Wells Fargo multi family capital
Any idea what the pay range is for the screening analyst (preferred 2+ years work experience) role in the multi family capital group at Wells? Appreciate any info, thank you!
Trending Content - Real Estate Forum
Career Resources
bump.
Why is a VP asking this question?
65-80 + 30%
Any idea on what is the main driving factor behind the range for 65-80? Cost of living, prior experience, etc?
They recently raised it to 85 base for first year out of nyc, not sure what it would be for someone with 2 years experience.
I worked in this group a number of years ago but was not in the NYC office. Depending on your experience I would assume $70-$90K + 15% for analyst title with good pay and bonus jumps for promotions.
Really appreciate the info, thank you. What do most screening analysts transition to after a couple of years provided they still stay in the agency space? I would imagine underwriting may not be the best fit given the focus and exposure to production, is becoming a producer either at Wells or another GSE lender the most common path?
Depends on the person, many go to underwriting, some go to origination and a few stay in screening. Others leave to go work at an investment company. There are plenty of opportunities in screening in the short to mid term as there is a lot to learn and the role gives good exposure to many parts of the business and deal process. In underwriting you see only a fraction of the deals that screening does and look at them much more closely, you also deal with all the hoops and red tape, most underwriters come from screening. Screening is interesting because it combines the credit mindset of underwriting with the fast paced and pursuit oriented nature of originations. Not everyone is cut out to be an originator nor has the desire, you also need to be asked to join an established originator/team or choose to go out on your own which can be very challenging. Many paths are open you just have to pick the one you want to pursue and work towards it.
Any opinions- positive or negative about Wells Fargo multifamily group? They are not a top 3 Freddie lender like CBRE or Berkadia, but they are in the top 10 by volume. If one is interested in the GSE/MF space, is this a decent place to be in? And what are pay bumps you can expect as you get promoted? What is the career progression here? Really appreciate it.
Would be good experience and helped me get to where I want to be. Wells isn't known to have the best culture but really depends on who you work with as with any company. Old screening manager was let go so team dynamics will be changing, some originators are chill others not, at this end of the day these deals are their livelihood so can be an emotional experience for them. Wells is still a top agency shop in overall volume as they do a ton of Fannie. Fannie stuff is actually much more involved on the lender side given DUS model as opposed to Freddie that re-underwrites all of the deals you send in. You will get to see plenty of deal flow and work on interesting deals. Going to depend on the office you are working in and the type of performer you are but top performers will get to work with the best of the best, the group head who founded the business many years ago before it was bought by Wachovia/Wells has deep roots in NYC real estate and knows all of the players. Not to be overlooked that Wells is the #1 CRE lender.
See comment above for career progression. $10-20K bumps with additional 15-20% bonus at each level.
Really appreciate the insights. Thank you. I am looking to be in the west coast (Carlsbad/SF/Irvine). In my previous experience with small satellite offices , sometimes you are treated as a second class citizen and folks in NY were always given priory when it comes to promotions and bonuses. What do you think about the west coast offices at Wells Multi family team in particular? Are the best originators in NY? My concern is that one day they will just shut down the satellite office but that can never happen in NY. And last q- I get that this can be a high volume environment where you are sizing a new deal almost every day, so does that mean you are working till 7-8 PM most days? Or does this depend on the office/originator you cover and there can be an ebb and flow?
No problem. There are top producing teams in both Irvine and Carlsbad, although SF is the banks HQ there is not much of a screening presence there to my knowledge. Group is run out of NY so the NY relationships are run from there but the CA offices both work with top clients and are in the top 5 by volume each year. The big NY relationships are 'bank' relationships so even though you may not find the 'elite' relationships in other offices the clients are still massive and are direct relationships with an originator. Only reason an office would close is if the originators were to leave the bank but in that case you would likely be asked to join them, there are also underwriters and other functions in each office so even if the originators leave there is still a reason to keep the location open, especially since they are typically co-located with other Wells groups. I was not in NY and had plenty of opportunity in my time there to move up and be promoted, there was still a ton of interaction with NY and multiple trips there per year. The originator will not be your manager so you will travel to go see them or go to conferences, etc.
Hours depend on deal flow. Somedays are 3pm and others are 8pm. I never experienced having to chronically work long hours. Some originators work with a few borrowers that send in all of their business and have a high certainty of closing a deal so you will take a deeper dive on these. Other, typically newer or lower producing, will send any deal in to screening no matter the likelihood of close and you will do a lighter touch. The top originators tend to spend time on deals that will close. Sizing deals is the easy part and honestly doesn't take too long, it's the submissions to the agencies for formal quote that take a while, also getting a portfolio.
1st year - 85K + 10%
2nd year - 90K + 10%-15%.
Are there pay bumps every year?
Yes but they are not large, unless you are promoted.
Thank you. Sorry to keep bothering you, but what is progression in pay as you get promoted to associate and beyond? Reason is I will be taking a pay cut if I come in as an analyst and want to see if it is worth it if I get promoted.
1st Year Associate should be $110K + 25% bonus. Pay is standardized across the platform (meaning everyone at the same level gets the same pay no matter the location).
How does the org chart work here? I am in screening at my current bank as well, I do the sizings, help draft the term sheets and once we win the mandate, the underwriting team takes over. I pretty much work with all originators, my screening boss and head of production. I have very little contact with underwriters. At Wells, is it a similar structure where you have a specialized role and interact closely with a small group of people, it is my understanding that you have numerous screeners so you even have a specific group of originators you work for? At my current bank, it is just me and my screening manager that looks at all deals, but given the size of Wells and volume, I am thinking you must be having a bunk of screening analysts and managers overseeing their work?
Wells is exactly like your current bank
Thank you. How many screening analysts/managers are there though? At my current bank it is literally just two analysts and one manager and we work with all originators and we dont necessarily divide the work amongst us. Is it the same for you or do you have several analysts & managers with each screening team covering separate group of originators.
Quam voluptatem nostrum in fuga perspiciatis officia delectus. Saepe aliquam est quia illo assumenda est fugiat. Voluptatibus vitae dolorem porro nobis velit illo qui. Et ratione nemo voluptate laudantium ea assumenda.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Vel sint commodi nihil. Qui voluptates est in sint dolor quia. Et velit voluptatibus explicabo quia ipsam commodi eos.
Harum quidem et tempore ducimus non ut dolorem. Occaecati quam natus sunt sed autem. Ipsum impedit perferendis sit nisi.
Consequatur et aut repellat. Beatae voluptate exercitationem perferendis et rerum est et soluta. Qui eum vitae qui iure vel qui deserunt tempore.
Commodi magni ad est qui. Voluptatem repellat veritatis repellat. Sit dolorem omnis atque doloribus totam. Voluptatem aliquam aliquam consequatur sit.