Secondary Market Associate

Company Name:
Waterstone Mortgage Corporation
SUMMARY: Register and lock all secondary market loans for all Loan Originators.

ESSENTIAL DUTIES AND RESPONSIBILITIES include but are not limited to the following:

Must be available to work the Lock Desk and be in the office Monday through Friday between the hours of approximately 9:00am and 6:00pm Central Time and occasionally after hours until 7pm central time (with usual and customary lunch and breaks). In the event that an associate knows of an upcoming absence, it is critical to arrange for backup to run the Lock Desk.
Responsible for the registration and locking of all correspondent loans that are submitted through Waterstone Mortgage's Product and Pricing Engine.
Responsible for making necessary changes and extensions as they are requested.

Working through renegotiations with the Investor(s) and Loan Originator(s).

Data entry of locked loans into the Loan Origination Software (LOS).

Maintaining proper corporate and branch margins by adding applicable margins into the LOS on accepted rate locks.

Responsible for explaining pricing questions and scenarios to the Loan Originators.

Data entry of locked loans in the LOS for Wholesale and Bond Program locks.


Additional duties and functions related to the Lock Desk as they arise.

ADDITIONAL DUTIES may include but are not limited to:

When needed, assist with Secondary Market Support Specialist duties and functions.

Assist with back-up when Secondary Market Manager is out of the office.

Individuals in this position shall not engage in loan origination during the course of his/her employment with WMC. Loan origination is defined as (1) taking a residential mortgage loan application; or (2) offering or negotiating terms of a residential mortgage loan for compensation or gain.


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

Additional qualifications: Possess knowledge of secondary market investor and mortgage loan pricing. Ability to multitask and effectively deal with stress. Ability to maintain high level of detail and accuracy in a fast paced environment. Ability to work with a large number loan originators. Ability to manage high volumes of work in a short period of time. Comfortable working in a fast paced collaborative environment, proactive with organizational and filing when time allows.

EDUCATION and/or EXPERIENCE: Associates degree in a business related field and at least two years' experience in the mortgage industry.

COMPUTER SKILLS: Experience on Encompass LOS system or other mortgage processing software, DU, LP and other automated engine submissions, FHA connection and VA website, Microsoft Word, Excel, Power Point, Access and Outlook. Experience on all investor websites, Loan Sifter, Optimal Blue and mortgage backed securities software.

LANGUAGE SKILLS: Good grammar and diction. Ability to read and comprehend investor procedural instructions, short correspondence, and memos. Demonstrate proactive communications skills with investors and other departments as required by regular and problem-related job duties Ability to write simple correspondence. Ability to effectively present information in one-on-one and small group situations to customers, clients, and other employees of the organization.

MATHEMATICAL SKILLS: Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals. Ability to compute rate, ratio, and percent.

CUSTOMER SERVICE SKILLS: Using excellent customer service skills which includes maintaining a good attitude, taking ownership of meeting customer needs, going the "extra mile" for customers, demonstrating a commitment to sharpening skills through education and training, using positive communication, and looking for opportunities to respect customers' time and schedules.

REASONING ABILITY: Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.


PHYSICAL DEMANDS: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle, or feel; and talk or hear. The employee frequently is required to reach with hands and arms. The employee is occasionally required to walk; stand; and stoop, kneel or crouch. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, distance vision, and ability to adjust focus.

WORK ENVIRONMENT: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

The work environment is a professional office environment where a conservative business dress code is in effect. The noise level in the work environment is usually moderate.

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