Wendy Yam
“Be self-aware and know your strengths and weaknesses. Take the initiative to try to improve those weaker areas step by step.”
#WomenWhoBuild meet Wendy Yam,
Wendy is the Head of Securitization in the Capital Markets Group at Argentic and is responsible for managing Fixed Rate CMBS and CLO securitization transactions. She works with internal groups to navigate through deal indentures post securitization to ensure compliance. Wendy began her career at Moody’s Investors Service, worked as a CMBS Structurer at Deloitte & Touche and was in various securitization roles at Eurhypo, GE Capital, and Citi prior to joining Argentic.
Wendy sat down with ArchNative to discuss her introduction to the Capital Markets space, what made her want to pursue it as a career, how she balances motherhood and a thriving career, and her advice for constant growth personally and professionally.
What was your first introduction to the Capital Markets and what made you want to pursue it as a career?
I was an Economics major at Barnard College and completed various internships in both finance and information technology while I was in college. Upon graduation, I accepted a job offer at Moody’s Investors Service’s (a bond credit rating agency) Commercial Mortgage-Backed Securities Group. Real estate had always piqued my interest even though I never had specific exposure to the field. As a ratings analyst at Moody’s, I worked with banks and companies that were lenders of commercial mortgages and issuers of bonds that were backed by the commercial mortgages via a process called “securitization”. Specifically, I helped to analyze and evaluate the credit worthiness of the underlying properties and ultimately derived credit ratings for the pool of mortgages. In my role, I worked with capital markets analysts who spearheaded the securitizations. Working at a rating agency gave me invaluable experience and it was also a great place to start given the somewhat academic environment it fosters. I thought the experience bridged my transition from college into the working world seamlessly. Moody’s gave me the first taste of securitization and capital markets in general and I later made a move to that side of the business which is where I remained until today.
I decided to pursue securitization/capital markets as a career as I enjoy the fast-paced nature of the business. I also thought that the process of securitization allowed me to learn and utilize a vast range of skill sets including project management, analytical thinking, writing, and presenting as well as the opportunity to work and interact with a wide array of people such as other lenders with whom we partner up with on deals, lawyers, accountants, and investors.
You are the Head of Securitization in the Capital Markets Group at Argentic. Can you tell us a little bit about this role and your day to day?
I am currently the Head of Securitization at Argentic Investment Management which is a lender of commercial mortgages, amongst other things. The company is headquartered in New York City and currently employs approximately 50 employees in various locations throughout the U.S. I have been with the company since late 2017. As the Head of Securitization, I am responsible for the execution of fixed rate and floating commercial mortgage-backed securities transactions for loans that we originate. I work very closely with the originators and underwriters at Argentic who originates and underwrite the loans that are slated for the securitizations to prepare information to rating agencies to rate the transactions. I interface with our lawyers to make sure any pertinent loan, property, and borrower information are being properly disclosed in our marketing documents to investors. I represent Argentic in presenting our loans to investors who are interested in investing in the transaction. Lastly, I also work with accountants who are auditing the transaction documents to make sure information that we are providing to investors are comprehensive and correct.
How do you balance a thriving career and motherhood?
As everyone knows, raising children is no easy feat. I have two boys who are 9 and 11 and balancing between my career and motherhood is still not easy. There are times when I do feel like I am not exceling on either sides and the guilt that comes with it could be frustrating and daunting. My practical advice to balancing a career and motherhood is to have a good support system which might include grandparents and/or trusted caretakers that can jump in to assist when you need it but also, and maybe even more important, is to align yourself with a workplace that is supportive of working parents and recognizes that life is different for a parent- because it just is!
Personally, I think there are a lot of skills that are transferable between being a career woman and a mother and being one has made me better as the other. For example, my job requires me to think ahead, multi-task, and be very organized. Being a mother to two boys has helped me improve those skill sets in so many ways. Also, I have been trained to work under time pressure at work and that skill definitely comes in handy every morning when I need to get my boys out the door to school!
Lastly, in terms of spending time with my family, I believe that it’s the quality and not the quantity that matters more. So whenever possible, I would try my best to disconnect from work even if it’s for a couple of days and just be “present” with my kids without too much distraction from technology which seems to always be a challenge these days. At the end of the day, being a mother is my first priority and as they say, you can be replaced at work but you cannot be replaced at home.
What would you say has been a defining moment of your career thus far?
During the financial crisis, I moved to Hong Kong, got married, and welcomed the birth of my two children. I didn’t work for the first couple of years after the move but was subsequently offered a role away from the commercial real estate banking industry. Even though the position was still in the finance industry in a U.S. based bank in Hong Kong, the work and culture were so different from what I knew. I was born in Hong Kong but immigrated to the U.S. when I was 8 so I never experienced life as an adult living and working in Hong Kong. In mid-2014, I ended up resigning from that position because I was very unhappy and dissatisfied with the type of work I was doing as well as the culture of the workplace. The decision was unsettling and took a lot of courage as I did not have a job lined up or a backup plan but leaving the job on my own terms was one of the most liberating decisions I have ever made for myself. Two months after leaving that career, I was offered a job opportunity that led me back to the real estate banking industry and a move back to New York. I felt extremely lucky that I was able to make that transition back so quickly and smoothly. The pivot was a defining moment for me in my career as it made me more certain of the kind of career, the type of work and the work environment that was more suitable for me. I have a new-found appreciation for the real estate banking industry as a whole after having stepped away for a few years.
How do you ensure that you are constantly growing in your career?
I have been working for over 20 years now and I still feel like I am learning constantly. I believe that at any point in your career, it is important to put yourself in uncomfortable situations from time to time in order to grow. Everyone struggles from bouts of self-doubt and lack of confidence and I am no different of course. Be self-aware and know your strengths and weaknesses. Take the initiative to try to improve those weaker areas step by step. For example, public speaking is not something that comes natural to me. In my position, I am often required to make presentations to bond investors and speak on calls and in meetings. I used to get extremely nervous about having to do them. However, I learned that practice and in general, knowing the subject matter well helps to build my confidence in public speaking so I always take the necessary time to practice and do research accordingly. Progress doesn’t happen overnight but you can help ensure you are constantly growing in your career by taking steps to better yourself. Also, actively seek out and be receptive to constructive feedback that is provided to you by your manager or your peers would help as well.
What is your advice for someone looking to start their career in this space?
For someone who is interested in a career in real estate finance, one should consider taking related courses in college and seek relevant internships before graduation. Even though it’s not necessary to have a background in real estate, it might help set you apart from other potential candidates with an future employer. Also, would be helpful to keep up with current events, real estate trends and news