Director of Acquisitions and Underwriting

BACKGROUND:

The NCRC Housing Rehab Fund (the “Fund”) is a private equity fund focused on identifying and acquiring single family houses in various parts of the country that are rehabbed into quality, affordable homes and sold to low- and moderate-income (LMI) families. The Fund has been operating for three years and is aggressively expanding its investment program geographically to reach more home buyers.

The Fund is an affiliate of NCRC’s Development Corporation and is tasked to carry out NCRC’s signature community development initiative: GROWTH (Generating Real Opportunities for Work Through Housing).

POSITION SUMMARY:

Oversee the underwriting, acquisition and settlement process and transactions related to the purchase of single-family residential housing. Manage the day-to-day relationships with certain key internal staff (Regional Acquisition Managers, Underwriting Staff, etc.) , etc.) and external stakeholders (real estate agents/brokers, title companies, and other vendors).  Play an active role in achieving Fund volume targets and creating wealth (ROI goals).  Consider stakeholder needs, proactively communicate internally and externally the results in the highest level of prompt and professional service to all stakeholders.

Make recommendations on property acquisitions.  Oversee hiring of regional acquisition managers, realtors and other vendors to source inventory and facilitate the growth of the portfolio.    Develop status reports in conjunction with the COO to provide updates on the Acquisition and Underwriting division’s performance and critical issues for senior management.  Recommend approvals and process cash payments for real estate transactions and vendor services (working with the CFO and Director of Construction Manager).

This position reports to the Chief Operating Officer.

ESSENTIAL FUNCTIONS:

Acquisition/Rehab Sourcing

  • Implement and manage the Fund’s strategy to acquire single-family properties at a national level.
  • Oversee the Regional Acquisition Managers and realtors, including setting acquisition targets by region and monitoring achievement of these targets by region.
  • Approve/reject properties for acquisition presented by Regional Acquisition Managers and Underwriting Team.
  • Create systems for tracking properties presented by Regional Acquisition Managers and reasons for approval/rejection.

Underwriting/Due Diligence/Closing

  • Determine staffing needs of Underwriting, Due Diligence and Closing team and participate in building out that team.
  • Oversee Manager/Director of Underwriting and Underwriting team. Create metrics and/or a system for monitoring the performance of Underwriting division.
  • Review Underwriting/buy box standards and ensure all internal and external parties understand the buy box.
  • Implement a new software tool to assist with managing acquisition pipeline and key dates, e.g., inspection period, and settlement dates.
  • Implement policies/procedures around due diligence during property inspection period.
  • Negotiate contracts with third party vendors, where applicable, to perform due diligence and closing services (e.g., title companies, inspection services, local counsel).
  • Understand closing requirements in each market and ensure proper protocols and staffing are in place to maintain compliance.
  • Implement policies/procedures around settlement, specifically documents needed in the file at settlement, e.g., a property “checklist,” and that includes a comprehensive package ready to be handed-off to construction team.
  • Oversee staff responsible for valuing and managing properties in property insurance database (putting them on and taking them off the rolls on a monthly basis).
  • Oversee special projects with unique policies and procedures in certain markets where a trust may be utilized to acquire and hold properties.

Personnel Management & Development

Provide direction and coaching to staff regularly to ensure that the acquisition pipeline is well managed, internal and external communication is professional and timely, reporting is accurate and complete and risk is mitigated on the front-end to the greatest extent possible.  Develop associates to the next level, identify and manage performance issues.  Identify training needs and, with the COO and coordinate training for all GROWTH team members reporting to this position.  Active participation in recruiting efforts.

Vendor Management

Work closely with COO to identify opportunities for outsourcing of tasks, drafting scope of services and implementing changes.  Track work outsourced to third parties including agents/brokers, title companies, inspection firms, and others working under contracts for negotiated fees.  Insure work is adequately QC’d, quality is measured and feedback is provided.  Monitor pipeline work in progress and payments of fees YTD.

Management of Revenues & Expenses

Work closely with the COO to manage revenues and expenses related to GROWTH’s business, recommend improvements to increase profitability and implement improvements in areas within the GROWTH team.

COMPETENCIES: The knowledge, skills and behavioral attributes necessary for acceptable job performance.

  • Strong organizational skills, including time management and workload management.  Able to work independently on multiple projects and manage multiple, sometimes conflicting, deadlines.
  • Strong analytical skills.  Able to use databases and spreadsheet software to analyze financial issues.  Able to actively contribute to efforts regarding enhancements to management information systems.
  • Proactive, resourceful and solution oriented.
  • Strong people management skills and strong track record as motivator, leader and coach.
  • Strong and effective communicator, both written and verbally.  Proactive in coordinating the flow of information among internal and external parties where appropriate.

QUALIFICATIONS:

  • Bachelor’s degree required in finance (lending/mortgage), real estate development or related field, a graduate degree preferred.  Real estate agent/broker with active license, real estate underwriting or real estate construction and mortgage lending experience is a plus.
  • Minimum 8-10 years’ experience, including a leadership role, in real estate underwriting, property acquisition and mortgage lending role, as well as experience in real estate valuation and managing of a team overseeing a portfolio.
  • Experience in one or more of the following functional roles is also required: real estate underwriting, portfolio management, asset management, real estate workouts, and financial analysis.
  • Strong organizational skills, including time management and workload management.  Able to work independently on multiple projects and manage multiple, sometimes conflicting, deadlines.
  • Strong Analytical skills.  Able to use databases and spreadsheet software to analyze financial issues.  Able to actively contribute to efforts regarding enhancements to management information systems.
  • Proactive, resourceful and solution oriented.
  • Strong people management skills.  Strong track record as motivator, leader, coach.
  • Strong and effective communicator, both written and verbally.  Proactive in coordinating the flow of information among internal and external parties where appropriate.
  • Demonstrated commitment to customer service.
  • Unquestioned commitment to the “Core Values” of GROWTH.

To apply, send resume and cover letter to humanresources@growthbyncrc.org.

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