What are the responsibilities and job description for the Secondary Market Specialist position at Landmark Credit Union?
Secondary Market Specialist
555 S Executive Dr, Brookfield, WI 53005, USA
Req #993
Thursday, February 15, 2024
At Landmark Credit Union, we succeed by putting people first - and that starts with you. Our culture of inclusion and collaboration enables us to support our members' financial wellbeing, positively impact the communities we serve, and help our associates grow their careers. Bring your authentic self to work as part of an organization where you'll feel valued for your unique qualities, are enabled to reach your full potential, and are recognized for your contributions to our success. We strive to ensure you feel empowered to grow and succeed, while also feeling valued and taken care of, as we all do our part to put people first. We invite you to learn more about this and other opportunities at Landmark Credit Union.
NATURE AND SCOPE
This position reports to the Sr Manager, Mortgage Systems & Pipeline Management. The Secondary Market Specialist performs a variety of specialized tasks related to the mortgage secondary and loan sales department. Regularly prepares and delivers loan packages for sale to secondary market investors. Assists Secondary Analyst with all lock desk related functions such as locking loans with investors, rate extensions and price exceptions and completes daily administrative tasks for the department.
This position reports to the Sr Manager, Mortgage Systems & Pipeline Management. The Secondary Market Specialist performs a variety of specialized tasks related to the mortgage secondary and loan sales department. Regularly prepares and delivers loan packages for sale to secondary market investors. Assists Secondary Analyst with all lock desk related functions such as locking loans with investors, rate extensions and price exceptions and completes daily administrative tasks for the department.
REQUIREMENTS
1. High school diploma or equivalent and a minimum two years of Landmark mortgage or consumer lending experience, or minimum two years of any mortgage loan experience.
2. Demonstrated knowledge of multiple mortgage functions to include reviewing closing documents, private mortgage insurance requirements, and understanding of the of the different types of mortgage products along with First Mortgage loan structuring and interest rates pricing.
3. Experience or ability to gain proficiency in all programs and systems used for this job, especially Microsoft Suite. Experience with Encompass and/or Optimal Blue preferred.
4. Excellent verbal and written communication skills, problem solving skills, organization skills and the ability to work independently.
5. Strong mathematical and analytical skills.
6. Must be able to organize work, balance multiple priorities, manage a variety of projects in a fast paced, flexible work environment with strong attention to detail and within defined deadlines.
7. Must have the ability to use independent judgement and discretion in various situations while maintaining a high degree of confidentiality.
8. Must develop a thorough understanding of company policies and procedures as they relate to the position. Must comply with all company policies and procedures and all job related state and federal laws and regulations.
PRINCIPAL ACCOUNTABILITIES
1. Prepares the investor loan sale submission packages, both electronically and via courier services including data entry in Encompass loan system as well as investor websites.
2. Regularly reviews Fannie Mae and other investor websites to monitor loan sales status and activity. Uploads trailing documentation for review, as required to facilitate loan sale.
3. Reconciles purchase advice from investors and notify management of any discrepancies. Works with investors to clear deficiencies and procure payment restitution as required.
4. Registers and Locks loans on investor loan sites. Confirms locks through Optimal and Encompass loan software. Provide confirmation of lock information to Mortgage Loan Officers accordingly.
5. Processes lock requests, changes, reprices and extensions through Encompass/Optimal Blue and investor sites for both primary and secondary mortgage products.
6. Monitors loans within Encompass LOS for secondary comparison alerts and works with loan officers to clear.
7. Maintains group email inboxes for both Lock Desk/Encompass, providing responses to both internal and external requests within a timely manner and resolving and/or distributing said requests as appropriate for resolution.
8. Reviews loan pipeline regularly for rate lock expirations.
9. Completes monthly audit reports.
10. Monitors reports and pipeline for timely delivery of loans and notify management of any outstanding deficiencies.
11. Assists Secondary Manager with processing all interest rate changes, using multi-point analysis to ensure accuracy to meet regulatory requirements. Distributes the rate changes to applicable areas of sales and marketing. Maintains historical records for compliance/audit.
EO/AA Employer; including veterans and individuals with disabilities.
- Pay Type Hourly
- Required Education High School
- 555 S Executive Dr, Brookfield, WI 53005, USA
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