Commercial Real Estate Portfolio Management Senior Manager

Wells Fargo•McLean, VA

2d•Onsite

About The Position

Wells Fargo’s Multifamily Capital Asset Management team is seeking an Executive Director to oversee a team responsible for troubled Fannie Mae and Freddie Mac multifamily loans, including criticized assets, watchlist/defaulted loans, and/or property condition issues. The team works closely with originations staff and regularly meets with clients to develop action plans and mitigate risk across the portfolio. The Commercial Real Estate Portfolio Management Senior Manager will be the first level manager who directs and controls the strategy, workflow, and execution of special asset management functions for the Multifamily Capital team. The successful candidate will manage, coach, and develop a team of individual contributors. More specifically, special asset management functions performed by the team include: Collaboration and consultation with Multifamily Capital colleagues, internal partners, external customers, and other stakeholders. Proactive management of the watchlist portfolio by meeting regularly with clients to understand performance issues, develop action plans, and ensure remediation activities are completed. Oversight of the special credits portfolio, ensuring that rehab projects are completed as agreed and that any new property condition issues are remediated in a timely fashion, ultimately ensuring properties in the portfolio are safe and maintained to ensure longevity. Implementation of forbearance, workout, and/or foreclosure activities in collaboration with internal stakeholders and as instructed by Agency partners. Supervision of quarterly risk assessment and grading activities for the larger Asset Management team. Travel to conduct property site inspections as required pursuant internal and Agency guidelines. Carefully review third-party site inspections when policy allows vendor outsourcing. Review property operating statements to understand drivers of performance, working with borrowers and origination staff to fully understand variances from underwriting, prior periods, and expectations. Ensure covenants and trigger items are adhered to pursuant loan documents and Agency guidelines. Present recommendations for resolving complex situations and exercise independent judgment while developing expertise in the function, policies, procedures, and compliance requirements. Contribute to management or control of operational and financial risk to Multifamily Capital and Wells Fargo. The team manager must demonstrate a high-level skill set that includes financial analysis, real estate and property management operations, market knowledge, knowledge of mortgage and legal documents, credit risk analysis and the leadership qualities necessary to manage a team of asset management professionals. The team manager is expected to use this skillset to assist and guide their team in every aspect of their jobs, with the end goal of minimizing and mitigating risk to Wells Fargo, Fannie Mae, and Freddie Mac, while also providing superior customer service. The successful candidate also must: Manage the daily workflow of the assigned portfolio Adhere to all investor and internal risk mitigation practices Adhere to all investor reporting requirements and deadlines Understand and adhere to all asset management requirements as communicated by Fannie Mae and Freddie Mac via applicable guides, lender memorandums, email, other correspondence and the loan documents Understand and adhere to all internal credit, risk and internal control policies as are applicable to asset management Assist the larger Multifamily Capital team on projects when needed The team manager is an important part of the Multifamily Capital Asset Management platform and leadership team. The successful candidate is expected to demonstrate the skills necessary to ensure that the team meets all goals and deadlines while maintaining the highest levels of work quality, customer service, internal controls and risk mitigation.

Requirements

7+ years of Commercial Real Estate Portfolio Management or leadership experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education
3+ years of management or leadership experience
Financial analysis skills
Real estate and property management operations knowledge
Market knowledge
Knowledge of mortgage and legal documents
Credit risk analysis skills
Leadership qualities necessary to manage a team of asset management professionals
Ability to read and understand commercial real estate loan or real estate investment documentation, securitization documents, including pooling and servicing agreements and related documentation
Familiarity with loan documents and third-party reports including appraisals, physical needs assessments, and environmental reports
Ability to prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment
Strong organizational, multi-tasking, and prioritizing skills

Nice To Haves

Commercial real estate experience, preferably in Fannie Mae and/or Freddie Mac multifamily asset management or underwriting
Familiarity with various Fannie Mae and/or Freddie Mac multifamily asset management technology tools
Exposure to multifamily real estate development, property management and/or underwriting
Customer service focus with experience actively listening, eliciting information, comprehending customer issues/needs, and recommending solutions
Extensive knowledge and understanding of credit and income producing real estate
Strong attention to detail and accuracy skills
Excellent verbal, written, and interpersonal communication skills

Responsibilities

Manage the daily workflow of the assigned portfolio
Adhere to all investor and internal risk mitigation practices
Adhere to all investor reporting requirements and deadlines
Understand and adhere to all asset management requirements as communicated by Fannie Mae and Freddie Mac via applicable guides, lender memorandums, email, other correspondence and the loan documents
Understand and adhere to all internal credit, risk and internal control policies as are applicable to asset management
Assist the larger Multifamily Capital team on projects when needed
Manage, coach, and develop a team of individual contributors
Collaborate and consult with Multifamily Capital colleagues, internal partners, external customers, and other stakeholders
Proactively manage the watchlist portfolio by meeting regularly with clients to understand performance issues, develop action plans, and ensure remediation activities are completed
Oversee the special credits portfolio, ensuring that rehab projects are completed as agreed and that any new property condition issues are remediated in a timely fashion, ultimately ensuring properties in the portfolio are safe and maintained to ensure longevity
Implement forbearance, workout, and/or foreclosure activities in collaboration with internal stakeholders and as instructed by Agency partners
Supervise quarterly risk assessment and grading activities for the larger Asset Management team
Travel to conduct property site inspections as required pursuant internal and Agency guidelines
Carefully review third-party site inspections when policy allows vendor outsourcing
Review property operating statements to understand drivers of performance, working with borrowers and origination staff to fully understand variances from underwriting, prior periods, and expectations
Ensure covenants and trigger items are adhered to pursuant loan documents and Agency guidelines
Present recommendations for resolving complex situations and exercise independent judgment while developing expertise in the function, policies, procedures, and compliance requirements
Contribute to management or control of operational and financial risk to Multifamily Capital and Wells Fargo