Should I take a Loan Analyst Position at Walker & Dunlop if my goal is to ultimately learn Underwriting?
So I am graduating from a non-target school this May. Currently, I am in the interview process for a low-level loan analyst position with Walker & Dunlop. I went this route because I want to learn underwriting and several people in the CRE industry recommended this firm.
The problem is that in the interview process the HR person continues to downplay my goals of moving into underwriting eventually. The starting salary is pretty poor considering the city it is in. I'm fine with a low salary and I'm more than okay doing grunt work to get where I need to. I am afraid of taking a job where I end up getting little relevant experience and being unable to move into the area I am interested in.
I am I just being paranoid, or do I have some legitimate concerns?
What exactly does Loan Analyst entail? Is this originations or sales or what? Regardless of what HR says, its extremely easy to move around within a firm internally once you're an employee and you've done at least 6months-1year with the firm. Especially if you have some prior CRE experience. I wouldn't even bother listening to HR in this regard. W&D is a highly reputable firm that does a ton of CRE business every year and they've been hiring a lot for Originations & UW lately. Based on the number of job posts I've seen, you should have no prob securing one of them.
This is the job description: Identify and communicate loan requirements to borrowers. Track and collect mortgage payments required by loan documents. Daily borrower contact by phone and e-mail. Review of new loan set-up. Monitoring and processing tax disbursements from escrow. Reviewing and processing repair disbursements from escrow and tracking and ensuring that repairs are completed by the deadlines set forth in the loan documents. Administering Mortgage Insurance Premium (“MIP”) payments. Oversight of escrow analysis. Preparation of payoff statements. Submitting various documents to HUD for tasks that require HUD approval. Maintain open communication with borrowers, HUD and W&D production staff. Assist in the automation of key functions of the servicing department as necessary. Support senior staff for problem loan management and other non-routine matters. Other duties as assigned.
I'm also in the running for an operations analyst position. If the loan analyst position does not work out, should I still consider taking the operations analyst role?
Hmm.. not the most ideal entry level role for someone interested in UW. Seems more like a loan processor role. However, I still cannot stress enough how reputable W&D is and how many loans they do. You will have no problem moving over to the UW side after a year or so, provided you perform well at the first job with no issues. I would only abandon this offer if you can manage to get a better offer with a firm that is at least on par with W&D.
I am at a similar place like W&D (DUS Lender) and the duties you just listed sound like our servicing department. Probably not an ideal place if you want to go into underwriting, but I have seen some go from servicing --> asset management --> underwriting. Just a thought if you secure the offer and take it. Otherwise, like buggy mentioned, W&D is a strong shop and great experience for a first year analyst, and the opps are solid if you perform well year one.
It depends what that ops position/firm is and what you would be doing, and how well the skills learned would translate to your goal of being in underwriting.
Run. Walker & Dunlop is solid, but that is not the type of role you want to be in if your goal is to do underwriting.
what's the difference between underwriting at a bank vs at a REPE firm (i.e. underwriting mortgages)?
Bank debt is more restrictive due to regulation and internal bank requirements/risk parameters. Same thing, different lense.
I dont think you have valid concerns. W&D is solid and you will see a bunch of deals, although they do feed the agency machine. Regardless, you will learn to underwrite as a loan analyst.
Both those jobs sound like servicing. Obviously there's other opportunities within the firm once you get your foot in the door, but the combo of low pay and the fact you haven't graduated yet (so I assume you have a little time to look around) makes me think you should keep looking if your goal is to get into UW. Focus on Production Analyst or Underwriting Analyst titles.
I do have some time remaining so I'll keep looking. That's what I was thinking. I appreciate the advice.
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