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Senior Underwriter

Purpose and Job Summary:

The Senior Underwriter is responsible for independently screening and underwriting multifamily and commercial mortgage financing programs being offered by ORIX’s Real Estate Investment Strategies programs, including bridge loans underwritten for investment through proprietary and/or conduit executions. Transactions will encompass a wide variety of scenarios and will be primarily focused on conventional, transitional multifamily and affordable housing, but may include all commercial real estate asset cases, including but not limited to student housing, manufactured housing, and self storage. Financing structures will include individual and crossed pools of senior secured and subordinate debt for stabilized, value add, transitional and construction opportunities. 

The Senior Underwriter will work closely with senior credit and originations staff to screen and structure transactions, underwrite real estate collateral, analyze sponsor credit, negotiate loan documents, create financial cash flow and valuation models, undertake due diligence responsibilities, and drive complex transactions to successful closings. The candidate will document their analysis and recommendations in a credit approval memo and present their recommendations to firm’s Investment Committee, with an emphasis on transaction strengths, weaknesses, and mitigants.  

The ideal candidate will have extensive real estate work in one or more of the following areas:  at-risk real estate loan underwriting, real estate valuation, loan workouts and restructuring, real estate construction and development, or real estate portfolio management.  The ideal candidate will have direct experience with conventional and affordable multifamily assets. Candidates with strong transitional bridge, affordable and new construction experience are preferred. Candidates must have the ability to thoroughly evaluate credit risk and work independently in a dynamic environment to meet tight client deadlines. 


Essential Duties and Responsibilities:

  • Prepare and review due diligence process, underwriting and valuation models.

  • Prepare and review investment memos and asset summary reports consistent with Real Estate Investment Strategies’ requirements as it relates to each loan program.  Presents findings and recommendation to Investment Committee.

  • Think critically and independently to identify and communicate all investment risks and creatively structure deals to mitigate risk.

  • Summarize historical property operations;

  • Perform credit and financial analysis of key sponsors and major tenants;

  • Assess and research markets or sub-markets to support assumptions;

  • Research portfolio expense comparables and incorporate into the underwriting file;

  • Conduct real estate tax verification and analysis;

  • Review and approve third party reports including property appraisals, physical needs assessments, environmental reports, lease abstracts and others as required;

  • Act as credit conduit for loan originators and Real Estate Investment Strategies for new loan requests;

  • Responsible for aiding in training originators on Real Estate Investment Strategies’ lending products;

  • Possesses and applies knowledge of the Real Estate Investment Strategies’ policies and procedures; 

  • Understands all real estate mortgage and finance programs offered by ORIX and its affiliates;

  • Apply a thorough knowledge of various agency financing guidelines (Fannie Mae, FHA, Freddie Mac);

  • Travels to perform property inspections and market evaluations;

  • Analyze legal documents (lo an agreements, leases, inter-creditor agreements, operating and partnership agreements, regulatory agreements, etc.);

  • Prepare and negotiate term sheets and loan agreements in conjunction with internal and external counsel;

  • Manage all aspects of a transaction from initial deal discussions with originator and borrower, through the underwriting, approval, and closing process, and effectively transition transactions to the asset management group;

  • Proactively communicate transactional issues to senior credit, origination, and legal staff to meet deadlines and proactively identify gating issues that need to be addressed;

  • Supervise, direct, mentor, train, and review the work of junior staff members;

  • Applies a thorough understanding of real estate valuation methodologies;  

  • Develop and implements enhancement for transactional analysis and loan committee submissions;

  • Works professionally and harmoniously with team and coworkers;

  • May require travel for interoffice trainings and conference attendance;

  • Other projects and duties as assigned.


Education, Skills and Experience:

  • Bachelor’s degree from an accredited college or university with a focus in Finance, Business or Real Estate or related field required, required with strong credentials. MBA/CPA/CCIM or a Master’s in Real Estate a plus;

  • 10+ years of multifamily balance sheet underwriting experience; 

  • Experience with Fannie Mae, Freddie Mac and/or FHA Multifamily loan programs considered a plus, but not required;

  • Thorough knowledge and understanding of bridge, conduit, CMBS and bank underwriting standards for loans secured by a wide range of asset classes, including office, retail, industrial, multifamily, and self-storage;

  • Strong credit mindset with, ideally, experience in credit training.;

  • Ability to read, analyze and interpret complex documents and financial statements.

