What are the responsibilities and job description for the Mortgage Secondary Lock Desk Coordinator position at REV Federal Credit Union?
Duties & Responsibilities
Loan Locking & Extensions:
Experience:
Loan Locking & Extensions:
- Manage the daily lock desk operations, including locking loans, extending rate locks, and handling lock changes.
- Ensure that all loan locks are completed accurately and within established time frames.
- Communicate lock expirations and options for extensions to loan officers and internal teams.
- Monitor loan pipeline and track locked loans to ensure that they meet investor guidelines and deadlines.
- Manage the pricing engine as primary administrator, ensuring updates are released timely.
- Troubleshoot issues within the pricing engine as necessary working with vendor as needed.
- Maintain and develop strong relationships with investors to ensure optimal pricing and execution.
- Collaborate with investors to resolve any lock issues or discrepancies.
- Research and analyze the secondary mortgage market, including interest rate trends, pricing models, and investor guidelines.
- Keep informed of economic developments, Federal Reserve policy, and other factors that may influence mortgage rates and pricing strategies.
- Maintain and update the company's internal rate sheets to ensure accuracy and competitiveness.
- Ensure internal rate sheets reflect market conditions and investor pricing changes.
- Provide timely updates to loan officers and internal teams regarding any changes in pricing or lock policies.
- Track and report key metrics related to rate locks, extensions, loan pricing, and investor execution.
- Provide regular updates to the Director of Real Estate on lock desk performance, pipeline status, and market conditions.
- Monitor and report on investor performance and pricing trends to support decision-making.
- Collaborate with loan officers, processors, and capital markets to ensure smooth and timely lock processes.
- Serve as the main point of contact for lock desk inquiries and provide guidance to internal teams on rate lock policies.
- Communicate effectively with the secondary marketing and capital markets teams to align strategies with market conditions.
- Review the Keystone loan information and ensuring each field is entered and/or mapped correctly, making changes if necessary, and providing feedback to the post-closers of booking errors noted.
- Assist with OB and take lead on updating markups, adding/removing loan products, etc.
- Operate as the main point of contact and work with OB on any and all OB related issues.
Experience:
- 3-5 years of experience in the mortgage industry, with a focus on secondary marketing, lock desk operations, or capital markets.
- Proven experience in managing loan locks, rate extensions, and investor relationships.
- Strong understanding of mortgage loan products, interest rate markets, and secondary marketing practices.
- Excellent analytical skills and the ability to interpret market data and trends.
- Proficiency in mortgage-related software and technology, including LOS systems and pricing engines.
- Strong attention to detail, problem-solving skills, and ability to manage multiple priorities.
- Bachelor’s degree in finance, business, or a related field is preferred.
- Relevant certifications or training in secondary marketing or capital markets is a plus.
- Strong leadership and team management skills.
- Ability to work in a fast-paced, high-volume environment.
- Excellent communication and interpersonal skills.
- Ability to make quick, informed decisions based on market conditions.
