Affordable Underwriting Senior Analyst

Department:

We are Walker & Dunlop.  We are one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where people live, work, shop, and play — to life. We are committed to creating meaningful social, environmental, and economic change in our communities.

Department Overview

Walker & Dunlop’s Affordable Housing Group is recognized as a leader in the industry.  With multiple business lines including Debt, LIHTC Equity, Affordable Investment Sales, Affordable Development and Capital Advisory services, this team of over 200 professionals has a wide array of expertise across the entire capital stack in affordable housing.  Our team is on a mission to improve our nation’s affordable housing stock and ensure people have access to stable, quality, and safe housing. We do that by providing services and capital for the development and preservation of all types of affordable housing across the United States. Our unique platform drives strong financial returns for clients and supports the development of thriving communities where people can afford to live where they work, shop, and play.

The Impact You Will Have

The Senior Underwriting Analyst plays a critical role in supporting the execution of complex multifamily affordable housing transactions. Working closely with Underwriters and production teams across the Affordable platform, the Senior Analyst independently performs advanced financial analysis, leads due diligence processes, contributes to structuring recommendations, and helps guide internal stakeholders and clients through the underwriting and credit evaluation process.

Primary Responsibilities

• Independently underwrite and perform due diligence for multifamily affordable housing transactions, supporting credit decisions and loan sizing recommendations.

• Analyze income and expense statements, operating histories, and market data to determine maximum loan amounts and identify key underwriting risks.

• Conduct detailed assessments of market areas, property characteristics, and site conditions to evaluate asset quality and positioning.

• Lead initial reviews of borrower, sponsor, and property management qualifications, identifying strengths and potential risks.

• Build and refine Proforma income and expense analyses, incorporating updated assumptions, market intelligence, and underwriting standards.

• Maintain strong working knowledge of Part III of the DUS Guide and stay current on Fannie Mae updates, applying them effectively to underwriting decisions.

• Participate in and occasionally lead site inspections to evaluate property condition, operations, management quality, and market competitiveness.

• Order, review, and synthesize third-party reports—including Appraisals, Engineering Reports, Seismic Studies, Environmental Assessments, and O&M Reports—and integrate findings into underwriting.

• Maintain well-organized and fully documented underwriting files, ensuring data integrity and adherence to internal and investor requirements.

• Draft and refine key sections of DUS Narratives and prepare supporting materials for submission to the Chief Underwriter.

• Partner with Asset Management, Production, Closing, and other teams to monitor pipeline performance and contribute to the development of benchmarks and metrics for portfolio evaluation.

• Serve as a resource and informal mentor to junior analysts, providing guidance on underwriting methods and analytical approaches.

• Communicate effectively with teammates, clients, vendors, and stakeholders; collaborate on problem-solving in a fast-moving transaction environment.

• Perform other duties as assigned.

• Attendance is generally required from 8:30 am – 5:30 pm local time, Tuesday through Thursday, with the option to work remotely on Mondays and Fridays.

Education and Experience

• Bachelor’s degree required; Business, Finance, Real Estate, or related fields strongly preferred.

• 2+ years of experience in commercial real estate, underwriting, finance, or a related analytical role; affordable housing or Fannie Mae DUS experience strongly preferred.

Knowledge, Skills and Abilities

• Able and willing to travel overnight up to 25%

• Demonstrated understanding of Fannie Mae, the DUS program, and the role of DUS lenders in the multifamily ecosystem.

• High proficiency in Microsoft Office, especially Excel, with the ability to build and audit complex financial models.

• Robust analytical and critical-thinking skills; ability to make well-reasoned decisions based on incomplete or rapidly evolving information.

• Strong interpersonal and communication skills, including the ability to present underwriting findings to internal stakeholders.

• Demonstrated ability to tackle complex issues, propose solutions, and drive tasks to completion under tight timelines.

• Ability to show ownership of your work, take on challenges and acknowledge growth opportunities, and demonstrate patience when learning new processes

• Courtesy, respect, and thoughtfulness in teaming with colleagues and other stakeholders

This position has an estimated base salary of $75,000 - $85,000 plus a discretionary bonus. An employment offer is based on the applicant’s relevant work experience, applicable knowledge, skills, abilities, internal equity, and alignment with market data.

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What We Offer  

• The opportunity to join one of Fortune Magazine’s Great Places to Work winners from 2015-2023 

• Comprehensive benefit options* that have earned Walker & Dunlop the silver level of the 2022 Cigna Healthy Workforce Designation™, some of which include:
    - Up to 83% subsidized medical payroll deductions
    - Competitive dental and vision benefits
    - 401(k) + match
    - Pre-tax transit and commuting benefits
    - A robust health and wellness program – earn cash rewards and gain access to resources that
      promote health, engagement, and balance
    - Paid maternity and parental leave, as well as other family paid leave programs
    - Company-paid life, short and long-term disability insurance
    - Health Savings Account and Healthcare and Dependent Care Flexible Spending 

• Career development opportunities 

• Empowerment and encouragement to give back – volunteer hours and donation matching 

 
*Eligibility may vary based on average number of hours worked 

EEO Statement

We are committed to equity in all steps of the recruitment and employment experience. We believe in equal access to opportunities in our workplace. We do not tolerate discrimination, including harassment, based on any characteristic protected by applicable law, such as race, color, national origin, religion, gender identity, sexual orientation, sex, age, disability, veteran or military status, and genetic information, or any other characteristic protected by applicable law. We strive to be a safe place to ask questions, build professional relationships, and develop careers.

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Please be wary of recruitment scams. An indication of a scam might be a request for sensitive or bank information at the time of application or emails coming from a non walkerdunlop.com email address. Please call us at 301.215.5500, if you have any concerns about information requested during or after the application process.

Fair Chance Hiring

Background checks, including any questions related to infractions, arrests, or conviction records, will not be conducted until after a conditional offer of employment has been accepted. We will consider for employment qualified applicants regardless of arrest and conviction records, in accordance with federal, state, and local laws.