Community Development Banking Underwriter

Bank of America

Bank of America

Marketing & Communications, Customer Service
Los Angeles County, CA, USA · San Francisco, CA, USA · Newport Beach, CA, USA · Virginia Beach, VA, USA · California, USA · San Francisco, CA, USA · United States · Remote
Posted on Monday, June 24, 2024

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Job Description:

This job is responsible for performing deal analysis, preparing supporting deal justification, and processing approvals. Key responsibilities include underwriting aspects of a credit transaction (e.g., construction debt, term debt, and tax credit equity) for all product types, performing material modifications to existing facilities, and advising the Commercial Real Estate Banking portfolio group on any post-closing credit actions as needed. Job expectations may include driving operational excellence and influencing leaders, peers, and clients.

Bank of America’s Community Development Banking (CDB) team is seeking underwriters to play an important role in financing affordable housing solutions that strengthen our communities.

The CDB Underwriter will be joining a nationally recognized team known for developing project finance expertise for affordable housing and other commercial, retail and residential real estate projects that utilize tax credit equity. From 2005 to 2022, our team has financed over 273,000 housing units, with $7.85 billion invested in U.S. neighborhoods in 2022 alone. We specialize in debt financing and tax credit equity for projects that serve a range of affordable housing needs from individuals, families, seniors, students and veterans, to the formerly homeless, those with special needs and other at-risk groups.

The CDB Underwriter will work with Credit Officers and other members of the client coverage team to manage the underwriting process for both debt and equity investments in affordable housing projects, from deal screening to deal closing, and serves as a key client point of contact on the coverage team for credit actions.

Job Responsibilities:

  • Leads the underwriting of secured and unsecured transactions to Commercial Real Estate clients, including real estate secured construction and term debt, tax credit equity investments, unsecured corporate revolvers, bridge financing, commercial agency warehouse lines, and subscription lines

  • Performs the requisite due diligence once a credit opportunity is mandated, preparing the approval request documents, receiving final loan approval on a timely basis, and participating in the loan closing process

  • Collaborates with the client, relationship coverage team, and product partners, as applicable, to facilitate timely and client-centric loan closings

  • Leads the end-to-end process for loan modifications and extensions on existing loans including structuring, due diligence, gaining approval, and closing

  • Completes Scheduled Exposure Reviews (SERs) and Risk Rating Scorecards for adversely risk rated loans for approval, and presents SERs at quarterly SER meetings

  • Conducting analysis of client materials for new investment and lending opportunities

  • Working with proprietary analytical tools to understand project economics and terms for both debt and equity investments, preparing sensitivity and market analyses

  • Guarantor and sponsor review including financial statements and spreads, risk analysis

  • Ensure compliance with applicable regulatory requirements and Bank policies and procedures Identifying risk profile of existing and prospective investments, evaluating and structuring mitigants for both debt and equity investments

  • Post closing work as needed to advise, restructure or resolve in partnership with portfolio management, asset management and operations

  • Collaborate with partners in Finance, Risk, Portfolio Management, Asset Management, Relationship Management, Loan Administration, and Community Development Banking management

  • Attention to collect and maintain quality data in multiple systems through the deal life-cycle

  • Use relevant Bank systems including CreditCenter (Salesforce) for managing the underwriting workflow

  • Respond to client inquiries regarding the underwriting process

Required Qualifications:

  • At least 2 years’ experience in commercial real estate underwriting, or low-income housing tax credit underwriting

  • Proficiency with MS Office products

  • Experience working with large Excel spreadsheets

  • Strong written and verbal communication skills

and at least two of the following

  • 2+ years in tax credit analysis, tax analysis, tax preparation, or related field

  • Commercial credit training; and/or

  • Strong financial modeling skills, including MS Excel proficiency

Desired Qualifications:

  • Bachelor’s degree in business, finance, accounting, commercial real estate, urban planning, economics, or related field

  • At least 4 years’ experience as a development analyst, underwriter, asset manager, portfolio manager, and/or syndicator of debt and/or equity investments in commercial multi-family projects

  • Experience working in the low-income housing tax credit industry

  • Experience working in commercial real estate

  • Experience working with Salesforce (CreditCenter) or a similar product


  • Credit and Risk Assessment

  • Financial Analysis

  • Underwriting

  • Written Communications

  • Due Diligence

  • Analytical Thinking

  • Attention to Detail

  • Customer and Client Focus

  • Oral Communications

  • Interpret Relevant Laws, Rules, and Regulations

  • Legal Structures and Legal Forms

  • Collateral Management

  • Loan Structuring

  • Prioritization


1st shift (United States of America)

Hours Per Week: