Credit Analyst, Multifamily Affordable Housing
Job Type


Summary: Merchants Bank of Indiana is seeking an experienced multifamily affordable underwriter.  The Credit Analyst is responsible for ensuring the timely and accurate underwriting of multifamily and/or healthcare mortgage loan transactions in accordance with Merchants Bank guidelines. Responsibilities include reviewing new applications, monitoring the receipt of all due diligence from the borrower, analyzing the financial feasibility of new transactions, including construction, acquisition, and refinance loans, preparing applications for approval by the Bank’s Loan Committee, and ensuring the loan is documented to bank and secondary market guidelines where applicable. 

The Credit Analyst will work closely with members of the Bank’s originations, closing, and servicing teams. The position initially is an individual contributor role with no leadership or management responsibilities, however, will be looked to as a mentor by less experienced colleagues. This role may take lead on special projects. The Credit Analyst may have customer interactions with occasional travel to perform site visits.

Essential Duties and Responsibilities:  

  • Underwrite multifamily and/or healthcare loans originated by Merchants Capital to Bank guidelines.
  • Provide underwriting narrative and all applicable forms & exhibits to Loan Committee in a timely manner.
  • Analyze and review third party provided reports including Phase I Environmental, Appraisal, Market Study, and Property Condition Reports.
  • Review borrower provided organizational documents, financial statements, business debt and Real Estate Owned schedules.
  • Collaborate with loan processor to confirm adequacy of due diligence (DD) for the loan file.
  • Communicate to the processor/borrower any outstanding DD issues in connection with preparing the approval narrative, forms & exhibits.
  • Work extensively with Microsoft Excel in financial models as it relates to the underwriting and flow of funds on transactions.
  • Collaborate with closing team to ensure DD is obtained and verified.
  • Review amendment requests and closing documents to ensure clear to close.
  • Attend training on applicable subjects when available and appropriate for position.
  • Perform other duties as assigned.
  • Minimum of two-years underwriting experience required, ideally within the multifamily or healthcare real estate industry.
  • Ideal candidate has an understanding of the multifamily mortgage loan process.
  • Bachelor's degree in finance, real estate, or related field preferred.
  • Requires critical thinking skills and multitasking.
  • Excellent customer service skills in person and on the phone.
  • Excellent skills in working with Microsoft Word, Excel, and Outlook are a requirement.


All employees are expected to contribute to the overall success of the organization by performing requested duties regardless of explicit inclusion in the job description or reasonable relation to an employee’s primary role. Additionally, all employees must understand and adhere to all federal and state laws and banking regulations and company policies and procedures applicable to assigned job responsibilities, including compliance as appropriate under the Bank Secrecy Act and Anti-Money Laundering regulations.

Additionally, all employees are expected to demonstrate the following Core Competencies:

Professionalism – acting with responsibility, integrity and accountability; demonstrating consistent trustworthiness and reliability; always remaining flexible, adaptable and willing to accept coaching; building and managing professionally healthy relationships; deliberately managing career decisions; and continually developing awareness of business-related topics.

Communication – understanding various active and passive tools and styles and their effects; and exhibiting appropriate, effective, timely use of tools and styles to connect, collaborate, facilitate teamwork and serve customers.

Work Quality – demonstrating an ongoing commitment to compliance, safety and security; executing work with efficiency, a sense of urgency and attention to detail; and displaying organized work practices and a results-oriented mindset.

Analytical Ability – navigating work-related circumstances with practical, sound reasoning; and demonstrating creativity in problem solving.

Leadership – displaying good judgment and certainty in decision making; taking initiative with job-related demands; demonstrating innovative thinking and sound planning with business practices; managing individual performance toward shared organizational goals; and thinking strategically to set and accomplish goals.

Merchants Bancorp and its affiliates and subsidiaries are committed to being equal opportunity employers. All job candidates and incumbents will be assessed based on only criteria relevant to successfully performing the job as defined in this job description and as generally accepted in the job’s relevant industries.