  • Highly analytical thinking with demonstrated talent for identifying, scrutinizing, improving, and streamlining complex work processes;

  • Proficiency in Microsoft Office and list other relevant systems or software;

  • Excellent organizational, communication, written, presentation, critical thinking and interpersonal skills;

  • Ability to plan, organize, and prioritize assignments and to meet critical and established deadlines. Ability to manage multiple assignments and transactions simultaneously;

  • Demonstrated ability to maintain confidentiality and to use discretion in the performance of daily activities;

  • Ability to learn quickly and demonstrated ability to work independently and as part of a high-performance team;

  • Flexibility and ability to work under pressure with tight deadlines and constant interruptions. Ability to adjust priorities in a changing environment

Annual base salary gross: $180,000 - $230,000 (NY only). The base salary range represents the estimated low and high end of the ORIX USA’s salary for this position. Actual base salaries will vary and will be based on various factors, such as candidate’s qualifications, skills, competencies and proficiency for the role. The base pay is one component of ORIX USA’s total compensation package for employees. Other rewards and benefits include cash bonuses, long term incentives, health insurance, accident and life insurance, and retirement benefits.  Please visit our Benefits page for additional information.

                                                                                                                              

Life at ORIX

We are committed to the health and well-being of our employees and offer a quality, competitive benefits package that provides valuable healthcare and financial protection for our workforce, while emphasizing a healthy work/life balance.

 

You Time

 

We want you to have the time needed to recharge and manage life with our competitive vacation policy, floating personal holidays, extensive leave options, our annual observed holidays, and more.

 

Family Care

 

Every family has a different journey and ORIX USA Group is proud to offer extensive benefit programs such as: infertility coverage, adoption support, child and elder care, fully paid maternity, and generous parental leave benefits to help you and your families along the way.

 

Flexible Work Arrangements

 

ORIX associates enjoy the advantages of our hybrid working model with a 3 day in-office minimum requirement.

ORIX USA is an equal opportunity employer, providing equal employment opportunities (EEO), and is committed to diversifying its workforce. All employees and applicants for employment will receive consideration for employment without regard to race, color, religion, sex, national origin, age, disability, genetics, sexual orientation, gender identity or expression, pregnancy, protected veteran status or other status protected by law. This policy applies to all terms and conditions of employment.

Average salary estimate

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$230000K

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What You Should Know About Senior Underwriter, ORIX

Join ORIX as a Senior Underwriter in New York, NY, and take your multifamily and commercial mortgage financing expertise to the next level! Here, you'll have the opportunity to independently screen and underwrite a variety of loan programs, including bridge loans for investment through both proprietary and conduit executions. This role is about more than just crunching numbers; it's about understanding diverse real estate scenarios, from affordable housing to student housing and self-storage. Your analytical skills will shine as you create financial cash flow and valuation models, negotiate loan documents, and guide complex transactions to successful closings. Collaborating closely with senior credit and originations staff, you will communicate risks, structure deals creatively, and document your insights in compelling investment memos presented to our Investment Committee. We’re looking for someone who has extensive experience in underwriting or managing real estate portfolios, and candidates with strong transitional bridge or affordable asset experience will be highly valued. Here at ORIX, we believe in maintaining a dynamic, supportive work environment where you can grow and develop as part of our talented team, all while balancing work and life effectively.

Frequently Asked Questions (FAQs) for Senior Underwriter Role at ORIX
What are the key responsibilities of a Senior Underwriter at ORIX?

As a Senior Underwriter at ORIX, you'll be responsible for independently screening and underwriting multifamily and commercial mortgage financing programs. This includes preparing due diligence models, conducting credit and financial analyses, negotiating loan documents, and presenting your findings to the Investment Committee. You will oversee various asset classes, ensuring all transactions meet the required standards and addressing any risks that may arise.

