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Senior Equity Underwriter - Low Income Housing Tax Credit (LIHTC)

Company: Wells Fargo
Location: Irvine
Posted on: April 5, 2021

Job Description:

ALERT - To ensure we continue to fulfill our role as a provider of vital services to the public, we are still hiring and continue to recruit top talent to Wells Fargo. However, we have adjusted our hiring practices due to the COVID-19 situation and the related social distancing guidelines. As a result, throughout your application process, you may be asked to connect with us virtually. We encourage you to check our job postings regularly for updates and additions.
Learn what Wells Fargo is doing during the COVID-19 crisis to support our employees and protect our customers through enhanced cleaning, social distancing in bank branches, remote work arrangements, benefit changes, and more.

Senior Equity Underwriter - Low Income Housing Tax Credit (LIHTC) 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 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.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.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 leverage, key risk factors, projected income, repayment sources, cash flow, and ability to service debt
  • Preparing underwriting memorandums, affordable housing developer annual reviews, and recommendations for credit and investment committee approval
  • Collecting and analyzing project-level due diligence, including loan documentation, partnership agreements, appraisals, market studies, title abstracts, 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 property tours and site visits to develop a deeper understanding of the real estate transaction
  • Working in a team environment that will require effective coordination and communication with the customer, internal closing teams, risk management, and asset managementThis role may be considered for a discretionary bonusEmployees 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 capital markets experience

      Desired Qualifications
      • Experience negotiating interest rates, price, terms, and collateral requirements
      • Sales and marketing experience
      • Risk management experience
      • Extensive knowledge and understanding of commercial or specialty group banking products, and the credit practices/operating risks associated with them
      • Excellent verbal, written, and interpersonal communication skills
      • Effective organizational, multi tasking, and prioritizing skills
      • Ability to develop and manage 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
      • Ability to take on a high level of responsibility, initiative, and accountability
      • Outstanding problem solving and decision making skills
      • Advanced Microsoft Excel skills, including high level of proficiency in modeling
      • Ability to work in a fast paced deadline driven environment

        Other Desired Qualifications
        • 5+ years of commercial real estate experience, 3+ of which to include a focus on low income housing tax credits (LIHTC)
        • Multifamily real estate development, underwriting, or closing experience
        • In addition to the LIHTC program, familiarity with other affordable housing finance funding sources
        • A BS/BA degree or higher in business, finance, real estate, accounting or a related field

          Job Expectations
          • Ability to work outside of regular business hours
          • Ability to travel up to 10% of the time

            Street Address
            CA-Irvine: 2030 Main St - Irvine, CA


            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. Sign up to receive updates and job alerts. Wells Fargo is committed to hiring and retaining diverse team members including Military Veterans, Veterans with disabilities, and transitioning Military personnel. We are working to increase diverse representation throughout the company and create an inclusive environment for all team members. When recruiting, we work with talent resources that focus on diversity and Veterans. We attend Veteran-focused job fairs and identify Military Veteran job seekers through resources like Military.com, Recruit Military.com, Hire Vets First, our internal Veterans' Team Member Network and others. We invite you to use our Military Skills Translator to search for career opportunities here at Wells Fargo that match your military skills and experience. 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.

Keywords: Wells Fargo, Irvine , Senior Equity Underwriter - Low Income Housing Tax Credit (LIHTC), Accounting, Auditing , Irvine, California

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