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 Los Angeles, Charlotte, Boston, Irvine, Denver, Washington, DC, McLean, or Bethesda MD, or any location in within the WF CLI footprint, this Senior Tax Credits Asset Manager will primarily be responsible for managing a portfolio of equity investments from some of our largest and most complex affordable housing clients.
Responsibilities for this position include, but are not limited to:
Providing coaching and mentoring for more junior employees
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.
7+ 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 or low-income housing tax credit investment or commercial real estate balance sheet lending
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
Ability to read and understand complex 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
7+ 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
Ability to travel up to 25% of the time
Ability to work outside of regular business hours
Additional Salary Information: Salary range is determined by the location of the job.
The salary range displayed below is based on a Full-time 40 hour a week schedule:
NC-Charlotte: Min: $91,700 Mid: $131,000 Max: $170,300
DC-Washington: Min: $100,900 Mid: $144,100 Max: $187,300
VA-McLean: Min: $100,900 Mid: $144,100 Max: $187,300
MD-Bethesda: Min: $100,900 Mid: $144,100 Max: $187,300
CA-Irvine: Min: $100,900 Mid: $144,100 Max: $187,300
CO-Denver: Min: $91,700 Mid: $131,000 Max: $170,300
CA-LA-Downtown Los Angeles: Min: $100,900 Mid: $144,100 Max: $187,300
MA-Boston: Min: $110,000 Mid: $157,200 Max: $204,400
May be considered for a discretionary bonus
Internal Number: 5587225
About Wells Fargo
About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.