SWAC Board Members

FORTUNAT (FORTY) SEMADENI

PRESIDENT

Forty Semadeni is a Senior Vice President at CBRE, where he serves as an FHA Senior Banker. Mr. Semadeni brings 25 years of FHA experience to the SWAC board, having either personally underwritten or overseen approximately $3 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.

KRISTIN WELCH

VICE PRESIDENT

Kristin Welch is a Senior Underwriter at JLL, where she specializes in credit underwriting for new transactions and expanding the company's involvement in FHA lending for multifamily housing.

She entered the FHA-insured lending space in 2010, and her expertise is evenly split between market rate and affordable multifamily projects. She has a strong background in affordable housing, having structured and underwritten deals involving various financing tools such as 4% LITHC (Low Income Housing Tax Credits) with tax-exempt bonds, 9% LITHC transactions, Section 8, and Rental Assistance Demonstration (RAD) programs.

Kristin has been involved in commercial banking and real estate finance since 2002. She holds a Bachelor of Finance from Texas A&M University.  Beyond her professional endeavors, Kristin resides in Houston with her husband and their four children.

LESLIE DUCHENE

SECRETARY

Leslie is a Managing Director and FHA Chief Underwriter for M&T Realty Capital Corporation. In her role she is responsible credit/risk oversight, compliance, quality control, budgeting and team management for the day to day underwriting activities and personnel for the FHA division. Prior to joining MTRCC, Leslie has been the Managing Director and FHA Program Manager for CBRE’s FHA Lending Platform as well as Chief Underwriter for AmeriSphere Mortgage Finance, now known as NorthMarq, overseeing the company’s underwriting and credit risk functions for the FHA division.

Ms. Duchene has nearly 30 years of commercial real estate finance and Title Insurance experience and more than 25-years specialized in FHA Insured finance for multifamily and healthcare. Her experience includes all facets of FHA financing for multifamily and healthcare including affordable, LIHTC, construction and substantial / moderate rehabilitation.

PATRICK WEIMAN

TREASURER

Patrick Weiman is Vice President of Davis-Penn Mortgage Company, a privately-owned, full-service FHA lender based in Houston, Texas. Patrick is currently responsible for underwriting Multifamily and Healthcare loans across the United States. He is an FHA MAP-Approved Underwriter and has been with Davis-Penn since 2011.

Previously, Patrick worked as a Commercial Appraiser and, immediately following the 2008 Recession, was also involved in evaluating troubled loan portfolios of failing banks.

Mr. Weiman holds two bachelor’s degrees from Texas A&M University – Economics & International Studies – as well as a Master’s degree in Land Economics and Real Estate. He is currently a Board Member of the Southwest Mortgagee Advisory Council (SWAC) and is active in the National Multifamily Housing Council (NMHC) and Mortgage Banker’s Association (MBA).

BRIAN ROBERTSON

MEMBER AT LARGE

Brian Robertson is a Senior Vice President at CBRE Capital Markets and serves as an FHA Senior Banker on the CBRE FHA Lending Team.  With over 20 years of specialized experience in FHA-insured loans, Brian focuses on securing debt and equity financing for multifamily and healthcare properties across the nation.

Brian holds a Bachelor of Arts from Drury University and a Master of Business Administration from Washington University in St. Louis. 

RACHEL HAYES

MEMBER AT LARGE

Rachel Hayes joined the Berkadia Commercial Mortgage underwriting team in early 2020 in the role of Deputy Chief Underwriter, with over a decade of FHA underwriting experience prior to that transition. Currently, Rachel oversees an underwriting team and actively underwrites transactions across the Berkadia platform with a large focus on 221(d)(4) New Construction.  As a DCU, Rachel spends a great deal of time mentoring and training Berkadia team members on their underwriting skills, as well as sharing insight on preparing quality underwriting packages for HUD review. During her time in the FHA industry, Rachel has developed a strong understanding of the FHA housing programs and has been involved with industry working groups to promote policy initiatives. She finds value in promoting professional growth within the lending community and sharing knowledge learned over her career. In addition, Rachel enjoys seeing projects come to life and creating quality housing throughout the United States utilizing the HUD programs.  Rachel holds a Bachelor of Business Administration in Marketing and Finance, along with a Master of Business Administration from The University of Houston. 

BLAKE LACY

MEMBER AT LARGE

Blake Lacy is the Vice President, Chief Underwriter at Mason Joseph, LLC.  Mr. Lacy began his career in the mortgage banking business in 2007.  In 2009 he joined a regional bank in San Antonio, Texas as a real estate analyst and worked his way to Senior Vice President in the Commercial Real Estate department.  In this capacity, he originated and underwrote construction, acquisition and refinance loans for multifamily, office, industrial, self-storage, medical, and senior housing. Blake joined the Mason Joseph Company in 2016 as Vice President and Chief Underwriter. He has been instrumental in underwriting and preparing applications for multifamily financing through FHA and HUD, specializing in 221(d)(4) New Construction & Sub Rehab lending.

