Condo Project Underwriting Senior

Freddie Mac
McLean, VA
Mar 22, 2019
Mar 22, 2019
Full Time
The Single-Family Division of Freddie Mac seeks a Collateral Risk Policy Sr, reporting to the Collateral Risk Policy Manager. The role will focus on in-depth reviews of condominium and cooperative projects with an expectation the candidate has extensive experience specific to the analysis and/or underwriting of residential projects. The candidate must be comfortable working in a fast-paced production environment, be willing and able to collaborate with management and peers in the exchange of process improvement ideas and be adaptable to change while working within an evolving platform. The Candidate will analyze a mix of traditional documentation, including, but not limited to, Appraisal and Valuation Tools, Environmental Impact Studies and Remediation Plans, Financial Disclosures and Reporting (historical and forward-looking), Reserve Studies, Housing Finance Agency (HFA) Regulatory Agreements, Lease Agreements, Master Insurance Policies, Forms and Certifications, Legal Proceedings/Litigation Complaints, Dockets and Filings, Condominium Covenants, Conditions & Restrictions (CC&Rs), Cooperative Offering Plans and Amendments and general project documentation (questionnaires & certifications). An ability to communicate clear, concise and consistent exception decisions, coupled with a thorough understanding of Freddie Mac's Selling Guide requirements regarding condominium and cooperative projects, is required.

Executes 1st Line of Defense oversight activities in consideration of Freddie Mac's Single-Family risk appetite for pre-funding condo project exceptions on a transactional basis. These activities include underwriting reviews of condo exception submissions to assess overall quality of the collateral when certain elements of a condo project do not meet policy as published in the Freddie Mac Selling Guide. Analysis of project-related documentation, the evaluation of inherent risks associated with granting loan-level exceptions and justification for approving or declining an exception request must be defensible, justifiable and communicated clearly. Decisions must hold up to 2nd Line of Defense quality control policies, procedures and practices in place to assess impacts to the Business. Represents the organization as a subject matter expert in a customer-facing role providing support, guidance and instruction in accordance with established protocols.

In addition to performing project reviews, job responsibilities include, but are not limited to:
1. Support of the business interests of Freddie Mac, Sellers and Third-Party Venders in accordance with contracts and terms-of-business (TOB) by means of phone, e-mail, WebEx meetings/seminars and face-to-face interactions when appropriate
2. The ability to create, edit, and/or update spreadsheets and detailed reporting with data gathered from various systems on an ad-hoc basis

The Collateral Risk Policy Senior is a key member of the Freddie Mac credit and collateral risk management team who provides guidance and interpretation on collateral related issues to internal and external customers; works on technology related initiatives, including development, enhancements and testing in collaboration with Product Owners and Information Owners. Provides customer solutions each & every day.


* Candidate typically has 5-7 years of mortgage related experience
* College degree or commensurate experience
* An extensive knowledge of the condominium and cooperative forms of ownership, and industry related risk management policies and underwriting guidelines
* Knowledge of Fannie Mae and/or Freddie Mac condo and co-op underwriting guidelines
* Knowledge of Investor and Mortgage Insurance company guidelines
* Ability to differentiate between new and established condominium and/or cooperative projects
* Familiarity with Loan Product Advisor. Knowledge of Fannie Mae DU, CPM, PERS and CVAS is a plus
* Must have demonstrated the ability to work with and advise internal corporate stakeholders on current and proposed policies
* Ability to participate in a collaborative way, as a core team member, when assigned short and long-term projects, from inception to implementation
* Strong analytical, problem solving and underwriting skills
* Strong oral and written communication skills. Advanced Business Writing skills is a plus
* Intermediate skills in the use of MS Office Suite - Word, Excel, PowerPoint, Project and Visio
* Accomplished user of Internet Applications including AllRegs. LexisNexis Courtlink is a plus
* Familiarity with navigating database technology and SharePoint resources. Salesforce is a plus
* Consistently demonstrate the highest level of professionalism, self-motivation, adaptability and flexibility when working in a challenging, high-profile environment
* Must identify with the principles and standards of exemplary business ethics and behaviors in accordance with the Freddie Mac Code of Conduct

Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you'll do important work for the housing finance system and make a difference in the lives of others. Freddie Mac is an equal opportunity and top diversity employer. EOE, M/F/D/V.

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