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They’re consistently one of the top Agency lenders every year. However, I’d avoid Wells Fargo like the plague because they’re always in the news about corrupt practices. Their corrupt practices may not necessarily extend into the Agency group, but that’s the company culture overall.
I'll add my two cents on the news piece - My take on it, is that when Wells Fargo was the only bank came out of the recession ahead, picking up Wachovia in the process, they had a bit of a "we can do no wrong" attitude. This led to complacency when it came to the changing banking environment. If you haven't read Too Big to Fail, I highly recommend it. Along with a good synopsis of the recession, it gives a lot of insight to what the major banks were thinking and doing.
The current news stories that you see in the Journal are the tit-for-tat type fines that every bank goes through but since WF is an easy target right now, it makes the cut. I forget the site, but there is a site that tracks the total amount of fines for each financial institution and even with all of the recent judgements, WF isn't even close to #1.
Going forward, their CEO is saying the right things, and judging from what we can see from the public point of view, doing the right things. From people that I know and am good friends with, having a long tenure at WF was a sure way to get promoted to the executive/senior management level but now the long WF tenure is almost looked at as a negative and they are looking outside the company to bring in outside leadership. In my opinion, this shows a commitment to change and "catching up" to the culture, processes, and policies that they should have continued after the recession. As a newer employee, in the event you go on to work for WF, you have the chance to ride through the bottom of their cycle and experience the upswing.
None of this actually addresses your Multifamily question.... I only know of a few people in that space but the WF players seem to be some of the most well-informed of the bunch. This is anecdotal at best.
My advice, try and meet with some WF employees in the Multifamily sector and judge for yourself.
This is all true of other business units at the firm as well, in my opinion.
They're a top group. "Elite" among the agency lenders. I did an 18-month stint there a number of years ago and they are definitely good. Not sure what else I can add.
How was the work compared to GSE?
Wells Fargo will look good on your resume and open doors. Their reputation on Main Street is slightly tarnished but within the industry is solid
This group is top notch in the agency lending space. I started off there as an analyst several years ago and you will learn a lot.
I work for a competing GSE agency lending company. Wells is currently slotted at No 1 in volume of origination this year, which 2-4 (my company included) right behind them. They are a good lender and time spent there will look good on a resume. Doesn't hurt to have agency experience and would be easy to leverage into another job within the multifam realm if that is what you are looking for.
Bump!
Anyone have info on originations? Culture / career progression / general thoughts on the group
With people like Vincent Toye leaving, is the multifamily team a sinking ship? Or am i mistaken? Toye was at Wells for 15 years. Are there any issues that one should be aware of here? Thank you.
Don’t know why’d you think that…Alan Weiner is Group Head and has all the connections to the biggest names in the industry. MFC still does very well.
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