Position Reports to: Director, Underwriting
Location: The preference is for the position to be located out of any of NFF’s office locations (Boston, Los Angeles, New York, Oakland, and Philadelphia); however, remote locations will be considered as well.
Department: Financing - Underwriting
The COVID crisis and the uprising for racial justice have shone national light on both the urgent work required to build a more just and vibrant society for all Americans and the potential for positive action when our communities mobilize. In most cases, these efforts are spearheaded by nonprofits, community organizations, and their heroic staff who deliver essential services like affordable housing, social justice advocacy, health, youth development, and the arts. Yet these nonprofits and the communities they support operate within a flawed, inequitable funding system that controls their access to resources, impeding their ability to make a difference.
Nonprofit Finance Fund (NFF) is setting out to change that. We know that nonprofit leaders have power when they have access to capital and financial knowledge. Our strategy focuses on helping to shift that power by changing funding and financing practices so more money flows equitably and with less restriction to community-centered organizations led by and serving people of color, so they can be the drivers of their own change.
Read about our commitment to Diversity, Equity, and Inclusion here.
About the Opportunity:
NFF’s Financing team provides nonprofit organizations with capital for their facilities and operational needs. We are committed to ensuring communities of color and their leaders have access to and control of the capital they need to meet their goals. We do this by partnering with organizations to ensure our financing products meet their needs now and as they evolve over time.
We are seeking a Specialist, Underwriting to support the underwriting team by helping move forward critical aspects of the lending process. The Specialist will contribute to the process from the time we are first introduced to a client by the Loan Origination team until a client’s loan closes and is handed off to the Portfolio Management team. The Specialist will partner effectively with the Portfolio Management, Legal, and Finance teams reviewing loan and credit documentation. The Specialist will assist in aspects of credit analysis like organizational assessment, spread financials, and manage due diligence, closing checklists and data management. This is an exciting opportunity for someone who is looking to learn more about the lending process and working directly with community-centered nonprofits led by and serving BIPOC (Black, Indigenous, and person of color) communities.
The preference is for the position to be located out of any of NFF’s office locations (Boston, Los Angeles, New York, Oakland, and Philadelphia); however, remote locations will be considered as well. Our offices have re-opened, and staff can opt into in-person work as desired and based on the needs of the role. There is a potential for up to 5% travel once it’s safe to do so.
The Specialist, Underwriting will report to the Director, Underwriting who is based in New York.
What you’ll do:
- Collect and organize due diligence such as initial application information, 1099 forms, and audits
- Ensure client data is accurately updated and represented in Salesforce and other NFF systems
- Prepare initial credit assessment of the loan viability which includes doing financial spreads and analyzing and researching collected data
- Manage the tracking and saving of due diligence items for clients
Loan underwriting and closing
- Support managers and directors to structure and negotiate loan terms that reflect the needs of clients, and issue term sheets for partner organizations
- Support the underwriting of financings with varying degrees of complexity, including tax credit transactions and loans with multiple lenders, and draft memos to present to credit committee(s) for approval
- Assist managers and directors with closings, including drafting commitment letters and reviewing closing diligence and legal documents for consistency with key business terms
- Participate in weekly underwriting calls to provide feedback and critical thinking on all aspects of NFF’s underwriting process
- Liaise with NFF’s Operations and different Financing teams on special projects to increase process efficiencies
Who you are:
- You have 0-3 years of experience in underwriting, loan origination or portfolio or credit risk management at a commercial bank, credit union, or CDFI (Community Development Financial Institution) or other relevant work or internship experience
- You are highly organized, pay close attention to detail, and possess excellent project management skills
- You proactively look for new ideas and ways to improve products, services, and work processes
- You have a strong relationship-building approach with the ability to center the needs of clients, partners, and communities
- You possess excellent verbal and written communication skills and interpersonal skills
- You are a self-starter who takes ownership and demonstrates accountability
- You communicate proactively and raise and respond to concerns and opportunities timely, fully, and attentively
- You are committed to continuous improvement and demonstrate a growth mindset
- You are proficient with Microsoft Office Suite, including Outlook and Excel (preferred)
- You embody NFF’s mission, core values and commitment to equity
At NFF, we are invested in discussing the depth and breadth of each candidate’s background and experience during the interview process and using that information to determine the best offer while considering internal pay equity. The salary range for this position is $45,000-$72,000. NFF provides an attractive benefits package that currently includes up to 18 paid holidays, 3 floating holidays, unlimited vacation time off, health insurance with NFF funded health reimbursement account on medical plan, 2% match and 4% non-match employer contributions toward retirement plan. In addition, NFF provides flexibility to work remotely and access to a “work from home” fund, and flexible spending accounts including commuter benefits.
All salaries are commensurate with experience and include an attractive benefits package.
Nonprofit Finance Fund is committed to diversity, equity, and inclusion in its workforce. We encourage candidates that will help us live out this commitment to apply.
NFF is an equal opportunity employer and does not discriminate against any applicant or employee because of race, color, religion, sex, national origin, disability, genetic information, age, or military or veteran status in accordance with federal law. In addition, NFF complies with applicable state and local laws governing non-discrimination in employment in every jurisdiction in which it maintains facilities. NFF also provides reasonable accommodation to qualified individuals with disabilities in accordance with applicable laws.
This job posting provides a general list of the essential responsibilities and qualifications required for this position. It does not represent a contract for employment and NFF reserves the right to change the description and/or posting at any time without notice.
When applying, please DO NOT include any of the following information with your job application: Social Security number; driver's license number or state-issued identification card number; financial account number, or credit or debit card number.