Mortgage Rate Lock Desk

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Position Summary

The Mortgage Secondary Marketing Rate Lock Desk will primarily be responsible for overseeing the daily loan pricing functions, which include Rate Sheet distribution, pricing updates as well as MSR s and Note Rate adjustors. Manage the Secondary Marketing department mailbox, meeting service level requirements. This position will support the department manager, and be required to accurately create Best Effort Trades in the selling system and in the investor websites to manage the mortgage pipeline and meet Bank overall margin goals.

 

Essential Duties and Responsibilities (Other duties may be assigned.)

  • Process and distribute Rate Sheets daily. Import pricing from various sources and in various formats into the pricing engine daily, as needed.
  • Process Intraday rate changes, when warranted by the Market
  • Maintain timely and accurate data entry, rate lock processing and pipeline reporting.
  • Ensure data in pricing engine and Loan Origination System are accurate and complete
  • Work with supervisor to set margins to meet the bank’s gain on sale requirements and monitor exceptions for reports
  • Ensure loans locked with different investors meet the overlays for that investor
  • Work with supervisor in updating the system with new investors and products
  • Interact with other departments when problems or discrepancies in data arise to determine needed action and if action involves interest rate lock information, make necessary changes in LOS system and investor lock
  • Notify the disclosure desk of changes to the loan that will affect pricing and require a changed circumstance Loan Estimate or Closing Disclosure
  • Receive Purchase Advices from Investors, upload, or input into Loan Origination System.
  • Review reports for accuracy, distribute Loan Sales information to Accounting, Servicing and Post Closing Departments.
  • Work with these departments to clear any Investor funding discrepancies that may occur.
  • Research and submit payments on Early Payment Default and Early Payoffs from Private Investors.
  • Work with shipping staff to provide back up
  • Provide key information to management for reports
  • Maintain key rate lock and/or pricing systems
  • Create and distribute rate sheets as directed
  • Maintain rate lock policies and procedures documents
  • Enter loan data into Loan Operating System and allocate fees
  • Receive, balance, and allocate loan purchase funds
  • Track, monitor and issue letters for first payment and letters of sale of loans
  • Responsible for monthly production and profit reports
  • Support mortgage loan originators with pricing scenarios and questions

 

Qualifications

·   Bachelor’s degree in business or related field and 5 years of mortgage banking experience, or an equivalent combination of education and experience.

·   Knowledge of rate desk workflow and lock related systems.

·   Effective oral and written communication skills.

·   Ability to compute basic to moderately complex math calculations.

·   Proficiency in using personal computers and office products (e.g., Word, Excel, PowerPoint). 

·   Ability to multi-task.

·   Experience working with secondary market investors and websites

·   Experience working Optimal Blue a plus

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