Secondary Market Specialist

Company: Mercantile Bank
Location: Grand Rapids
Posted on: May 15, 2022

Job Description:

Job DescriptionAt Mercantile Bank, we are dedicated to our Customers, Employees and Communities. Our exceptional team members are committed to maintaining an environment of personal growth and development while providing professional and personalized service to customers and supporting our diverse communities. Employees are our most valuable asset! If you have an interest in joining a team that operates with INTEGRITY, DISCIPLINE and PURPOSE, consider Mercantile Bank as a potential employer.Secondary Market Specialist SUMMARYThe Secondary Market Specialist is responsible for the handling of rate locks on both the client and investor sides. This includes fielding all questions and resolving all issues regarding rate locks. This position maintains our Pricing Engine to produce competitive/profitable interest rates to lenders/clients with accurate fees and adjustments. This position is also responsible for getting the salable loans sold to investors in a timely profitable manner, collecting all investor documentation and saving it to our imaging system, and populating all loan sale data fields for accurate reporting and tracking. JOB DUITIES

• Updates and monitors mortgage rates and pricing
• Compiles data and produces daily reports for management pertaining to pipeline and production
• Notifies staff of daily rates and pricing
• Manages rate lock email queue to answer questions and resolve issue from other team members
• Processes new rate lock requests, lock change, lock transfers, and extensions with the clients and investors in compliance with the TRID 3-day timeline
• Investigates appraised value changes and coordinates lock restructures with team
• Posts extensions, recaptures, and pair offs to our core system
• Researches pricing issues and exception requests
• Maintains pricing engine for accuracy and updates with investor changes accordingly
• Monitors locked pipeline for timely delivery to investors
• Tracks fees, points, credits, gains, and other rate lock metrics ensuring that investors provide us with the agreed upon pricing
• Packages and transmits documentation to investors for purchase
• Resolves errors, conditions, suspenses, and pends from investors to allow for loan funding
• Verifies investor funding are accurate and balance to agreed upon pricing
• Retains all investor contracts, commitments, purchase advices, pair off/extension confirmations/etc... in our imaging system
• Remits investor annual re-certifications on time and works closely with investor reps to bolster a strong relationship
• Works closely with Disclosure Team to ensure compliant and accurate disclosures are sent to clients
• Works closely with Post Closing Team to ensure timely delivery of documentation to investors and that investor purchases are recorded properly.QUALIFICATIONS
  • 3-5 years of mortgage and/or banking-related experience.
  • Bachelor's degree in a related field
  • Computer/Technical competency
  • General accounting skills
  • Financial industry understanding
  • Past investor or bank vendor relationship, preferred
    
    We believe embracing human diversity makes us a better bank. We know it makes us better people. Employees with dissimilar backgrounds, perspectives, opinions and lifestyles help us understand the motivations and desires of our many different customers. Thus, we will strive to maintain a workforce that reflects the increasing diversity of the communities we serve by ensuring equal employment opportunity for all persons without discrimination on the basis of race, color, religion, sex/gender (including gender identity), national origin, age, height, weight, disability, medical condition, genetic information, sexual orientation, disabled or Vietnam era veteran, other forms of military status, marital status, or other protected characteristics.
    
    Job Posted by ApplicantPro

Keywords: Mercantile Bank, Grand Rapids , Secondary Market Specialist, Other , Grand Rapids, Michigan