Affordable Housing Loan Officer

Background

About UHAB:

UHAB empowers low- to moderate-income residents to take control of their housing and enhance communities by creating strong tenant associations and lasting affordable co-ops. Since 1973, UHAB has helped form hundreds of tenant associations and transformed troubled rental buildings into 1,200 affordable co-ops, providing homeownership opportunities for over 25,000 families. With democratic community control at the core of our mission, we work to sustain this thriving affordable housing community for this generation and those to come.

We organize residents to be active participants and decision-makers in shaping their neighborhoods. UHAB’s programs address a full spectrum of affordable housing needs: from building resident power and organizing tenants as community leaders, to developing thousands of units of affordable housing across the Bronx, Queens, Brooklyn, and Manhattan, to making small loans to first-time homeowners, to preserving affordable co-ops through training, education, and technical assistance. UHAB’s programs address the needs of future generations through long-term solutions: developing new affordable co-ops, increasing energy efficiency and introducing renewable technologies, and strengthening housing policy.

About the Lending Program:

UHAB established a CDFI Exempt Mortgage Lender in 2018, HomeOwnership Lending, LLC (“HOL”), to fill a market gap in loans for affordable cooperative homes. Credit is hard to come by for the co-ops themselves and for those seeking to purchase co-op shares, due to factors including the unusual features of these buildings, the complex subsidies that go into their development, the shared-equity cooperative ownership structure, the fragile conditions of the neighborhoods in which they are located, and the low incomes of most of the residents and purchasers. The difficult credit conditions of recent years and increasing regimentation of underwriting have exacerbated the problem. HOL’s role is to address these issues and to work to improve the flow of credit to support the continued success of the co-ops and the eligible New Yorkers purchasing into them.

HOL is at a crucial stage in its growth and in need of a dynamic individual interested not only in the mission of expanding access to affordable housing but also in partaking in the strategic expansion of the loan fund. The Loan Officer & Program Director will originate loans to co-op purchasers and help to shape the direction and growth of the program.

Summary

UHAB is hiring a full-time bilingual Loan Officer & Program Director to expand access for moderate-income New Yorkers to purchase into affordable cooperatives. Responsibilities will fall into three categories: loan origination; outreach and relationship building; and implementation of new loan products.

Responsibilities

• Providing oversight of loan intake, origination, processing, underwriting, and closing activities
• Guiding prospective borrowers through the loan application, approval, denial and/or closing process.
• Ensuring that all loan documentation is complete and accurately verified and complies with company policy
• Communicating with customers to support them in choosing the best affordable mortgage loan.
• Developing and maintaining effective working relationships with borrowers, Loan Committee, CDFI partners, other lenders, consultants, vendors, and other staff.
• Proficiency in using Loan Origination software and Desktop Underwriter or similar
• Managing implementation and updates of loan program and loan product policies and procedures.
• Managing Loan Portfolio, keeping detailed records and status updates.
• Supporting and facilitating the operations and initiatives of the organization as a Community Development Financial Institution (CDFI).
• Working collaboratively and effectively with internal stakeholders and external consultants to develop and meet CDFI grant goals and timelines.
• Monitoring and evaluating the effectiveness of CDFI programs and initiatives; data collection and analysis, preparing reports, and making recommendations for improvements.
• Facilitating the transfer and sale of loan files to the secondary market.
• Supervision of one consultant and future staff to meet the needs of the lending department.

Qualifications and Skills:

• Knowledge of mortgage loan best practices
• Detailed oriented, organized, and efficient
• Strict adhesion to all national, state financial lending rules and regulations
• Ability to collaborate with internal and external stakeholders
• Proficiency in Spanish required
• Commitment to community development, and economically marginalized communities
• Purpose first demeanor and willingness to cooperatively participate on a team in a mission-based organization
• Independent, self-starter

Requirements

Education and Experience Requirements:

• A bachelor’s degree in finance, business, accounting, or a related field is preferred.
• Active NMLS License
• Must have at least 2 years of mortgage loan underwriting or recent processing experience
• Mortgage loan servicing experience preferred

Compensation and Benefits

Compensation:
The base compensation for this position is between $80,000-$100,000 annually commensurate with experience.

Benefits:
UHAB offers a generous benefits package including free and affordable medical and dental plans; long-term disability insurance; a 403b retirement plan; medical and dependent care flexible spending accounts; 3 weeks of paid vacation for new employees and 4 weeks of paid vacation after 2 years of employment; 13 paid holidays, 2 Float Holidays, 12 sick days, and 1 personal day per year.

How to Apply

Please email the following to [email protected]. (Subject: Loan Officer):
1. Cover Letter
2. Resume