Tax Credit Equity Underwriter
M&T Bank · Boston, United States +1 · 29d ago
Overview:
Underwriter function will support various tax credit equity investments (e.g. LIHTC (Low Income Housing Tax Credit, HTC(Historic Tax Credit), NMTC(New Markets Tax Credit), and RETCs(Renewable Energy Tax Credit ).
Position will work with Relationship Manager to underwrite and prepare drafts of internal bank investment approval memos. Will interface with Credit Administration during screening and approval process as applicable. Confirm that all regulatory approvals have been obtained prior to closing and that the type of investment is consistent with what was represented in the regulatory applications.
Primary Responsibilities:
Origination of New Investments
- Compile and analyze appropriate due diligence materials (e.g., market studies, cash flow pro formas, investment summaries, economic benefit schedules, sponsor financial statements).
- Attend customer calls, meetings, and site visits.
- Work with RM to underwrite and prepare drafts of internal bank investment approval memos.
- Interface with appropriate internal department relative to having profitability models run on each prospective investment.
- Interface with appropriate parties with Credit Administration during screening and approval processes as applicable.
- Review term sheets and Letters of Intent.
Closing of New Investments (Once Formal Bank Approval Has Been Obtained)
- Aid RM in sending appropriate documentation to the Bank’s legal counsel.
- Review, from a financial perspective, draft funding/ contribution and Operating Agreements.
- Review draft Capital Call and Consent Agreements.
- Coordinate distribution of required documents to internal Bank stakeholders (e.g., Accounting Policy Dept., Counsel’s Office, Corporate Tax Dept., CRA Dept.).
- Coordinate with the Tax Credit Operations Manager relative to required document & data input feeds to the MRI vendor software system.
Portfolio Maintenance
- Aid RM in sending appropriate documentation to the Bank’s legal counsel.
- Review, from a financial perspective, draft funding/ contribution and Operating Agreements.
- Review draft Capital Call and Consent Agreements.
- Coordinate distribution of required documents to internal Bank stakeholders (e.g., Accounting Policy Dept., Counsel’s Office, Corporate Tax Dept., CRA Dept.).
- Coordinate with the Tax Credit Operations Manager relative to required document & data input feeds to the MRI vendor software system.
Regulatory Requirements
- Work with both Tax Credit Operations Manager and external legal counsel in the preparation of regulatory applications to both the Federal Reserve Bank of NY and NY Department of Financial Services to the extent applicable.
- Conduct the Bank’s internal Regulatory Requirements Questionnaire to the extent applicable.
- Prior to closing any investment, work with the Tax Credit Operations Manager to confirm that all regulatory approvals have been obtained and that the type of investment is consistent with what was represented in the regulatory applications.
- Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies.
- Promote an environment that supports belonging and reflects the M&T Bank brand.
- Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
- Complete other related duties as assigned.
Scope of Responsibilities:
This position is responsible for preparing drafts of internal bank investment approval memos. Works closely with Relationship Manager, Bank’s Legal Counsel and Credit Administration during screening, approval and closing process.
Education and Experience Required:
Bachelor’s degree and minimum of 5 years relevant experience or in lieu of a degree, a combined minimum of 9 years higher education and/or work experience including a minimum of 5 years’ relevant experience.
- Strong relationship building skills.
- Strong stakeholder management skills.
- Strong customer focus.
- Strong verbal and written communication skills.
- Proficient in use of pertinent MS Office, particularly Excel
- Proficiency with reviewing and analyzing developer-prepared projections, real estate and cash flow schedules; audited financial statements. tax credit applications, and Limited Partnership Agreements.
Education and Experience Preferred:
- Sound experience showing fast response time, consistency, and success.
- Excellent communication and relationship building skills.
- Strong decision-making ability.
- Ability to function in a high volume, fast-paced environment.