Underwriter, Community Development Finance, Santander

Position Summary:
The Community Development Finance (CDF) Underwriter will be responsible for underwriting and reviewing Community Reinvestment Act (CRA) qualifying investments and loans associated with the following asset classes: i)multifamily developments financed with Low Income Housing Tax Credits (LIHTC), ii) community development financial institutions (CDFIs), iii) real estate private equity funds, iv) Small Business Investment Corporations (SBIC), iv) New Markets Tax Credits (NMTC), and v) other qualifying assets for Santander Bank, N.A.’s CRA Program. The underwriting process formally assesses the risk of the proposed loans and investments and ensures they conform to Santander's credit risk management standards. Duties includeanalyzing due diligence items such as market trends, sponsor strength and financial projections; preparing credit write-ups and presenting to approval committees. In addition to the underwriting and review of investments and loans, the CDF Underwriter will also be responsible for monitoring and reporting the existing portfolio to stakeholders within the Bank.

Position Duties/Responsibilities:

  • Perform underwriting and credit analysis of CRA qualifying loans and investments. Ensure transactions adhere to the Bank’s credit policy. (40%)
  • Prepare approval memos for and presents to various credit committees on current and prospective loans and investments. (35%)
  • Monitor the risk profile of the portfolio including risk rating of loans and investments and enforces credit policy compliance, regulatory and legal compliance, credit transaction integrity and completeness of all transactions. (20%)
  • Keeps abreast of overall trends and best practices in multifamily real estate and affordable housing. Review industry periodicals, Bank portfolio data and other materials/statistics to build and maintain current knowledge of factors that impact Bank’s underwriting of its real estate investments. (5%)


  • Bachelor’s Degree in business, finance, accounting, mathematics or economics or another related field required.
    5 years of commercial real estate finance or community development experience.
  • Minimum of 3 years hands-on project finance experience in real estate lending, credit and tax credit finance

Specialized Knowledge:

  • Knowledge of real estate investments including community development financing such as Low-Income Housing Tax Credits, New Markets Tax Credits and Historic Tax Credits and CDFIs
  • Strong analytical and financial skills. Knowledge of credit policy and asset management processes
  • Strong verbal and written communication skills as well as strategic planning and management ability
  • Ability to work with third party accounting and legal consultants as well as sophisticated project development