Do multifamily debt producers at Freddie Mac make as much as producers at Walker Dunlop, Berkadia, etc?
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No
how much less and why?
Given that Freddie is a secondary market operation, I'm not sure how they have 'producers' in any comparable sense. Freddie and Fannie are really just very specialized, gov't sponsored (or now, owned I guess) banking operations. I think the roles at Freddie/Fannie should be compared to their counter part roles at large banks, as they do similar on 'private label' basis.
Walker Dunlop, Berkadia, Northmarq and the rest are doing D/E placement, investment banking, and in some cases servicing on behalf of the agencies and others.
You can make more in a production role, because, well it's production.... (cute way of saying sales).
Freddie/Fannie are quasi-gov't owned banks. So the work culture and pay will be something like main line banking and gov't. So I wouldn't really try and compare.
Freddie has a production team , its production in the sense that it involves taking loan requests and structuring. But overall, production at a bank, debt fund, life co, brokerage or a GSE is all a little different given the differences in business models.
The difference is essentially one is in 'retail' the other 'wholesale', very different game. Especially different when your product is so regulated and practically a monopoly from a competitive standpoint.
Production at Walker and Dunlap and Berkadia really means getting borrowers to sign up, that is tough and competitive business (hence earnings more driven fees from closed deals, than traditional salary + bonus). The 'buy side' of the loan transaction is comparatively easier, especially when you are an agency and borrowers have so few real options. I would think work-life should be massively different, and thus pay differences are rational.
thank you!
Speaking of Freddie salaries, what is the estimated pay for analysts/senior analyst/associates? Are only associates eligible for bonuses? Thank you.
First year - UW analyst would typically get 50-60k starting and around a 10-20% bonus
First year - Production analyst typically get 65-70k and around the same bonus as UW
Bonuses are higher at the Seller shops(WD,Berkadia) and salaries can be 5-10k higher as well.
Thank you! Appreciate it. Are senior analysts same as associates? I was interested in a senior analyst (2-3 yr experience per the job description) position. And at what title do you hit at least a 100K base?
I see that you mentioned salaries+bonuses are higher at seller/servicers than GSE's, but curious, amongst the seller/servicers is there a difference in pay or are they pretty much the same? For example, is there a difference in pay if you are working at a shop like CBRE, Berkadia, W&D vs a bank that has an agency business like Wells, Capial One, Key Bank, etc?
Depends. Is this for Freddie or a Seller/Servicer? What group? UW or production? A senior analyst would def be in the $60,000s range and the $100k salary would start once your an underwriter or producer.
It's a senior underwriting analyst position for the conventional group at Freddie's LA office and I have 3 years of prior experience at a bank.
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