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Senior Underwriting Manager – Commercial (CMBS, IP) overseeing CMBS, Investor Placement, and debt fund mortgage underwriting.
Based in Chicago, IL; hybrid schedule; competitive salary up to $216k annually.
Location: 1 N Wacker Drive, Chicago Illinois
Job Summary
The Underwriting Manager – Commercial (CMBS, IP) provides daily management, oversight and direction for all underwriting activities for CMBS, Investor Placement, and Debt Fund mortgage loans.
This role facilitates the diligence of off-balance sheet real estate transactions, ensuring alignment with internal and market risk parameters and partners closely with internal teams, clients, and external stakeholders to deliver high-quality execution aligned with business objectives.
Essential Functions
Demonstrated proficiency in commercial real estate underwriting, including CMBS, Life Insurance Company and Debt Funds and provide underwriting expertise when needed.
Mentor, inspire, and motivate teammates while demonstrating professionalism, mutual respect, and collaboration.
Thrive in a dynamic, fast-paced work environment and positively influence team performance.
Maintain internal underwriting and deal assignment lists to ensure full-time staff remains utilized and challenged – engaged with embedded contactors and third party vendors to ensure capacity when deal flow expands beyond internal capacity.
Communicate clearly and effectively, both verbally and in writing, and promote frequent, direct communication with commercial underwriting team, internal stakeholders, rating agencies and other market participants.
Understand underwriting trends and best practices within other products under the Commercial Mortgage Group umbrella.
Review credit memo prior to submission to committee ensuring the underwriting and credit memo are thorough, reflect the strengths and weaknesses of the transaction and all underwriting parameters have been properly documented.
Using internal and external trend analysis. review, assess and update commercial real estate underwriting processes and procedures.
Identify transaction risks and work with other commercial managers to mitigate to minimize execution and pricing risks.
Review performance and output of third-party vendors and provide timely and thoughtful feedback to vendors and KRETS management, when needed.
Demonstrate proficiency in complex borrower structures ensuring commercial underwriters identify necessary participants and complete proper searches and disclosures.
Review and analyze transaction-related documents and prepare written narrative summaries.
Collaborate with origination, closing, and securitization managers to ensure compliance with internal guidelines and market standards.
Build and maintain internal and external relationships ensuring commercial management team is aware of evolving market trends that could influence business strategy.
Contribute market intelligence, ideas, and individual strengths in support of KeyBank’s mission and team goals.
Comply with all KeyBank policies and procedures, including acting professionally, conducting business ethically, avoiding conflicts of interest, and acting in the best interests of clients and KeyBank.
Education
Bachelor’s degree in real estate, finance, economics, or a related field preferred
Work Experience
Ten or more years’ experience in origination, underwriting of commercial mortgage loans and/or debt capital markets banking
Proficiency in Microsoft and Adobe products preferred
Excellent verbal and written communication skills preferred
Proficient understanding of underwriting fundamentals with a strong focus on debt capital markets financing structures
Skills
- Understanding of real estate debt capital markets
- Decision-making and accountability
- Risk identification, mitigation, and compliance awareness
- Ability to adapt and thrive in a fast-paced work environment
- Problem-solving and analytical reasoning
- Relationship building and collaboration
- Client service orientation
- Confidentiality and ethical judgment
- Business and financial acumen
- Credit analysis
- Know Your Customer and Anti-Money Laundering compliance
- Commercial lending process support
- Mortgage advisory and underwriting expertise
- Transaction coordination and execution
- Sales and business support
Core Competencies
All KeyBank employees are expected to demonstrate KeyBank’s values and abide by KeyBank’s Code of Conduct.
Physical Demands
General office environment
Prolonged sitting
Frequent use of a PC or laptop
Ability to communicate in person and by phone with teammates and clients
Occasional lifting, pushing, or pulling of backpacks or computer bags up to 10 pounds
Travel
Occasional travel, including overnight stays
Work Location
In office schedule requiring four or more days in the office
COMPENSATION AND BENEFITS
This position is eligible to earn a base salary in the range of $116,000.00 - $216,000.00 annually. Placement within the pay range may differ based on various factors, including but not limited to skills, experience and geographic location. Compensation for this role also includes eligibility for incentive compensation which may include production, commission, and/or discretionary incentives.
Please click here for a list of benefits for which this position is eligible.
Key has implemented an approach to employee workspaces which prioritizes in-office presence, while providing flexible options in circumstances where roles can be performed effectively in a mobile environment.
Job Posting Expiration Date: 08/07/2026
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, age, genetic information, pregnancy, disability, veteran status or any other characteristic protected by law.
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 HR_Compliance@keybank.com.
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