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Nuñez would go on to earn a bachelor’s and master’s degree before embarking on a career in the mortgage industry. Today, he is managing broker and market development director. He runs both commercial and residential mortgage with LLN Funding LLC and Exact Rate Mortgage, respectively.
But before that, he was in banking. “I spent over 20 years in banking, working for some of the nation’s largest banks – Wachovia which was absorbed by Wells Fargo, JP Morgan and most recently I spent time with an institution that was bought by PNC Bank. The thing that happens in banking that is a constant is change – one bank buys another bank, or a bank changes its credit appetite to the type of client that they want to focus on.”
At a career crossroads
After the last upheaval, he had a decision to make. “This last go-around about two years ago, the institution I was working for at the time was an international bank by the name of BBVA [Banco Bilbao Vizcaya Argentaria]. They decided to sell their US presence to PNC. I had a decision to make whether I wanted to stay in banking.”
Nuñez hinted at some of the constraints under which he had to work in his past banking career. “Regardless of the institution you work for, those institutions have a certain risk profile of clients they are looking for,” he said. “If it doesn’t fit into that institution’s risk profile, that transaction is not getting done. You could be my blood brother but if what you want doesn’t fit into a box, it’s not going to happen.”
After more than 20 years in banking, he found himself at a crossroads: “I had a decision to make whether to stay in banking and continue with the cycle that every two or three years I have to reinvent myself and try to adapt in terms of the new credit applications and new kinds of clients banks wanted to go after.”
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