2026 Rotational Analyst Program (HUD)

Are you looking for an opportunity to begin your career by learning from some of commercial real estate’s best and brightest? Want to work with HUD’s largest and most experienced construction lender?

Berkadia’s HUD Rotational Analyst Program takes a dynamic approach to analyst onboarding and development across two of Berkadia’s four most critical platforms – mortgage banking, underwriting, construction management and closing departments. Over 12 months, you’ll be partnered with seasoned professionals, senior leadership and reliable mentors as you prepare to make an impact on the multifamily and health care CRE industry. Be the Next Big Thing. Be Berkadia.

We are committed to growing your career!

Berkadia’s Rotational Analyst Program is changing the way the industry trains and develops CRE analysts around the many facets of the production business. As a Rotational Analyst, you’ll engage in a comprehensive onboarding experience where analysts will be introduced to:

• Berkadia’s culture;

• Client-facing business segments;

• Supporting groups and technologies;

• Berkadia employees, ranging from analysts through members of executive leadership

During the 12-month rotational program, you will have rotations in Mortgage Banking/Originations, Underwriting, Closing and Construction Management. You’ll play a critical role in executing and supporting business for our multi-billion-dollar capital markets platforms. Along the way, you’ll receive mentorship and coaching from a program manager, rotation manager, and peer mentor.

The HUD/FHA Program Rotations

While supporting Mortgage Banking, you will focus on reviewing and evaluating new loan opportunities and serve as a key point of contact for tracking the progress of those opportunities through the loan cycle. Example tasks in Mortgage Banking include:

• Participating in the Mortgage Banking origination team’s client meetings and client calls;

• Reviewing preliminary loan information and excel sizing transactions with the product originations team;

• Adding quotes to internal tracking (CRM) system;

• Preparing borrower engaged deals for handoff to the Underwriting Team.

• Assisting in crafting project narratives and presenting potential new projects to HUD field offices

• Assisting Berkadia Mortgage Bankers in targeting potential new clients/projects. Learn and analyze various deal structures for Affordable Housing, Market Rate, Senior’s Housing, Low Income Housing and Historic Tax Credit Housing

While supporting Underwriting, you will evaluate engaged loans, prepare HUD required exhibits, and assist in the closing and delivery of approved loans. Example tasks in Underwriting include:

• Supporting underwriters (including Deputy Chief Underwriters and Chief Underwriters) in executing business;

• Analyzing real estate transactions, which includes assisting in the collection and review of loan due diligence materials, the generation of underwriting pro forma cash flows, identifying and evaluating risks and mitigants associated with a proposed transaction, and preparing formal presentations for loan committee;

• Assisting in all aspects of deal processing from application through underwriting and closing to delivery of the loan to servicing and/or investor;

• Coordinating and monitoring loan underwriting tasks performed by offshore resources as well as external third parties to ensure timely and accurate delivery of work product.

• Liaising with lender attorney to ensure legal complications are resolved

While supporting Closing, you will evaluate loans for which a HUD commitment has been received and assist in the closing and delivery of approved loans. Example tasks in Closing include:

• Supporting Closers (including Team Leads and VP, FHA Closing) in all aspects of deal closing

• Monitoring and tracking appropriate closing documentation requirements (tax, repair, insurance)

• Recording loan and closing information in the Company’s loan system of record

• Preparing the closing file for delivery to the New Loan Boarding team, and the Investor or document custodian

While supporting Construction Management, you will evaluate closed construction loans, assist with bringing the loans to final endorsement, and monitor the team’s portfolio. Example tasks in Construction Loan Servicing include:

• Supporting Loan On-Boarding: Attending Pre-Construction Call, Assisting with Loan Setup, Loan Document Review and Welcome Package.

• Conducting Construction Administration: Processing of Construction Draws, Change Orders, Permission to Occupy forms and additional Borrower Requests.

• Preparing for Final Endorsement: Reviewing of Cost Certification Audits, Attend Final Endorsement Meetings with Legal Counsel and Develop understanding of Conversion to Perm process.

• Portfolio Monitoring: Assist with key Monthly Reporting, Metrics and Meetings.

Upon completing the 12-month rotational period, you will partner with local and program leadership to identify permanent placement into one of the HUD groups as determined by career interest, performance, and office needs.

Recruitment Process

• Applications for the 2026 Rotational Analyst Program will be open until September 27th.

• Interview process includes 3 phases: recruiter phone screen, verbal case study and local team assessment.

• Applicants will only be eligible to final interview for one office location. (please have your office of preference ready at the time of your recruiter phone screen)

• Applicants are expected to travel to the local Boston office for their final interview.

• Final decisions are projected for the week of November 18th, 2025.

• Program commences July 2026 for hired candidates.

Sponsorship

Berkadia is not offering visa sponsorship for this position.

We are passionate about your growth, so to achieve success in this role you should have:

• Spring 2026 Bachelor’s or Master's degree graduate

• Proficiency in Microsoft Office including Outlook, Word, PowerPoint, and Excel;

• Strong organizational skills and ability to multitask in a fast-paced environment with competing priorities;

• Outstanding attention to detail;

• Ability to manage expectations, informing stakeholders of potential delays due to conflicting priorities;

• Can-do, proactive attitude that can mean making suggestions and giving options rather than waiting for answers;

• Able to communicate clearly both verbally and in writing with all levels of an organization;

• Dedicated to building a career in Commercial Real Estate.

We believe People Matter, so we offer benefits that go beyond:

• Monthly paid volunteer hours and donation matching to benefit our communities

• Employee Resource Groups that help you grow with us

• Fertility and family planning services

• Up to 12-weeks of fully paid parental leave

• Mental health care, including free counseling sessions:

• We'll help fund your learning journey, including up to $20,000 a year in tuition reimbursement

• Pet insurance discounts

• And more!

Be Backed by the Best. Be Berkadia.

#LI-HB1 INITALS #LI-ONSITE

Berkadia, as an equal opportunity employer, celebrates our employees’ unique differences, which we believe drives personal and company-wide innovation and creates a people-first culture where your career can take the long view. To achieve these goals, we are committed to the full inclusion of all qualified individuals, without regard to race, religion, age, color, national origin, gender, sexual orientation, gender identity or expression, marital status, domestic partner status, military and veteran status, disability, pregnancy, parental status, genetic information, political affiliation, or any other status protected by federal, state and local laws.

In keeping with our commitment, Berkadia takes the necessary steps to provide a workplace free from harassment and discrimination, as well as access and reasonable accommodations for individuals with disabilities. If you require reasonable accommodation to take part in the interview process, please contact [email protected].

You have rights under Federal and State employment laws. No question in this Application is intended to elicit information in violation of any such law, nor will any information obtained in response to any question be used in violation of any such law. If you apply for this role, you are acknowledging Berkadia's Application Policy and Berkadia's Privacy Policy. Please click the following links for more information about: EEOC, Employee Rights under the FMLA, EPPA.