Hi Everybody,
I’m a senior at a state school with a good but non-target reputation. I have two offers for fall internships and I’m torn between the two. I recently accepted a CRE Brokerage internship at a decent size brokerage that does about 1.5+ billion a year in sales. The next internship is a credit operations Internship at Berkadia. My end goal is to work full time in either of these roles after graduation and then move to REPE. I have a decent amount of connects in the game who all told me to go into brokerage. I’m still torn because berkadia is such a well established company with a strong name. Please help! Thanks. (I also understand they are two very different roles)
Any more information on the "credit operations" at Berkadia? Agreed that they are a good outfit, but that title warrants further exploration. Sounds like a bank job, what more do you know about it?
These are some of the responsibilities of the internship.
Credit Policy and Decision-making with respect to FNMA and PLG, SBL, and w/r/t HUD, credit recommendations
Credit Underwriting and compliance with applicable guidelines for FMNA, PLG, SBL, HUD, Targeted Affordable and to the extent requested, FMLC loans through the CPO group
Monitoring and Reporting to the shareholders on Berkadia’s risk, particularly with respect to FNMA and PLG
Surveillance and Decision-Making on all PLG loans post-closing
Collaboration with Servicing on all material issues regarding FNMA loans post-closing
Management / oversight of Berkadia Credit’s India Operations
Dotted Line responsibility for the Small Balance Loan Product
Collaboration with Innovative Technology Products related to data and underwriting
Are you seriously entertaining this vs brokerage at a decently solid shop?
I didn’t know if this position was an debt originations internship or some bullshit operations gig which I’m guessing it is. But no I already accepted the Brokerage role a couple of days ago.
100% take the brokerage gig if its with a reputable firm.
Appreciate the input! I was leaning toward the brokerage role anyway. The firm is not as reputable as the big 4 but is growing super fast and all of the MDs are from Jll, CW, and CBRE. A lot of talent in this firm. They have about 10 locations around the USA.
Yeah the credit role sounds like some middle office / back office role which is not ideal, go for the brokerage shop. Biggest red flag about the bank job was this:
"Collaboration with Servicing on all material issues regarding FNMA loans ***POST-CLOSING***" , that is not as good experience as brokerage.
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