GSE Underwriter
Carmel, IN Merchants Capital
Job Type


As our GSE Underwriter, you will be responsible for ensuring the timely, accurate, and high-quality underwriting of multifamily mortgage loan transactions in accordance with Agency and Bank guidelines. Day-to-day responsibilities will be reviewing customer data, making sound credit decisions, and ensuring they are documented to secondary market guidelines where applicable. You will also manage clients and expectations, in tandem with Production, through clear communication to preemptively address potential issues or impediments to timing. 

Under supervision, you will underwrite new loan originations for Fannie Mae/Freddie Mac. The Merchants underwriting team will perform the evaluation of proposed Agency loans for credit risk; obtain deal approvals from Merchants credit committee and respective Agency.

 After one year as our GSE Underwriter, you will know you were successful if you…

  • Underwrite multifamily Agency loans originated by Merchants Capital.
  • Manage the underwriting process for new loans from origination to closing.
  • Adhere to Agency loan requirements, reviewing updates on an ongoing basis, to stay current on changes made by respective Agencies and/or Merchants.
  • Perform site inspections of underwritten assets.
  • Manage third-party vendors and comprehensively evaluate third-party reports including appraisal reports, engineering reports, environmental reports, zoning reports, flood certifications, etc.
  • Coordinate and manage clear communication with internal Merchants staff including the Review Underwriter, originations, and closings team; Agency; third party vendors, including but not limited to, the appraiser, engineer, and environmental consultant; Merchants legal counsel; insurance team; borrower and any others that are pertinent to the success of the transaction.
  • Evaluate Borrower financial statements, bank statements, credit reports, legal searches, real estate-owned (REO) schedules, resumes, etc., and elevate any potential credit risks.
  • Generate a Due Diligence checklist along with monitoring receipt of and processing due diligence as it is received. Review files for completeness and identify critical missing information.
  • Analyze historical operating statements, rent rolls, market characteristics, etc., and complete the underwriting loan submission template.
  • Prepare the loan package for evaluation and approval by Merchants Credit Committee and Agency Lenders.


What we are looking for…

  • Bachelor’s degree in finance, economics, real estate, or another related field is required.
  • Minimum one to three years of multifamily loan underwriting experience; Fannie Mae and Freddie Mac loan products preferably.
  • General knowledge and understanding of Agency lending guidelines.
  • Good knowledge of multifamily affordable housing real estate finance.
  • The ability to use their analytical abilities and deductive reasoning to discern mitigating factors related to risks/ transaction issues.


With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit

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