Credit Products Officer

» Credit Products Officer
Finance & Accounting
in Clearwater
, FL
Reference: 19-04244

Description:

  • Unique opportunity for an Credit Products Officer with a strong focus on affordable transactions and 3-5 years of experience to join our growing FHA platform
  • The Credit Products Officer will be primarily responsible for underwriting and submitting assigned financing applications to the Department of Housing and Urban Development (HUD) in accordance with its MAP Guide, related HUD guidelines, bank procedures and regulatory guidelines.
  • Responsible for assisting with the preliminary screening of new deals coming into the bank
  • The Credit Products Officer should understand the use of FHA with LIHTC equity, tax-exempt bond financing, and subordinate financing.
  • Economic Feasibility Analysis: This includes all components of net operating income (NOI), proposed cost estimates and anticipated lease-up, as applicable.
  • Candidate should have a working knowledge of affordable housing programs including LIHTC, HOME, RAD, HAP contracts and vouchers, ability to research and understand other federal and state programs and apply appropriately to FHA MAP lending guidelines. In addition, the candidate should be able to understand and apply guidelines related to tax abatement programs and ground leases typical in the affordable housing arena.
  • Market Analysis:  Candidate should have ability to review market studies and data derived from other research and source material to ensure sufficient demand and supportable rents to project NOI.
  • Appraisal Analysis and Review: The candidate will participate in the process of selecting and working with approved third-party appraisers. They will be responsible for review of the appraisal and related forms and for working with the appraiser to develop an accurate final appraisal.
  • PCNA/AEC Review/Environmental: The candidate will participate in the selection process and work with the third-party toward a final product that meets all HUD guidelines and accurately reflects the transaction.
  • Mortgage Credit Analysis: Utilizing HUD application documents and other bank information, candidate must be able to analyze credit documentation, including REO schedules, to determine ownership structure and active principals, credit worthiness as well as capacity issues and other risks/mitigates to HUD and BANA. The candidate should understand the analysis required of LIHTC investors in affordable transactions as well as how to analyze non-profit financial statements and review non-profits.
  • Officer’s Narrative, Site Visit, Concept Meeting and HUD Forms: Officer is responsible, in conjunction with other team members, for completing the Officer’s Narrative and required HUD forms pursuant to HUD guidelines. Officer is also responsible for conducting the site inspection and if applicable, preparing a concept meeting package and attending concept meeting with Borrower.
  • Primary contact for HUD on a transaction basis: The candidate will serve as the primary HUD contact maintaining a positive relationship throughout.
  • Facilitate Closing, as needed: Work closely with third-party closer/servicer, attorneys and HUD to facilitate closing.
  • Serve as a resource/expert on FHA financing to CDB and other bank associates
  • Participate in creating and presenting training sessions for CDB associates
  • Provide input/ideas on FHA policies and procedures in the spirit of on-going process and customer service improvement
  • Provide input and assist in the development of forms, templates on an as-needed basis
  • Participate in meetings with CDB associates, clients and prospective borrowers
  • Attend internal and external conferences and meetings

Requirements:

  • MAP Certified (LEAN not required)
  • 3 -5 years of FHA lending experience or equivalent including affordable housing lending
  • B.S./Masters degree in Accounting, Finance, Economics, Real Estate or other related field
  • Travel required for site inspections, conferences, and meetings (20%)