Commercial Real Estate Portfolio Management Senior Manager

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About this role:

Wells Fargo’s Multifamily Asset Management team is seeking a Commercial Real Estate Portfolio Management Senior Manager to oversee a team responsible for portfolio surveillance and support functions for a portfolio of multifamily loans originated under various Fannie Mae, Freddie Mac and FHA programs.  Core responsibilities of the team include new loan boarding, trigger/covenant monitoring, property operating statements and inspection reports, reserve processing, and interest rate hedges.  Learn more about our career areas and lines of business at wellsfargojobs.com.

In this role:

The Commercial Real Estate Portfolio Management Senior Manager will be the first level manager who directs and controls the strategy, workflow, and execution of portfolio surveillance and support functions for the GSE Asset Management team.  The successful candidate will manage, coach, and develop a team of individual contributors

This is a new team, recently created to take over key functions previously provided by a divested business unit.  The successful candidate will collaborate with other leaders on the Asset Management team to strategically integrate processes related to new loan boarding, trigger/covenant monitoring, property operating statements and inspection reports, reserve disbursements, and interest rate hedges. 

More specifically, portfolio surveillance and support functions performed by the team include:

• Collaboration and consultation with Multifamily Capital colleagues, internal partners, external customers, and other stakeholders.
• Work with third party vendor to identify, understand, and review various trigger covenants identified in the loan documents for assignment to respective Asset Managers.
• Understand and review various loan covenants identified in the loan documents for potential escalation.
• Review of annual property inspection requirements for Fannie Mae, Freddie Mac, and FHA and place inspection orders with third party vendor.
• Evaluate and process borrower requests for disbursement of impounded reserves.
• Review and understand property operating statements and spreads for accuracy and compliance with required GSE and CREF reporting standards.
• Present recommendations for resolving less complex situations and exercise independent judgment while developing expertise in the function, policies, procedures, and compliance requirements.
• Assess adequacy of interest rate hedge escrows and replacements. 
• 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 Team Manager 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 GSE 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.

Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which inc