BREAKOUT SESSION: Agency Lending in 2026: Vision and Priorities

Managing Director & Head of Production, Agency Lending, PGIM

Stephanie Wiggins is Managing Director/Head of Production for PGIM Real Estate’s Agency and FHA Platform. She focuses on driving multifamily loan production and the development of strategic initiatives that serve to expand business opportunities and facilitate growth. Stephanie is an accomplished senior leader with over 35 years of success in the commercial real estate financial sector and is deeply committed to the creation and preservation of affordable housing, as well as the promotion of a more inclusive Commercial Real Estate Finance industry. Prior to joining the company in 2021, Stephanie served as Chief Production Officer for the FHA team at Walker and Dunlop. She also served a 19-year tenure as Chief Investment Officer for the AFL-CIO Housing Investment Trust, a socially responsible fixed-income investment fund where she managed multifamily originations and operations with a focus on agency debt executions. Stephanie holds key roles within several industry associations including the National Housing and Rehabilitation Association; the Urban Land Institute’s (ULI’s) Public Private Partnership Council, ULI’s Women’s Leadership Initiative, and ULI’s Young Leaders Group mentor program; Mortgage Bankers Association’s COMBOG council, and MBA’s Commercial Council as Chair; and Real Estate Executive Council (REEC). Stephanie also serves as the Immediate Past Chair for the board of directors for The Campagna Center, a nonprofit organization that provides educational and social development programs for underserved children, teens and adults in Alexandria, Virginia. Stephanie earned a bachelor’s degree in business administration from American University’s Kogod School of Business, where she studied real estate and urban development.

Senior Vice President, Multifamily Chief Operating Officer, Freddie Mac

Bill Buskirk is the chief operating officer and senior vice president of Asset Management & Operations for Freddie Mac Multifamily. In this role, he is responsible for the Asset Management & Operations of the Multifamily business including portfolio surveillance, asset resolution, loan administration and servicing, counterparty risk & compliance, marketing, employee engagement, business strategy and management reporting. During his 20+ years with the company, Bill has held various accounting and finance positions, including Chief Financial Officer overseeing the budgeting, forecasting, capital and Dodd-Frank compliance functions for the Multifamily business line. Before that, he had various roles across the Finance division covering the Single-Family and Capital Markets areas at the company. Prior to joining Freddie Mac, Bill was an audit manager at Arthur Andersen LLP leading assurance and consulting engagements for a vast portfolio of financial services clients. Bill is a Certified Public Accountant and holds the Chartered Financial Analyst® designation. He received his bachelor’s degree from the University of Delaware.

EVP & Head Of Multifamily, Fannie Mae

Kelly Follain is Fannie Mae’s Executive Vice President and Head of Multifamily, reporting to the President and Chief Executive Officer. In this role, she is responsible for all Multifamily business functions and is a member of the company’s Management Committee. Fannie Mae’s Multifamily division is the leading source of financing and securitization for quality rental housing in the United States, in every market, for every income level, every day. Follain is a strategic leader with expertise in agency financing, multifamily real estate, and CMBS lending, including underwriting, credit, loan structuring, and securitization. Prior to joining Fannie Mae in March 2025, she was Head of Agency Lending at PGIM Real Estate, a leading global real estate investor with deep knowledge of local real estate equity and debt markets. In this role, Follain was responsible for establishing and executing vision and long-term strategy for Agency Business, expanding PGIM’s leadership in Multifamily lending, and setting objectives and key measures of success to meet financial goals. She also served as Chief Operating Officer of Agency Lending, responsible for executing business strategy and oversight of operations for Fannie Mae, Freddie Mac, Affordable Housing, and FHA multifamily and healthcare loans. Prior to that, Follain was a Vice President for Underwriting and Credit at Freddie Mac, where she was responsible for the multifamily risk distribution and credit team including large loan approvals and securitization due diligence. With more than 25 years of experience in commercial real estate lending, Follain also held management and underwriting positions within Wells Fargo’s Commercial Mortgage Origination division. She has a Bachelor of Business Administration, Finance, from the University of Michigan, summa cum laude.

Head of Production and Managing Director, Wells Fargo Bank, N.A.