Blake received his Bachelor of Science in Agriculture Development and a Master of Land Economics & Real Estate from Texas A&M University. He is also a graduate of the Graduate School of Banking at Louisiana State University. Blake has been active in the commercial real estate industry, earning his Certified Commercial Investment Member (CCIM) designation in 2010. Blake volunteers in the community through active involvement in his church, the Boy Scouts of America and the CCIM San Antonio-South Texas Chapter.

JENNIFER DORAN MASSEY

PAST PRESIDENT

Jennifer Massey is the Chief Operating Officer of Highland Commercial Mortgage, LLC., a privately owned commercial mortgage firm based out of Birmingham, AL. Jennifer oversees the underwriting of FHA-insured multifamily and healthcare loans throughout the United States with concentration in the Southeast and Southwest.

Jennifer began her career in the FHA-insured lending space in 1998 with Collateral Mortgage, a Birmingham-based firm. Her focus included the areas of loan servicing and compliance, originating, underwriting and selling under the company’s FHA lending platform. In 2005, Jennifer joined Prudential Mortgage Capital Company as a Principal and member of the Senior Management Team for its FHA lending platform.

Jennifer is past President of the Southeast Mortgagee Advisory Council to HUD and remains active in industry organizations and FHA committees.

TIM NUNAN

PAST PRESIDENT

Tim Nunan is a Senior Managing Director in the Dallas office of Berkadia. He brings 25 years of experience in real estate to his role as a mortgage banker. He previously was a designated MAP Underwriter and approved LEAN Underwriter with Berkadia. Prior to joining Berkadia’s predecessor GMAC Commercial Mortgage (later Capmark Finance, Inc.) in 2001, Tim was a Senior Loan Analyst with Malone Mortgage Company where he gained valuable initial experience underwriting loans for HUD. He started his real estate career as a commercial appraiser for Henry S. Miller Commercial. Tim is a non-practicing MAI (Member of the Appraisal Institute). He holds a Masters in Land Economics and Real Estate and a Bachelor of Business Administration in Finance from Texas A&M University.

BRYANT SCOGIN

PAST PRESIDENT

Bryant Scogin is Senior Vice President and Chief Underwriter at KeyBank. Mr. Scogin joined KeyBank through the acquisition of Malone Mortgage in 2005 where he served as an Underwriter for FHA loans. Prior to joining Malone Mortgage, his focus was on environmental consulting which included due diligence as well as on and off-shore environmental research.

Currently, he manages underwriting for multifamily, healthcare and affordable housing for FHA insured assets. Mr. Scogin received his Bachelor of Science degree in Bioenvironmental Studies from Texas A&M University and is also a Registered Environmental Manager with the NREP.

SWAC Board Members

FORTUNAT (FORTY) SEMADENI

PRESIDENT

Forty Semadeni is a Senior Vice President at CBRE, where he serves as an FHA Senior Banker. Mr. Semadeni brings 25 years of FHA experience to the SWAC board, having either personally underwritten or overseen approximately $3 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.

KRISTIN WELCH

VICE PRESIDENT

Kristin Welch is a Senior Underwriter at JLL, where she specializes in credit underwriting for new transactions and expanding the company's involvement in FHA lending for multifamily housing.

She entered the FHA-insured lending space in 2010, and her expertise is evenly split between market rate and affordable multifamily projects. She has a strong background in affordable housing, having structured and underwritten deals involving various financing tools such as 4% LITHC (Low Income Housing Tax Credits) with tax-exempt bonds, 9% LITHC transactions, Section 8, and Rental Assistance Demonstration (RAD) programs.

Kristin has been involved in commercial banking and real estate finance since 2002. She holds a Bachelor of Finance from Texas A&M University.  Beyond her professional endeavors, Kristin resides in Houston with her husband and their four children.

LESLIE DUCHENE

SECRETARY

Leslie is a Managing Director and FHA Chief Underwriter for M&T Realty Capital Corporation. In her role she is responsible credit/risk oversight, compliance, quality control, budgeting and team management for the day to day underwriting activities and personnel for the FHA division. Prior to joining MTRCC, Leslie has been the Managing Director and FHA Program Manager for CBRE’s FHA Lending Platform as well as Chief Underwriter for AmeriSphere Mortgage Finance, now known as NorthMarq, overseeing the company’s underwriting and credit risk functions for the FHA division.

Ms. Duchene has nearly 30 years of commercial real estate finance and Title Insurance experience and more than 25-years specialized in FHA Insured finance for multifamily and healthcare. Her experience includes all facets of FHA financing for multifamily and healthcare including affordable, LIHTC, construction and substantial / moderate rehabilitation.

PATRICK WEIMAN

TREASURER

Patrick Weiman is Vice President of Davis-Penn Mortgage Company, a privately-owned, full-service FHA lender based in Houston, Texas. Patrick is currently responsible for underwriting Multifamily and Healthcare loans across the United States. He is an FHA MAP-Approved Underwriter and has been with Davis-Penn since 2011.

Previously, Patrick worked as a Commercial Appraiser and, immediately following the 2008 Recession, was also involved in evaluating troubled loan portfolios of failing banks.