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What qualifications are needed to apply for the Senior Underwriter position at ORIX?

Candidates interested in the Senior Underwriter role at ORIX should have a Bachelor’s degree in Finance, Business, or Real Estate, along with at least 10 years of multifamily underwriting experience. Additional credentials like an MBA, CPA, or CCIM are a plus, as is familiarity with agency financing guidelines such as Fannie Mae or FHA. Strong analytical skills and a credit-focused mindset are essential.

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What is the work environment like for a Senior Underwriter at ORIX?

The work environment at ORIX for a Senior Underwriter is dynamic and supportive, encouraging collaboration while allowing you to operate independently. With a hybrid working model, there's a flexible approach to in-office and remote work. The company places high value on employee well-being, work-life balance, and the opportunity for personal and professional growth.

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What types of financing does a Senior Underwriter at ORIX deal with?

As a Senior Underwriter at ORIX, you'll engage with various financing structures, including senior secured and subordinate debt for stabilized and transitional properties. You will underwrite loans for multifamily properties, affordable housing, and possibly other asset types like industrial and self-storage, ensuring a broad exposure to the commercial real estate market.

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How does the Senior Underwriter position contribute to the success of ORIX?

The Senior Underwriter position at ORIX is critical to the success of the company's Real Estate Investment Strategies. By conducting thorough underwriting and financial analysis, you help mitigate risk and structure deals that align with the company’s investment philosophy. Your insights and recommendations will directly impact the quality of transactions and the overall performance of ORIX's investment portfolio.

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Common Interview Questions for Senior Underwriter
Can you describe your experience with multifamily balance sheet underwriting?

Highlight your years of experience specifically within multifamily underwriting roles, detailing any specific transactions or projects that you managed. Emphasize your analytical skills and any methodologies you used to assess the creditworthiness and conditions of properties.

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How do you approach risk assessment in underwriting?

Discuss your systematic approach to identifying risks by examining property operations and financial statements, utilizing market research, and collaborating with teams to craft strategies that mitigate identified risks effectively.

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What challenges have you faced while underwriting commercial loans?

Provide examples of challenges such as market volatility, regulatory changes, or complex property structures. Discuss how you resolved these challenges and what lessons you learned that could benefit ORIX.

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How proficient are you with financial modeling software?

Share your experience with tools you’ve used in financial modeling—mention specific programs (Excel, Argus, etc.) you’re familiar with, how you've used them to analyze data and create reports, and their impact on prior projects.

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What do you believe are the key components of a successful investment memo?

Discuss the importance of clarity, thorough analysis, and visual data representation in an investment memo. Explain how you structure your memos to highlight strengths, weaknesses, and recommendations for the investment committee.

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How do you manage your workload when facing tight deadlines?

Describe your time management strategies, such as prioritization of tasks, effective communication with stakeholders about deadlines, and potential delegation of simpler tasks to junior staff.

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Can you explain your understanding of agency financing guidelines?

Provide a brief overview of your familiarity with agency financing guidelines, particularly focusing on Fannie Mae, Freddie Mac, and FHA. Share any relevant experience you've had with these guidelines in previous roles.

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How do you stay updated on industry trends related to real estate and underwriting?

Mention your practices, such as attending industry conferences, participating in webinars, following relevant publications, or engaging with professional networks to continuously enhance your knowledge base.

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Describe a time when you had to negotiate terms with stakeholders.

Share a specific instance where your negotiation skills were crucial in reaching a favorable outcome, detailing the steps you took to prepare, present your case, and ultimately ensure a successful agreement.

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How would you mentor junior staff while under tight project timelines?

Discuss your approach to mentoring—perhaps focusing on structured training sessions or one-on-one check-ins that ensure knowledge transfer while being mindful of project deadlines. Emphasize the importance of fostering a team-oriented culture even during busy periods.

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Full-time, hybrid
DATE POSTED
April 16, 2025

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