PGIM Real Estate - Underwriter, FHA Healthcare
- Chicago, IL
PGIM Real Estate is one of the nation's largest full-service commercial real estate lenders. The business originates a wide variety of commercial mortgage investments for Prudential's General Account, investment management clients, and other third party capital sources (such as Fannie Mae, Freddie Mac, FHA, CMBS or other institutional investors).
PGIM Real Estate's FHA lending division is a leading provider of FHA-insured commercial mortgages on multi-family and health care properties, specializing in working with the U.S. Department of Housing and Development (HUD) on providing a wide variety of financing options for multifamily and elderly care facilities throughout the United States. Financing includes but is not limited to new construction, refinances, and acquisitions of properties which may include market rate rental properties or affordable properties with a mix of subsidies (Section 8, Tax Credits, Bonds, Grants).
PGIM Real Estate is seeking an Underwriter for its FHA lending platform, a leading provider of FHA-insured commercial mortgages for healthcare properties.
The candidate will manage the underwriting process and provide thorough analyses of healthcare applications in conformance with FHA/LEAN program requirements and sound underwriting standards resulting in FHA commitments and closed loans. The candidate may provide technical guidance and oversight to more junior staff.
Specific duties include, but are not limited to:
- Maintain accountability for all aspects of FHA submissions submitted by him/her and on behalf of PGIM.
- Managing transaction timelines and identifying threshold issues that may impact application outcome.
- Preparing underwriting narratives and HUD underwriting forms for submission to PGIM Real Estate Loan Committee and, if approved, to FHA.
- Communicating effectively with Originators, the Chief or Deputy Chief Underwriter, other internal clients and FHA regarding transaction status and issues.
- Directing the due diligence collection by junior staff and overseeing the compilation of all applications submitted to FHA.
- Responsibility for autonomous credit decisions on loans.
- Providing training for and mentoring junior staff.
- Participating in the selection and engagement of third party reports. Critically reviewing reports for conformance with FHA and Prudential requirements and negotiate adjustments as directed/necessary.
- Conducting site visits.
- Expanding depth of knowledge by learning specialty loan types of increasing complexity.
- Communicating with applicable HUD staff regarding timing of approval, any deficiencies, etc.
- Reviewing HUD firm commitments for conditions impacting closing. Preparing appeals and negotiating resolutions with HUD and borrower team.
- Coordinating the loan closing process.
- Managing data integrity in proprietary loan tracking database.
- Attending applicable HUD, external, or internal training as directed by management.
- FHA LEAN certification is required for this position.
- FHA MAP certification is preferred for this position.
- Ability to analyze and successfully implement solutions to a wide range of potential underwriting and compliance considerations, utilizing excellent interpersonal and negotiation skills.
- Excellent analytical and math skills.
- Candidate should be creative, flexible, proactive and team-oriented with strong customer service, communication and negotiating skills.
- Strong organizational skills with the ability to manage multiple assignments and priorities.
- Strong teamwork and partnering skills with the ability to effectively manage the expectations of multiple internal and external constituents.
- Ability to effectively work independently and demonstrate strong partnering skills within a team environment.
- Ability to travel as needed.
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