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At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.
Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
Wholesale Banking provides financial solutions to businesses across the United States and globally. Our four major business lines include Corporate & Investment Banking, Commercial Banking, Commercial Real Estate, and Wells Fargo Commercial Capital. We also have groups in credit risk, group risk, finance, marketing, human relations, and the Wholesale Chief Operating Office that support our businesses.
Community Lending and Investment (CLI) is a specialty real estate group within the Commercial Real Estate organization which focuses on the financing and development of affordable housing and other activities across the United States. Primary product is Low Income Housing Tax Credit (LIHTC) investment in apartments. Additional business focus is on New Market Tax Credits which finance the development of commercial real estate, typically in redevelopment areas with emphasis on job creation. Other products include long term, patient capital investment in nonprofit organizations, and Alternative Investments in small business funds and affordable housing preservation funds.
The CLI Equity team is seeking a Low-Income Housing Tax Credit (LIHTC) Senior Equity Underwriter, the responsibilities for which will include, but are not limited to:
Assembling financial models that identify the projected financial performance of an asset, and underwriting risks associated with demand, supply, income, expenses, and financing.
Assessing the proper financing structures, tax consequences, and investment returns of a potential investment, and understanding the various loan programs, state regulations, and compliance requirements of IRC Section 42.
Analyzing an affordable housing developer's financial position and operational strengths and weaknesses, including liquidity, leverage, key risk factors, projected income, repayment sources, cash flow, and ability to service debt.
Preparing underwriting memorandums and recommendations for credit and investment committee approval.
Assist in collecting and analyzing project-level due diligence, including loan documentation, partnership agreements, appraisals, market studies, construction budgets, construction reports, etc.
Reviewing and assisting the negotiation of a partnership agreement and project documents related to the closing of a LIHTC transaction.
Participating in customer/property/comp visits.
Working in a team environment that will require effective coordination and communication with the customer, internal closing teams, risk management, and asset management.
Assisting in the calculation and review of LIHTC adjusters, Cost Certifications, Tenant File Audits, Permanent Loan Conversions, and other various asset management tasks.
Team members 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 and if 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.
4+ years of capital markets experience
Ability to develop and maintain strong client relationships
Ability to generate revenue and actively participate in the successful completion of complex transactions
Ability to interact effectively and confidently with senior management
Excellent verbal, written, and interpersonal communication skills
High level of initiative and accountability
Other Desired Qualifications
4+ years of commercial real estate experience, 2+ of which to include a focus on low income housing tax credits
Multifamily real estate development, underwriting, or closing experience
In addition to the LIHTC program, familiarity with other affordable housing finance funding sources
Outstanding problem solving and decision making skills
Ability to work in a fast paced deadline driven environment
Ability to take on a high level of responsibility, initiative, and accountability
Intermediate Microsoft Excel skills, including high level of proficiency in modeling
A BS/BA degree or higher in business, finance, real estate, accounting or related field
NC-Charlotte: 301 S College St - Charlotte, NC
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.