Senior Commercial Underwriter (CMBS)

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Location:
227 West Monroe Street - Chicago, Illinois 60606
Company Description
KeyBank is a full-service commercial, corporate, and investment bank focused primarily on serving middle market clients within targeted industry sectors. We are known for our seamless delivery of comprehensive industry expertise, unique insights, and capital markets solutions. Our offerings include commercial mortgage finance and servicing, equipment finance, public finance, and commercial payments. KeyBank National Association offers banking products and services and is a member of FDIC. For more information, visit Key.com/corporate.
About the Role:
The primary responsibility of the Senior Underwriter is to access the risk of commercial loans under application for KeyBank Real Estate Capital’s off-balance sheet executions, including primarily for CMBS conduit securitizations. This is a full-time, on-site role reporting to the Chief Underwriter and working closely with the Deputy Chief Underwriter. The role is located in Chicago, IL or Overland Park, KS.
The Senior Underwriter works independently and is held accountable for their understanding and presentation of the commercial loan and terms, while ensuring that the underwriting is in compliance with Key’s Underwriting Procedures. The presentation of the loan and its underwriting should be supportable to internal stakeholders and the various investors and rating agencies.
Essential Job Functions:

• Review term sheet, underwriting file and due diligence.
• Present loans to Credit Committee members following full underwriting.
• Perform site inspection.
• Prepare detailed risk analysis and credit presentation memo/market asset summary, highlighting the transaction strengths, weaknesses and mitigants, market information, sponsor analysis, etc.
• Analyze leases and reconcile with underwriting and in conjunction with operating statements, rent rolls, bank statements, etc.
• Review and comment on third party reports, in conjunction with internal appraisal review group partners and contracted third party report providers.
• Assess market data and broker information and include analysis within credit memo.
• Monitor program changes, underwriting guidelines, market data, and macroeconomic issues.
• Contact Borrower/Mortgage Banker/Broker and review file information as well as any additional information necessary to process the loan.
• Work with and effectively communicate with production staff, credit officers, closing, legal and securitization teams.
• Assist Securitization in the preparation of loans and underwriting packages for Rating Agencies and B-Buyers. Be prepared to answer questions for various transaction parties.
  
  

Required Qualifications:

• Minimum seven to 10 years of commercial real estate lending, underwriting experience and CMBS.
• Four-year college degree required, preferably in real estate, finance or related area
• Comprehensive knowledge of Commercial Real Estate underwriting, operation and real estate accounting, lease structures and documentation
• Ability to work independently and also collaboratively in a team environment
• Knowledge of risk assessment and compliance standards
• Strong analytical skills and ability to evaluate financial statements
• Knowledge of risk assessment and compliance standards
  
  

Preferred Qualifications:

• CMBS loan underwriting experience highly preferable. Experience with CLOSER or other underwriting platforms.
• Commercial Real Estate workout and modification experience.
• Commercial Real Estate appraisal background, experience or designation.
• Commercial property management, leasing, or asset management.
• Experience with various property types: Retail, Industrial/Warehouse, Lodging, Office, Multifamily/MHC and Self-Storage.
• Conduit, SASB, Large Loan and large portfolio experience.
• Proficiency in financial analysis software and tools. Strong Excel/Microsoft Office skills and written and verbal communication.
  
  

Job Location: Chicago, IL or Overland Park, KS
Compensation And Benefits
This position is eligible to earn a base salary in the range of $130,000 to $170,000 annually depending on location and job-related factors such as level of experience. Compensation for this role also includes eligibility for short-term incentive compensation and deferred incentive compensation subject to individual and company performance.
Please click here for a list of benefits for which this position is eligible.
Job Posting Expiration Date: 09/19/2025 KeyCorp is an Equal Opportunity Employer committed to sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or veteran status.
Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance and Sales

• Industries

  Banking

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