate and conduct periodic training sessions
    • Educate underwriters and 3rd-party underwriters on the developed best practices
    • Cross-train all team members on observable underwriting patterns and market trends
    • Meet with Credit and Compliance as necessary to understand high-level concerns, considerations, and "hot buttons" and regularly communicate those to team members
  • Monitor underwriting of transactions by applying supervisory-level oversight
    • Generally apply supervisory-level oversight to transactions
      • Participate in transaction meetings and assist in resolving underwriting issues
      • Question key elements of underwriting including risks and mitigants
      • Spot-check credit memos/ASRs, as appropriate
    • Strategically select certain transactions for greater in-depth review of underwriting
      • Factors include deal size, complexity, sensitivity
      • Contribute to the underwriting/structuring process
    • Attend FiCom, BizCom, and credit committees and participate, as appropriate
  • Escalate issues to senior management, Credit, and Compliance, as appropriate
  • Provide leadership and guidance to underwriting team

Desired Skills and Experience

  • 10-15 years' experience underwriting commercial real estate loans
  • 4-year bachelor's Degree (finance, accounting, real estate, economics)
  • Ability to lead and motivate team of underwriters to apply best practices and adhere to the Bank’s code of conduct
  • Ability to underwrite commercial real estate loans for the portfolio and CMBS across all asset classes
  • Ability to recognize transactional strengths and weaknesses
  • Ability to work collaboratively with others to achieve established goals
  • Series 79, 63.

About Situs

Situs is the premier global provider of strategic business and technology solutions for the real estate finance industry, trusted to evaluate, optimize and manage critical assets and securities: from commercial and residential real estate, to small- and medium-enterprise and consumer lending.

Since 1985, Situs has set the standard in financial services for service, quality and execution.

Situs has offices across the US and Europe and has been involved in more than $1 trillion of real estate debt and equity deals.

We are an equal opportunity employer (m/f/d/v).

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Job Location: New York, New York, United States
Date published: 27-Nov-2018
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