Chief Underwriter, Multifamily in Baltimore, Maryland at CFG Bank

CFG Bank, based in Baltimore, Maryland, is a leading financial institution serving the national healthcare and multifamily markets and the Mid-Atlantic region. As the 6th largest bank in Baltimore by deposits and the largest locally based, we've grown from $1 billion to over $5.5+ billion in assets by 2026. With over 30 years of expertise, we rank among the top five healthcare bridge-to-HUD lenders in the country. At CFG Bank, we redefine banking by blending big bank capabilities with personalized boutique service. Recognized as "Best Place to Work" by the Baltimore Business Journal for 2022, 2023, and 2024, our primary goal is making each team member feel choosing CFG Bank was their best career decision. Join us for professional growth and a positive work environment that sets CFG Bank apart.

POSITION SUMMARY:
The Chief Underwriter is responsible for leading the underwriting function for HUD Multifamily (MAP) and bridge-to-HUD lending, ensuring high-quality credit decisions, consistency in underwriting standards, and alignment with company risk appetite and strategic growth objectives. This individual oversees the full underwriting lifecycle, including deal structuring, credit analysis, HUD program compliance, and team leadership.
The role serves as a senior subject matter expert on HUD Multifamily programs (primarily 221(d)(4) and 223(f)), partnering closely with Originations, Asset Management, Capital Markets, and external stakeholders to efficiently execute transactions from application through closing. The Chief Underwriter establishes underwriting guidelines, manages pipeline execution, and ensures adherence to internal credit policy and HUD MAP requirements.

ESSENTIAL DUTIES AND RESPONSIBILITIES:
• Lead underwriting for complex HUD Multifamily (MAP) and bridge-to-HUD transactions, including deal structuring, sizing, and risk assessment
• Oversee and manage the underwriting team, including workload allocation, mentorship, training, and performance management
• Establish, maintain, and refine underwriting standards, credit policies, and best practices for Multifamily and bridge lending executions
• Serve as the primary internal expert on HUD Multifamily programs, including 221(d)(4), 223(f), and MAP Guide requirements
• Review and approve underwriting models, rent and expense analyses, third-party reports (appraisal, market study, environmental), and credit narratives
• Partner with Originations to evaluate new opportunities, provide early-stage feedback, and improve deal structuring and execution certainty
• Coordinate with HUD, third-party consultants, legal counsel, and internal teams to resolve underwriting, credit, and program-related issues
• Oversee pipeline management, ensuring deals progress efficiently through key milestones (concept meeting, application, firm commitment, closing)
• Present clear, well-supported credit recommendations to senior leadership and/or credit committee, including risks, mitigants, and structuring rationale
• Ensure quality control and consistency across underwriting outputs, including financial models, assumptions, and supporting documentation
• Monitor market trends, HUD updates, and Multifamily fundamentals to inform underwriting assumptions and risk positioning
• Support audits, internal reviews, and regulatory compliance, maintaining thorough and defensible documentation
• Partner with Asset Management and Servicing teams to ensure smooth transition from underwriting to portfolio oversight
• Other duties as assigned

QUALIFICATIONS AND REQUIREMENTS:
• 10+ years of commercial real estate underwriting experience, with significant focus on HUD Multifamily lending (MAP platform)
• Deep expertise in HUD programs, including 221(d)(4) and 223(f), and full lifecycle execution from application through Firm Commitment
• Demonstrated experience structuring bridge loans and executing bridge-to-HUD strategies
• Prior experience leading underwriting teams and managing complex deal pipelines
• Strong knowledge of Multifamily fundamentals, including market analysis, valuation, lease-up risk, and operating performance
• Advanced proficiency in Excel-based financial modeling, including cash flow analysis, sensitivities, and HUD sizing constraints
• Strong familiarity with the HUD MAP Guide, lender narratives, and submission requirements
• Excellent judgment and credit decision-making abilities, balancing risk management and production goals
• Strong communication and presentation skills, with the ability to clearly articulate credit positions to internal and external stakeholders
• Highly detail-oriented with strong organizational skills and ability to manage multiple transactions in a fast-paced environment
• Bachelor’s degree in Finance, Real Estate, or related field (advanced degree preferred)

WORK ENVIRONMENT: Remote with travel as needed.

COMPENSATION DISCLOSURE:
In accordance with Maryland's Equal Pay for Equal Work Act, we are committed to providing transparent wage information for all posted job opportunities. The salary range for this position is $200,000 to $210,000 per year. Compensation is determined based on factors such as Experience, Qualifications, and Internal equity.

BENEFITS AND ADDITIONAL COMPENSATION:
Additionally, this position includes a comprehensive benefits package and other forms of compensation, including:
• Employer-provided health benefits: medical insurance, dental and vision insurance, disability insurance, life insurance, mental health support services, and wellness program
• Paid time off: vacation days, sick leave, volunteer days
• Retirement plan: 401(k) with employer match
• Other compensation elements: Discretionary annual bonus and overtime pay for non-exempt positions

EOE STATEMENT: CFG Bank is an Equal Opportunity Employer as to all protected groups, including protected veterans and individuals with disabilities. If you require accommodations during the application process, please contact TalentAcquisition@cfg.bank.

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