Manager, Secondary Marketing

Date posted:

Department:

Lending

Location:

Long Island City (HQ) - Queens, NY

Description:

POSITION PURPOSE
This position has daily oversight and management of the Secondary Marketing function and staff. This position ensures an efficient mortgage loan process and that all loans are completed in compliance with UNFCU loan policy, federal, state and NCUA regulations and laws, and secondary market guidelines. This position is responsible for maintaining credit quality and exceptional application standards. This position is responsible for managing implementation, testing, updates and maintenance of mortgage lending technologies. This position also requires administration of FNMA DU.


NATURE AND SCOPE
This position reports to the Chief Lending Officer. Reporting to the Secondary Marketing Manager is the role of Secondary Market Analyst.

The functions performed by this position ensure that loan level rate lock-ins are properly managed within the pricing module of the loan origination system; Execute portfolio pricing structure; and perform analytics to ensure best execution of loan sales with minimal hedging risk. Key requirements also include monitoring agency pricing and updating rate sheets based upon tolerance for daily and intra-day changes; and developing metrics to define factors which lead to success in the areas of production, member service, efficiency, quality and compliance.

Accountabilities:

ACCOUNTABILITIES
Manage and direct the daily activities of the Secondary Market Analyst. Provide support to staff on a daily basis including answering questions, handling issues/escalations, file review, guideline interpretation and support.

Propose recommendations for policy regarding rate lock-ins and pricing, and enforce resulting procedures.

Maintain reports of locked in loan positions and gain/loss summaries for sold loans.

Serve on Pricing Committee and report lock-in activity.

Manage lock-in decisions to ensure that loans are locked in with investors as requested and delivered within required timeframes.

Manage and enhance relationships with existing and new investors, such as Fannie Mae, Freddie Mac, FHA and Federal Home Loan Corp., as well as correspondent/conduit buyers of loans and Private Mortgage Insurance companies.

Coordinate feedback from underwriting to understand member needs which would lead to waiver requests from Fannie Mae.

Engage with underwriting, sales, quality control and operations to ensure salability of loans.

Identify and develop relationships with investors where non-conforming fixed loans could be sold.

Monitor agency pricing and update rate sheets based upon tolerance for daily and intra-day changes.

Develop proposal for rate structure with multiple tiers for discount and rebate pricing, combined with multiple lock-in terms.

Incorporate agency loan level price adjustments into Fannie Mae salable pricing structure.

Develop structure for long-term lock-ins, such as new construction.

Develop and monitor reports to evaluate results relative to expectations and manage to correct negative variances.

Perform all duties inherent to a managerial role: interview and select qualified candidates for employment; train, monitor, coach, develop, and evaluate staff; prepare and administer performance evaluations; promote teamwork and cooperation within the Lending Department and across the Credit Union; identify training needs of the department and plan, coordinate, and schedule staff training opportunities.

Collaborate with other managers, within Lending and across business lines, to enhance and/or improve member service and promote a member centric environment

Qualifications:

An incumbent in this position must possess a full range of expertise in secondary market and investor portfolio guidelines, including Fannie Mae, as well as the skills and abilities to fulfill the accountabilities described in this document. An incumbent in this position must possess the ability to motivate staff and plan, organize, implement, and administer the operations of a department. Incumbent must have a strong knowledge of lending compliance and regulations, service orientation, as well as excellent written and verbal communication skills. Must possess proficiency with MS Office, with advanced MS Excel skills, and applicable mortgage software. Must have expertise in secondary marketing systems and vendors, as well as practices. Strong analytical, problem solving, organizational and time management skills are required.

A typical pathway to obtaining the requisite knowledge and skills is graduation from a four-year college or university, typically with a concentration in Business Administration or Finance, or equivalent experience plus 7-10 years mortgage industry experience, with 5 years experience in a secondary marketing capacity and at least 3 years of management experience. Must have the ability to analyze complex financial data, and an attention to detail and commitment to accuracy.

WORK ENVIRONMENT
An incumbent works under standard office conditions.