Phil Maniscalco is the Head of Production and a Managing Director at Wells Fargo Multifamily Capital (WFMC). Based out of Wells Fargo’s New York City office, Phil spearheads the national production strategy for financing market rate multifamily, affordable multifamily, student housing, manufactured housing, and senior housing through Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), Life Companies, Debt Funds, and Wells Fargo Bank’s balance sheet. He leads all aspects of GSE originations, manages the origination staff, oversees client relationships, drives loan production, and maintains Wells Fargo’s partnerships with Fannie Mae, Freddie Mac, and FHA. Phil also represents the firm in industry forums and GSE advisory groups—including Fannie Mae’s DUS Originators Subcommittee, Freddie Mac’s Multifamily Conventional Advisory Council, and the Real Estate Board of New York Housing Committee—where he contributes to policy development and program enhancements. Phil brings over 25 years of distinguished leadership and expertise to the commercial real estate sector. Before his current role, Phil was a Team Leader in Wells Fargo’s Real Estate Banking New York Office, where he managed a portfolio of major New York-based real estate developers and owners. He is experienced in originating, underwriting, and managing large, complex construction projects, across all asset classes, in New York City. Prior to joining Wells Fargo in 2010, Phil spent seven years at Bank of New York Mellon’s Real Estate Group as a senior relationship manager, covering many of the city’s largest developers. He began his banking career at JPMorgan Chase, graduating from their Global Credit Training Program. Phil received a Bachelor of Arts in Economics and Italian from Fordham University and a Master of Science in Real Estate Finance and Investment from New York University.

EVP, Head of Affordable Housing, Walker & Dunlop, LLC

Sheri Thompson is the executive vice president and head of Affordable Housing at Walker and Dunlop. In her role, she oversees all aspects of Walker and Dunlop’s affordable housing activities. Ms. Thompson played a critical role in developing W and D’s vision for a comprehensive affordable platform and assembling the businesses and experts to provide a full range of affordable solutions. Ms. Thompson has oversight and P and L responsibilities for all of these businesses including GSE and FHA Debt, LIHTC Equity, Affordable Development, Affordable Capital Advisory, and Affordable Investment Sales. Ms. Thompson sits on the Company’s Executive, Revenue, and Strategy Committees, and is actively engaged with W and D’s social impact and legislative initiatives. She is an active leader within our Employee Resource groups, providing executive sponsorship for the Unidos ERG and is also active with both the Women of Walker and Dunlop and Veteran’s Employee Resource Groups. Prior to being fully dedicated to her Affordable Housing responsibilities, Ms. Thompson spent two years also overseeing W and D Investment Partners (WDIP), including its fundraising and investment activities. Ms. Thompson’s early real estate experience included underwriting at Green Park Financial, which now operates as Walker and Dunlop. She then joined Red Capital Group as an underwriter and rose to the position of Chief Underwriter and Head of At-Risk Credit, working on Agency, FHA, and balance sheet transactions. Prior to her return to Walker and Dunlop, she served as COO of PGIM Real Estate Finance’s Agency Lending Group where she had direct oversight and accountability for day-to-day operations of the group, including trading activities, deal management, underwriting and closing. Ms. Thompson holds a Bachelor of Science in business administration from The Pennsylvania State University.

Senior Vice President of Commercial/Multifamily Policy and Strategic Industry Engagement, Mortgage Bankers Association

Jamie Woodwell is Senior Vice President of Commercial/Multifamily Policy and Strategic Industry Engagement at the Mortgage Bankers Association (MBA), where he oversees the association’s public policy and member engagement efforts across all commercial real estate finance sectors, working closely with member leaders and staff to advance MBA members’ business and policy objectives Jamie and his work are regularly cited in the media, on Capitol Hill and in regulatory settings. He is a regular speaker at industry and corporate events; has appeared on CNBC, Bloomberg and in other popular and trade press; and testified before the Congressional Oversight Panel for TARP. Jamie initiated many of MBA's research activities and created MBA's Peer Business Roundtables. He co-founded MBA’s CREF Careers program. Woodwell joined MBA in 2004, and most recently served as Vice President and Head of Commercial Real Estate Research, where he oversaw the association’s economic research and analysis covering commercial and multifamily real estate finance markets. He has also served as senior director of business development at CapitalThinking in New York, research director at the WMF Group in Virginia, and research manager at the National League of Cities in Washington, D.C. Jamie is a member of the Urban Land Institute, the American Real Estate and Urban Economics Association and other professional and industry groups and a past member of the Counselors of Real Estate. He has served on various advisory groups, particularly around climate change and ESG, including for the National Institute of Building Sciences, Fannie Mae and Bright Power. Jamie received his bachelor's degree in economics and American studies from Brown University in Providence, Rhode Island. He earned his master's degree in urban and regional planning from the Graduate School of Public and International Affairs at the University of Pittsburgh. Jamie lives in Washington DC.