Madison

August 5th, 2019 by Pat Lytle

This week CUNA Mutual had its yearly case study competition, The Herring Cup. This year our prompt was concerning reaching more of our members and potential customers digitally. I am happy that my fellow intern and UW – Stout student Andy Mitchell took home the trophy for Stout. My idea for the case study focused on integrating CUNA’s insurance products into our member credit union apps while Andy’s idea implemented a system called Vitality into our members insurance policies. This system tracks fitness levels of each of members and as such will provide a discount based on how active they are. The implementation period for this would be around 4 months and it would generate around $2.5M/mo. in new revenues for CUNA Mutual based off the various fee’s and agreements that Vitality would pay to CUNA for access to our members. Overall it was really fun to be challenged in a way that was outside of the sphere of Real Estate and Mortgages for a change and to see what the other interns came up with.

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July 29th, 2019 by Pat Lytle

This past week I was able to start working on evaluating new deals with the help of one of our full time analysts. The process starts when a Mortgage Broker sends us a submission packet that contains all the important information on the property. Some examples of the include information would be a summary of the property, the mortgage brokers underwriting, photos of the property, property financials, proformas, a copy of previous years rent rolls, and depending on the property a copy of anonymous personal financial statements. This is probably my favorite part of my internship up until this point because I am getting to see what goes into evaluating a deal in depth. It is also interesting to see the methodology that goes into determining how much we could realistically loan to someone without taking to much risk. Generally that means staying below 70% LTV and around 9%-12% Debt Yield which makes finding good deals a little harder but that also means when we do find something it is going to be on the safer side investment wise.

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July 16th, 2019 by Addie Kubitz

Throughout my internship, I have spent time coding all of our bills and sending them to the corporate office in Seattle, Washington. This is actually one of my favorite things to do in the office. I love to code the bills into specific accounts and compare them to our budget for the month. It is very interesting to learn how much we spend in expenses compared to our revenue.

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July 16th, 2019 by Pat Lytle

This week I have been working more with my main project for the summer. The part of the project that we have entered now is the final valuation/data entry stage. At my job we use a program called PAM for Mortgages by State Street. It is a really interesting tool because it allows us to have all of the information on our individual loans in one place as well as Collateral Information on each of the loans. Right now I am using the valuation reports that I prepared earlier this summer, along with the rent rolls for each property, to come to a final value for each property. I have gotten through about 30% of the files already so I should be able to finish before mid-august when my co-op ends. This has been a very interesting project and I am happy that I have gotten this exposure to the investment side of real estate.

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July 8th, 2019 by Pat Lytle

At CUNA Mutual Group they believe in working from home if life gets busy. With this last week being the Fourth of July and with most of my coworkers being out of town myself and another Analyst, Dan, decided at 11am that we were going to go home for the day and work remotely. It was honestly so cool that they not only trusted me to work from home but also that they were open to allowing an intern to do this. I think that it shows a lot about this company that they trust their employees to do there work and also allow us to take ownership over our duties. I spent the rest of my day working on my project in Excel, underwriting a new possible deal with the help of Dan, and some other various duties.

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July 1st, 2019 by Pat Lytle

Part of my duties here at CUNA is completing files that may be incomplete and reaching out to our loan servicers to get any files that we might be missing. Most of the time when I reach out I get a nice person from the company and they send me over the documents right away. Recently though I noticed that one of our servicers hasn’t sent in any of the info they are PAID to collect for the 5 properties that they service. Initially I reached out to my contact on the company and I was informed that I was going to have to be put in contact with someone else at the company. Instantly I knew this was not a good sign because this is a task that almost anyone should have been able to complete. After two days of waiting I finally information on one of the five properties that I had requested. I have now reached out again, in a decidedly less nice manner, requesting the remaining information by the Fourth of July. I have been keeping the analyst on our end updated and he has also indicated that this is a ridiculous occurrence.

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June 26th, 2019 by Addie Kubitz

One fun part of my property management internship with Weidner Apartment Homes is spending time planning resident events. The past couple of weeks, my team in the office has been busy getting our summer events planned and executed. I have really enjoyed creating the save the dates and marketing flyers for the elevators. The two resident events we are doing include a Qdoba bar and Madison Mallards baseball game. I cannot wait to see how our residents adore the events.

