WMAC Officers

WMAC President

Raelee Jones

Centennial Mortgage, Inc.

Raelee is the Chief FHA Underwriter with Centennial Mortgage, Inc. She began her lending career in the 1980’s before transitioning to Senior Housing Development in the 1990’s. In 2001 she came back to lending and has focused on FHA insured lending since then. In addition to Multifamily loans, her focus has been on the HUD 232 program. In 2008, Raelee helped with the development of HUD’s Lean Pilot program. She has also served the industry through her roles in the Mortgage Bankers Association FHA Committee, Western Mortgagee Advisory Council and Healthcare Mortgagee Advisory Council.

WMAC Vice President

Fortunat (Forty) Semadeni

NorthMarq

Forty Semadeni is a Senior Vice President at NorthMarq, where he serves as the FHA Chief Underwriter. Mr. Semadeni brings 20 years of FHA experience to the WMAC board, having either personally underwritten or overseen approximately $2 billion in closed HUD business, encompassing both multifamily and healthcare transactions. He earned a B.S. degree in Finance from Miami University (OH) and currently resides in Frisco, TX with his wife and three kids.

WMAC Treasurer

Harvest Peerman

Colliers Mortgage

Harvest Peerman is a Senior FHA MAP Underwriter at Colliers Mortgage. She began her real estate career 20 years ago as a title officer for Security Title in Colorado where she trained in the legal process through closing. She then moved into FHA Commercial Lending at Amerisphere Mortgage starting as a loan processor and quickly moving to Loan Analyst as an Underwriter Trainee. Harvest would go on to work for the Colorado Housing and Finance Authority as a Commercial Loan Closer and later Gershman Mortgage where she received her MAP Certification. Harvest currently resides in Southern Colorado with her husband of 23 years and three children.

WMAC Secretary

Riahna Phillips

Adroc Capital

Riahna Phillips is currently the FHA Chief Underwriter for Adroc Capital. Prior to Adroc, she was a Senior FHA Underwriter at Forbix Financial. Prior to this, she served as a Senior FHA Underwriter at Barings Multifamily Capital. Riahna began her real estate career at Red Capital Group (now Lument) as an Analyst in 2008. She received her FHA MAP Certification in 2012.

Prior to specializing in real estate, Riahna earned an MBA in Finance and Accounting from The University of Chicago Booth School of Business. Upon graduation, she joined the MBA Associate Program at PNC Bank, during which she completed rotations in investment banking, private equity, syndications, international banking, and formal credit training.

Early in her career, Riahna held roles as a research analyst at an economic consulting firm and as an equity trader for a regional commercial bank. She also graduated from DePaul University in Chicago with a B.S. in Finance.

WMAC Past President

Terry Wellman

Berkadia

Terry Wellman is currently the FHA Chief Underwriter – Affordable for Berkadia Commercial Mortgage. Prior to Berkadia, Mr. Wellman was at PNC Bank where he was Senior Vice President – FHA Chief Underwriter for eight years. Prior to this, he 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 (now SitusAMC), Archstone Communities Trust, and Bach Thoreen McDermott Incorporated (appraisers). Over his career, he has underwritten loans totaling over $2.5 billion for CMBS/conduit financing, FHA, Freddie Mac, Fannie Mae, balance sheet financing, and for tax credit equity investments.

In addition, Mr. Wellman is current chair of the Mortgage Bankers Association’s (MBA) Multifamily Committee. He is past chair of the MBA’s FHA Committee, having served as Vice Chair in 2019/2020. He has been highly proactive in shaping the way affordable loans are closed with FHA financing. Prior to the FHA Committee, he served as vice chair and chair of the MBA’s FHA LIHTC Committee where he was instrumental in modifying HUD’s policy to better align it with industry norms to make HUD’s loan products more attractive to affordable developers. A few of these changes include the ability to pledge GP interests as collateral for equity bridge loans, waiver of certain escrows, reduction of the initial equity installment, longer terms for equity bridge loans, and the creation of the LIHTC Summary Report, which is used by the entire FHA multifamily industry.

Mr. Wellman has been directly involved with the creation of and instructor for the MBA’s Affordable and 221(d)(4) Underwriter Training Course, which launched in September 2021. He has been an active speaker at industry conferences on topics related to affordable housing, FHA financing, and RAD. He is an instructor of the MBA’s 223(f) Underwriting Training Course, in addition to the MBA’s Excel for Commercial Properties course. He has conducted nationally broadcasted training for HUD staff on tax-exempt bonds and Opportunity Zones. Mr. Wellman is a member of the 2019 MBA Future Leaders program. He previously served as WMAC’s Secretary and Vice President.

In his free time, Terry enjoys hiking and building Lego sets with his youngest son, art, reading presidential biographies and WWII histories, cooking (but mostly the eating part), and planning for a trip to Antarctica in 2023, COVID-willing.

WMAC Board Member

Quinn Nakano

Berkadia

Quinn is a MAP Approved Underwriter and LEAN Underwriter Trainee with Berkadia Commercial Mortgage and has seven years’ experience with FHA multifamily and healthcare lending.  Prior to joining Berkadia in 2020, he was an Analyst and Underwriter Trainee at Wells Fargo.  While in college, he received his introduction to commercial real estate and affordable housing through an internship with the Seattle Housing Authority, where he assisted with the preparation of their portfolio’s operating and capital budgets. Quinn holds Bachelors of Arts degrees in Business Administration and Political Science from the University of Washington.

WMAC Board Member

Rick Orf

PGIM Real Estate

Rick Orf is an Executive Director and Deputy Chief for the FHA Underwriting team with PGIM Real Estate. He has 23 years in commercial real estate underwriting experience, which includes 13 years in the FHA world.
Prior to his FHA experience, Rick was Vice President at GE Real Estate where he drove production analyzing hotels, retail space, office buildings, industrial properties, as well as national franchises. As an FHA underwriter, Rick personally participated in the underwriting of $1B multifamily loans. Being DCU for the past 7 years, Rick has been helping manage underwriting platforms responsible for over $1B in annual FHA commitments that include new construction, sub-rehabs, and refinances for market rate and affordable projects across the country.
Rick considers St. Louis, MO his home, where he resides with his wife and three kids.

WMAC Board Member

Mikel Ugarte

CBRE

Mikel Ugarte is a Senior FHA MAP Underwriter at CBRE HMC, Inc. He became FHA MAP Certified in 2018. Prior to this he worked as an FHA Production Analyst at CBRE, joining in 2011. Mikel’s past experience includes four years as the Senior Credit Analyst at Fortune Bank in Seattle, focusing on C&I lending and owner-occupied commercial real estate financing, and seven years with Wells Fargo Bank in both Retail Banking and Private Banking. He holds a Bachelor of Arts degree in Economics from the University of Washington and received his Master’s in Finance from Seattle University.

 

WMAC Board Member Emerging Professional

Kelly Scharlemann

Berkadia

Kelly Scharlemann is an Underwriter Trainee on the Affordable team at Berkadia Commercial Mortgage. She has five years’ experience with FHA multifamily and healthcare lending, beginning her FHA career at CBRE as an Underwriting Processor and Analyst. Kelly holds a Bachelor of Arts degree in Business Administration and Communication Studies from Colorado State University. She currently resides in Colorado with her husband and enjoys exploring the Rocky Mountains.