CREF TRACK: Untangling Agency and FHA Risks – Assignments, Indemnifications, and Beyond

Keith A. Kehlbeck, CCMS

Executive Director, Investment Operations, PGIM

Keith Kehlbeck is the PGIM Real Estate Executive Director of Investment Operations for the Debt Servicing business. Based in Dallas, Keith leads a team of ~40 professionals in the U.S. and Ireland, and is responsible for the treasury, finance, investor reporting and accounting for a ~$130B portfolio, for multiple clients including (Separate and Funds for Core, High Yield products), Agency and Agricultural clients. Keith also manages many debt platform functions including, treasury operations, lender / servicer accounting, management reporting and lender administration functions including, commissions, COIs, OBAs, etc. Keith has more than 25 years of experience previously worked for GE Capital and PwC. He has a B.S. and MBA, along with a Texas CPA and MBA CCMS certificate.

Issa Bannourah, CFA

Senior Vice President & Treasurer, Walker & Dunlop, LLC

Issa Bannourah, CFA, serves as Senior Vice President and Treasurer, based in Bethesda, MD. Over his 15 years of commercial real estate experience, Mr. Bannourah has become a real estate, fixed-income, and debt product expert with a proven track record as a leader in capital markets, real estate, portfolio management, and consulting. Prior to Walker & Dunlop, Mr. Bannourah worked as a Director at Fannie Mae. Under his leadership, the Early Funding (ASAP) Desk became the premier liquidity provider with over $250 million in annual revenue and $500 billion in annual transaction volume. He led numerous strategic initiatives, including transforming Fannie Mae’s trading and funding platforms. In addition, Issa held various positions at Merrill Lynch and Blackrock. Mr. Bannourah received a master’s degree in business administration from Georgetown University and a bachelor’s degree from the University of Maryland. He has been a CFA®️ charterholder since 2013. Mr. Bannourah worked as a graduate assistant for the Financial Markets and Corporate Decision-Making courses at Georgetown, and he was also awarded a merit scholarship for his outstanding academic, personal, and professional achievements. Outside of Walker & Dunlop, Mr. Bannourah enjoys skiing in the winter, cycling in the summer, and watching Formula 1 on weekends, in addition to volunteering with Habitat for Humanity and Food & Friends.

James C Shoup, CPA

Managing Director, Lument

Jim Shoup, CPA, is a managing director, asset management-agency risk with Lument and is based in Columbus, Ohio. He oversees the firm’s asset management and agency risk teams and plays a crucial role in financial strategy, risk management, loan workout, and assisting borrowers post-closing. Jim joined Lument predecessor Lancaster Pollard in 2010. Throughout his 30-year career as a real estate finance professional, he has held leadership roles in both lending and investment firms. Jim has extensive expertise in FHA, Fannie Mae, Freddie Mac, and USDA commercial mortgage lending programs, with a focus on loss prevention.