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June 24th, 2019 by Pat Lytle

For the past few weeks I have been going through our portfolio of loans and completing analysis and Proforma’s on each of the loans. Typically this process takes all summer but I decided to try something new. I created an Excel spreadsheet that mimics the worksheet that we were originally using and inserted formulas into that spreadsheet. It has made the process much faster and I am happy to say that last Friday I finished the first part of the project. This week I have been working with CoStar analytics to update information on CAP rates and Vacancy throughout our portfolio. CoStar sent me a welcome package and I have had training staff from CoStar reach out over the past couple of weeks. I will also be researching more about CMBS, RMBS, and CDX this week and try to shadow with some of our trading room staff to get a better idea of what they do.

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June 18th, 2019 by Addie Kubitz

One of the main duties I fulfill as a Weidner Apartment Homes Intern is showing our available apartments to prospective residents. As my community is typically over 98% occupied we are experiencing a number of lease expirations and notices during this time of the year due to our residents purchasing houses. This has been a great opportunity to schedule showings and get new residents living at Swan Creek. This past week I even made the leasing superstar list put out by corporate with 3 leases!!!! I am super proud of myself! From the initial phone call to personal showing, I love being able to share why Swan Creek Apartments should be their next home.

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June 12th, 2019 by Addie Kubitz

This week I am spending some time getting to know the competitors in the area. Swan Creek Apartments is located in a growing new development area of Fitchburg, Wisconsin. We have several competitors in our area in which I was able to secret shop. It is important to understand your competitors and what they have to offer for potential residents. I looked at studio and one bedroom apartments at Waldorf Astoria, the Addison, Elan, Riva, and Prima! All of the properties were beautiful as most are new developments.

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June 11th, 2019 by Pat Lytle

For the start of my second week at my internship I have been moving along quickly through my appraisal project. I have about 400 loans to get through that should last for the entire summer. I decided to try and automate some of the processes that go along with the project. So far in a week I have finished about 1/4 of the project using a couple simple formulas through excel. It is nice to see the project coming along nicely and I think I am going to begin to ask for additional projects to work on!

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June 9th, 2019 by Addie Kubitz

I am now one month into my internship experience with Weidner Property Management in Fitchburg, Wisconsin. I am located at the beautiful Swan Creek Apartments which is 151 units. I have loved every minute of my experiences I have had with Weidner. I started my 12-week experience May 13th. My favorite part so far has been the “Pickle” which is gifts or cards for residents celebrating something special. We have given flowers for weddings, gift-cards for graduations, and cupcakes for birthdays. I cannot wait to continue to share my experiences throughout the next 8 weeks at Swan Creek. For those who know me, my favorite shoes are my Crocs. I had to trade them in for my business professional heels the next 12-weeks 🙂

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June 7th, 2019 by Pat Lytle

This summer CUNA Mutual took on 75 new interns! With the exception of a few of us most of these interns have traveled from as far away as Texas to participate in the program. As such CUNA has put together a pretty extensive list of events that will be happening throughout the summer. For example, last night my unit went out to a local Madison golf course and had happy hour out on the driving range, TopGolf Style. It was a lot of fun and great to get to interact with the entire team. Tonight there is an event just for the interns at the apartments where most of the other interns are staying. There will be food and drinks and we will all get the chance to network with one another. Should be a pretty good time!

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June 6th, 2019 by Pat Lytle

This week I started my internship at CUNA Mutual Group in MEMBERS Capital Advisors in Madison, WI. During the course of my internship I will be reviewing the entire portfolio of commercial mortgages and analyzing the health of the portfolio. Currently there are approximately 450 mortgages for me to look into and provide an evaluation of. The total value of these mortgages comes to about $3B so this is going to definitely be a project that takes all summer! This internship is very different from the previous two internships that I have completed at Weidner, and Oaks Properties but the change has so far been a good one and I am excited to learn more about real estate finance this summer.

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