IRVINE, CA – February 3, 2021 – Berkadia today announced the addition of FHA Affordable Chief Underwriter Terry Wellman to its underwriting team. Wellman will be based out of Irvine, California and will report to Head of FHA Underwriting Bob Warren.
“Berkadia’s HUD team was incredibly busy in 2020, surpassing $3.4 billion in total FHA-insured production, and we expect that momentum to continue in 2021,” said Warren. “In the midst of all this activity, we’ve remained focused on assisting and counseling our clients through every step of the financing process. With Terry joining our team, we’re excited to elevate that level of service, expertise, and support for Affordable FHA transactions. With over 30 years of experience in the industry and 20 years of Affordable underwriting experience, Terry will be a true asset to our team and our clients, as he has already been for the industry.”
“The pandemic has further highlighted the desperate need for affordable housing,” said Wellman. “Berkadia has built a fantastic team of affordable financing experts to help address the urgent demand for affordable housing and I’m excited to be a part of the solution here at Berkadia.”
Wellman joins Berkadia from PNC Bank where he most recently served as Senior Vice President – FHA Chief Underwriter, managing a team of six underwriters. Prior to his tenure at PNC Bank, Wellman served as Vice President of Product Development at Precept Corporation, where he managed the development, implementation and expansion of new features for the company’s commercial real estate finance website. He has also held roles at Situs Realty Services, Archstone Communities Trust and Bach Thoreen McDermott Incorporated.
Wellman currently serves as the Chair of the MBA’s FHA Insured Committee and as the President for Western Mortgagee Advisory Council. Also, he has been highly proactive in shaping the way affordable loans are closed with FHA financing. Wellman previously served on MBA’s FHA LIHTC Committee where he was instrumental in shaping HUD policy to better align it with industry norms and make HUD’s loan products more attractive to affordable developers. A few of these changes include the pledge of GP interests for equity bridge loans, waiver of certain escrows, reduced first equity installment and longer terms for equity bridge loans.
Wellman has also been directly involved with the creation of the MBA’s Affordable and 221(d)(4) Underwriter Training Course, which will launch in September 2021 for the first time. He is an active speaker in the industry on topics related to Affordable Housing and FHA financing. He has also been an instructor of the MBA’s 223(f) Underwriting Training Course and has conducted nationally broadcasted training for HUD staff on tax-exempt bonds and Opportunity Zones. Wellman is a member of the 2019 MBA Future Leaders program.