Commercial Real Estate Portfolio Management Senior Manager

Corporate & Investment Bank (CIB) delivers a comprehensive suite of banking, capital markets and advisory solutions, including a full complement of sales, trading and research capabilities, to corporate, government and institutional clients. We focus on our clients' overall financial needs, with consideration and respect for their total relationship with Wells Fargo.

Commercial Real Estate (CRE) provides a fully integrated platform of banking, financing, and capital markets solutions to commercial real estate clients including financial sponsors, institutional investors and asset managers, regional developers, and public and private corporations.

About this role:

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.  Learn more about the career areas and lines of business at wellsfargojobs.com

In this role, you will:

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 Fann