• Title

  • Secondary Market Manager

    Job Description
    FLSA: Exempt
    REPORTS TO: Director of Finance
    DEPT/DIV: Finance
    GRADE: D6-1

    RIHousing is committed to creating a diverse environment and is proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
    RIHousing strives to ensure that all people who live or work in Rhode Island can afford a healthy, attractive home that meets their needs.  A good home provides the foundation upon which individuals and families thrive, children learn and grow, and communities prosper.
    To achieve our mission, we:
    • Offer competitive and innovative single family and multifamily lending programs.
    • Provide housing related education to consumers and others.
    • Finance development that builds healthy, vibrant communities.
    • Invest housing grants and subsidies to Rhode Islanders with the greatest need. 
    RIHousing uses its resources to provide low-interest loans and grants to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a privately funded public purpose corporation.
    RIHousing requires its employees to be highly motivated and knowledgeable, have a sound understanding of the changing needs of Rhode Island's housing market, be willing to work within and toward a smoothly integrated operation, demonstrate a commitment to serve the people of Rhode Island, especially those with low and moderate incomes in need of safe and affordable homes, and possess a high level of integrity and a deep respect for all Rhode Islanders, including customers, partners and fellow employees.
    This position is responsible for the oversight of the Secondary Market Department. The functions which are managed in this department include the following:  lock desk function, risk management function, mortgage loan hedging function, investor relationships, rate sheet generation, pooling and delivery function, custodian relationship and certification process, loan sale reconciliation and pipeline data reconciliation.
    This position oversees the management of interest rate risk for the mortgage pipeline of all loans. Incumbent will actively monitor the MBS market daily to ensure loans are hedged in accordance with internal policies. He/she is responsible for relationships with broker/dealers as well as investor relationships including Fannie Mae/Freddie Mac/Ginnie Mae.
    Incumbent may report regularly to a Secondary Market Risk Management Committee, which will oversee the risk management function. Will also be responsible for the implementation of the Interest Rate Risk Policy, which would be approved by, and overseen by, the Secondary Market Committee.
    This position is responsible for the risk management system which includes maintaining data integrity related to the pipeline, trades and fallout analytics within the system.  Incumbent will manage the secondary market department which includes the following: certain aspects of the lock desk function, allocation and delivery of loans to investors, and the certification process related to the MBS pools, and for rate sheet generation and ensuring congruence between the rate sheet, the pricing model, and the best execution analysis for loan sale execution.
    Incumbent will analyze rate sheet and loan sale execution, oversee the pooling and creation of mortgage backed securities and whole loan sales to optimize loan sale execution. He/she will reconcile all loan sales and instruct the wiring of pairing off monies to the MBS dealers and communicate these transactions to Accounting.
    Incumbent will interface with lenders on customer service issues, relative to loan pricing issues and will be responsible for the custodian relationship. He/she will track and confirm the process related to trades. The position also works with third party MSR valuation firm to ensure accurate MSR valuations are incorporated into rate sheet, mark to market and best execution models.
    • Responsible for the Interest Rate Risk Management and Lock Policy and Procedures.
    • Responsible for the management of the Secondary Market Department.
    • Responsible for the oversight of the risk management system.
    • Works closely with the Homeownership Department related to loan level pricing, customer service and product development.
    • Regularly reports to the Secondary Market Risk Management Committee and senior management regarding the interest rate risk management function.
    • Responsible for relationship management with all internal and external parties involved in secondary marketing.
    • Will work closely with the Director of Finance and the Treasurer in the sale of Rhode Island debt in the capital markets.
    • Will be expected to use financial expertise to undertake special analysis projects as assigned by the Director of Finance.  
    • Bachelor’s degree in accounting or finance; Master’s degree (MBA or other quantitative discipline) preferred but not required
    • Minimum of five years capital markets experience in a banking environment required, including 2 years secondary market experience
    • Direct experience with TBA’s
    • Direct experience in agency cash and MBS execution
    • Knowledge of GSE loan eligibility and selling guidelines
    • Ability to establish long term business strategies and develop short and long term tactical plans
    • Excellent verbal and written, communication, and presentation skills.
    • High degree of PC literacy including secondary marketing software and excel. 
    Apply online at www.rihousing.com under careers.

    Contact Information
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