Secondary Market Specialist

SUMMARY : The Secondary Market Specialist is responsible for shipping and funding of all sold loans, including balancing appropriate general ledger accounts to ensure fundings are in balance and tracking loan pricing scenarios through various databases.

The Secondary Market Specialist also answers Loan Originator pricing inquiries and locks loans as needed with the appropriate investor.

ESSENTIAL DUTIES AND RESPONSIBILITIES : North Shore Bank’s position descriptions are intended to describe only the major functions of the job.

You may be expected to perform other duties specified by your manager. Everyone is expected to contribute whatever efforts necessary to operate efficiently and effectively to insure the success of the bank.

Answers all pricing and loan decision questions via central Lock Desk.

Registers all loans in the appropriate software systems. Locks loans as required with the appropriate investor, extends interest rates, and informs investors of any changes to the loan during process.

Post closes loan files, follows up on final title and recorded documents, and completes document scanning for record retention.

Ships loan documents to investors and delivers applicable loan data via the appropriate selling system.

Completes note endorsement, assignment and registration into MERS.

Conducts accurate processing, accounting and system updates for loan sale funding.

Prepares rate sheet on a daily basis and uploads to North Shore Bank website.

Reconciles general ledger accounts.

Works closely with Mortgage Loan Processing / Closing and Underwriting departments to clear any funding exceptions.

Stays abreast of secondary market guidelines for all appropriate investors.

QUALIFICATIONS : To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.

Overnight travel may be required. The requirements listed below are representative of the knowledge, skill, and / or ability required.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions

EDUCATION and / or EXPERIENCE :

A high school diploma or equivalent is required. An Associate's degree (A. A.) from an accredited two-year college or technical school is strongly preferred.

Requires at least one year related experience within a mortgage loan processing and closing position and a minimum of two years experience in Secondary Market and Residential Lending is required.

An equivalent combination of education and experience will also be considered. Requires thorough knowledge of mortgage loan documentation, state / federal regulations, secondary market requirements and pricing models.

Position also requires an intermediate level of mathematical ability in order to make interest and payment calculations.

OTHER SKILLS AND ABILITIES :

Ability to manage and prioritize a workload in a fast-paced environment to meet deadlines. Strong analytical, organizational and interpersonal skills are a requirement.

Knowledge of Excel, Word, Access and Outlook are required. Knowledge of Mortgagebot pricing engine is preferred.