Job Description
Important Note: During the application process, ensure your contact information (email and phone number) is up to date and upload your current resume when submitting your application for consideration. To participate in some selection activities you will need to respond to an invitation. The invitation can be sent by both email and text message. In order to receive text message invitations, your profile must include a mobile phone number designated as “Personal Cell” or “Cellular” in the contact information of your application.
At Wells Fargo, we are looking for talented people who will put our customers at the center of everything we do. We are seeking candidates who embrace diversity, equity and inclusion in a workplace where everyone feels valued and inspired.
Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
Corporate & Investment Banking delivers a comprehensive suite of capital markets, banking, and financial products and services. A trusted partner to our clients, we provide corporate and transactional banking; commercial real estate lending and servicing; investment banking; equity; and fixed income solutions including sales, trading, and research capabilities to corporate, commercial real estate, government, and institutional clients across the globe.
Commercial Real Estate (CRE) operates throughout the United States, as well as Canada and the United Kingdom, to deliver a comprehensive platform of financing and banking products for experienced commercial real estate companies including balance sheet lending, CMBS origination and distribution, loan servicing, agency financing for multifamily properties, and debt and equity capital for affordable housing.
Community Lending and Investment (CLI) is responsible for investing debt and equity capital for economic development, job creation and affordable housing in areas of need nationwide. The vertically integrated group offers a suite of debt and equity products, including Low Income Housing Tax Credits, New Market Tax Credits, construction finance and permanent finance for affordable housing, and Charter School Finance, serving for-profit and non-profit developers and other organizations.
Located in either Charlotte, Boston, or Los Angeles, this Tax Credits Asset Manager will primarily be responsible for managing a portfolio of equity investments for affordable housing clients.
Responsibilities for this position include, but are not limited to:
- Providing a single point of contact with general partners and internal departments regarding assigned assets
- Independently managing a portfolio of investments in real estate partnerships
- Identifying and analyzing issues, and recommending and executing action plans
- Monitoring investment and property performance, including construction and lease-up progress
- Analyzing tax returns and property and sponsor financial statements
- Reviewing third-party inspections and reports in compliance with Low Income Housing Tax Credit (LIHTC) regulations
- Reviewing requests for capital contributions and reserve releases, including calculations of adjustments to capital contributions due to adjusters
- Underwriting general partner consent requests (including loan refinances and changes in partnership structures)
- Performing site visits
- Negotiating and executing the exit of Wells Fargo from investment partnerships
- Assessing markets in which assets reside, identifying market and sub-market risks and issues
- Participating and/or supervising projects related to asset management process improvement
- Tracking any tasks outsourced to third parties
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 includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.
Required Qualifications
- 5+ years of underwriting or asset management experience in one or a combination of the following: Commercial Mortgage Backed Securities (CMBS), multifamily/agency commercial real estate, commercial real estate investment, low-income housing tax credit investment or commercial real estate balance sheet lending
Desired Qualifications
- 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
- Ability to read and understand basic commercial real estate loan or real estate investment documentation, securitization documents, including pooling and servicing agreements and related documentation
- Advanced Microsoft Excel skills
- Strong organizational, multi-tasking, and prioritizing skills
- Strong analytical skills and ability to solve complex technical problems
- Strong communication skills and ability to articulate complex material to a diverse audience
- Strong project management skills including the ability to handle multiple projects concurrently
- Leadership experience including; coaching, training, and mentoring
Other Desired Qualifications
- 5+ years of experience in the LIHTC industry with one or more of the following functional roles: Real Estate Underwriting, Portfolio Management, Asset Management, Tax Credits, Real Estate Workouts, Financial Analysis, Accounting
- Advanced knowledge of financial issues and tax issues
- Bachelor’s or Master’s degree in Real Estate, Finance, Accounting or related field
Job Expectations
- Ability to travel up to 25% of the time
- Ability to work outside of regular business hours
Salary Information
The salary range displayed below is based on a Full-time 40 hour a week schedule.
NC-Charlotte: Min: $71,000 Mid: $100,000 Max: $129,000
CA-LA-Downtown Los Angeles: Min: $78,100 Mid: $110,000 Max: $141,900
MA-Boston: Min: $85,200 Mid: $120,000 Max: $154,800
Street Address
NC-Charlotte: 301 S College St – Charlotte, NC
CA-LA-Downtown Los Angeles: 333 S Grand Avenue – Los Angeles, CA
MA-Boston: 125 High Street – Boston, MA
Disclaimer
- All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.
Relevant military experience is considered for veterans and transitioning service men and women.
Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.
Benefits Summary
Benefits
Visit https://www.wellsfargo.com/about/careers/benefits for benefits information.