Mr. Weiman holds two bachelor’s degrees from Texas A&M University – Economics & International Studies – as well as a Master’s degree in Land Economics and Real Estate. He is currently a Board Member of the Southwest Mortgagee Advisory Council (SWAC) and is active in the National Multifamily Housing Council (NMHC) and Mortgage Banker’s Association (MBA).

BRIAN ROBERTSON

MEMBER AT LARGE

Brian Robertson is a Senior Vice President at CBRE Capital Markets and serves as an FHA Senior Banker on the CBRE FHA Lending Team.  With over 20 years of specialized experience in FHA-insured loans, Brian focuses on securing debt and equity financing for multifamily and healthcare properties across the nation.

Brian holds a Bachelor of Arts from Drury University and a Master of Business Administration from Washington University in St. Louis. 

RACHEL HAYES

MEMBER AT LARGE

Rachel Hayes joined the Berkadia Commercial Mortgage underwriting team in early 2020 in the role of Deputy Chief Underwriter, with over a decade of FHA underwriting experience prior to that transition. Currently, Rachel oversees an underwriting team and actively underwrites transactions across the Berkadia platform with a large focus on 221(d)(4) New Construction.  As a DCU, Rachel spends a great deal of time mentoring and training Berkadia team members on their underwriting skills, as well as sharing insight on preparing quality underwriting packages for HUD review. During her time in the FHA industry, Rachel has developed a strong understanding of the FHA housing programs and has been involved with industry working groups to promote policy initiatives. She finds value in promoting professional growth within the lending community and sharing knowledge learned over her career. In addition, Rachel enjoys seeing projects come to life and creating quality housing throughout the United States utilizing the HUD programs.  Rachel holds a Bachelor of Business Administration in M

BLAKE LACY

MEMBER AT LARGE

Blake Lacy is the Vice President, Chief Underwriter at Mason Joseph, LLC.  Mr. Lacy began his career in the mortgage banking business in 2007.  In 2009 he joined a regional bank in San Antonio, Texas as a real estate analyst and worked his way to Senior Vice President in the Commercial Real Estate department.  In this capacity, he originated and underwrote construction, acquisition and refinance loans for multifamily, office, industrial, self-storage, medical, and senior housing. Blake joined the Mason Joseph Company in 2016 as Vice President and Chief Underwriter. He has been instrumental in underwriting and preparing applications for multifamily financing through FHA and HUD, specializing in 221(d)(4) New Construction & Sub Rehab lending.

Blake received his Bachelor of Science in Agriculture Development and a Master of Land Economics & Real Estate from Texas A&M University. He is also a graduate of the Graduate School of Banking at Louisiana State University. Blake has been active in the commercial real estate industry, earning his Certified Commercial Investment Member (CCIM) designation in 2010. Blake volunteers in the community through active involvement in his church, the Boy Scouts of America and the CCIM San Antonio-South Texas Chapter.

JENNIFER DORAN MASSEY

PAST PRESIDENT

Jennifer Massey is the Chief Operating Officer of Highland Commercial Mortgage, LLC., a privately owned commercial mortgage firm based out of Birmingham, AL. Jennifer oversees the underwriting of FHA-insured multifamily and healthcare loans throughout the United States with concentration in the Southeast and Southwest.

Jennifer began her career in the FHA-insured lending space in 1998 with Collateral Mortgage, a Birmingham-based firm. Her focus included the areas of loan servicing and compliance, originating, underwriting and selling under the company’s FHA lending platform. In 2005, Jennifer joined Prudential Mortgage Capital Company as a Principal and member of the Senior Management Team for its FHA lending platform.

Jennifer is past President of the Southeast Mortgagee Advisory Council to HUD and remains active in industry organizations and FHA committees.

TIM NUNAN

PAST PRESIDENT

Tim Nunan is a Senior Managing Director in the Dallas office of Berkadia. He brings 25 years of experience in real estate to his role as a mortgage banker. He previously was a designated MAP Underwriter and approved LEAN Underwriter with Berkadia. Prior to joining Berkadia’s predecessor GMAC Commercial Mortgage (later Capmark Finance, Inc.) in 2001, Tim was a Senior Loan Analyst with Malone Mortgage Company where he gained valuable initial experience underwriting loans for HUD. He started his real estate career as a commercial appraiser for Henry S. Miller Commercial. Tim is a non-practicing MAI (Member of the Appraisal Institute). He holds a Masters in Land Economics and Real Estate and a Bachelor of Business Administration in Finance from Texas A&M University.

BRYANT SCOGIN

PAST PRESIDENT

Bryant Scogin is Senior Vice President and Chief Underwriter at KeyBank. Mr. Scogin joined KeyBank through the acquisition of Malone Mortgage in 2005 where he served as an Underwriter for FHA loans. Prior to joining Malone Mortgage, his focus was on environmental consulting which included due diligence as well as on and off-shore environmental research.

Currently, he manages underwriting for multifamily, healthcare and affordable housing for FHA insured assets. Mr. Scogin received his Bachelor of Science degree in Bioenvironmental Studies from Texas A&M University and is also a Registered Environmental Manager with the NREP.