Product Development Manager
Job Title: Mortgage Product Manager
Company: Sterling Eagle Mortgage Investment Co, LLC
Location: Ewing, NJ
Salary: Commensurate with Experience
Job Location: Ewing, NJ
About The Company
Sterling Eagle is a NJ based residential mortgage investment and services company that provides a unique suite of services to mortgage bankers in the form of warehouse lines, back-office fulfillment processing and a mortgage purchase conduit. Sterling Eagle is experiencing rapid growth in its purchase conduit business segment and has an opening for a Product Development Manager.
Major Responsibilities:
The Product Development Manager is responsible for implementing, training, managing and reporting on mortgage products recently released and planned for release to correspondent lenders. The manager will be the subject matter expert and must be intimately familiar with all aspects of the product from the different loan products and parameters to the channels of origination. Duties and Responsibilities include: Working with senior management and clients to develop products that meet their needs Coordinating with technology group to install and test all mortgage products on Point of Sale and Automated Underwriting Systems. Coordinating multiple product/project implementations Establishing, tracking and communicating project timelines to meet implementation deadlines Interaction with clients regarding product questions Support the Secondary Marketing Department through competitor product, business systems and economic analysis/evaluation. The successful candidate will also be responsible for generating new product ideas. These duties include: Coordinating development of product ideas, focusing on building close network with secondary marketing peers, executive management and business unit key colleagues Working with management and clients to understand needs and desires Reviewing established products to ensure product offerings continue to be competitive and change or eliminate them if they are obsolete.
Experience Required:
The position requires a Bachelors degree and 3+ years related industry experience. Individuals must possess excellent managerial skills and must be able to work as a team member. Excellent verbal and written communication skills including technical writing ability, organizational and analytical skills are a must. Individuals must also have strong interpersonal and customer service skills. Extensive knowledge of the mortgage lending process and of investor guidelines required: Agency, jumbo, alt-A and subprime.
Skills Required:
Must have working knowledge of Windows based systems (Excel, Access, Word, MS Project), a working familiarity with mortgage products, secondary market investors and a general knowledge of competitor product guidelines •A demonstrated ability to identify and implement creative business solutions. The following skills are desired: Significant underwriting experience in Mortgage Lending Strong interpersonal skills Extensive knowledge of the mortgage lending process Secondary Marketing experience Mortgage banking experience in the area of investor relations, secondary marketing, systems or another mortgage banking function related to product development, administration and credit risk management.
Secondary Marketing Manager
Job Title: Manager, Secondary Marketing Operations (new position)
Location: Ewing, NJ
Reports to: SVP, Client Services
Compensation: Commensurate with Experience Salary plus Bonus and Benefits
About The Company
Sterling Eagle is a NJ based residential mortgage investment and services company that provides a unique suite of services to mortgage bankers in the form of warehouse lines, back-office fulfillment processing and a mortgage purchase conduit. Sterling Eagle is experiencing rapid growth in its purchase conduit business segment and has an opening for a Secondary Marketing Manager.
Major responsibilities:
Manage Secondary Marketing Client Service Group - includes lock desk and loan scenario help desk combined as one unit • Negotiate with investors on product pricing and delivery Coordinate with investors on daily lock and lock extensions Develop and Implement Secondary Marketing Procedures for clients and Account Reps Coordinate with Product Development on issuance of new products and changes to rate sheet and pricing tables Work closely with Senior Management on monthly settlements for investor sales, as well as bid packages for new whole loan sales Interact with Senior Management to identify and address pricing risks Develop a team of Secondary Marketing Analysts Assist in management of pipeline and loan pricing strategy Work with Mortgage Operations, Audit and Risk Management to ensure accurate and timely disposition of loans into appropriate investor commitments Assist in completion of legal agreements between Sterling Eagle and investors Develop pooling strategies for use in loan sales and auctions Work with portfolio and external investors in monthly loan sale settlements Serve as department liaison with the firms IT applications
More specific requirements are as follows: 1. Ability to generate data tapes (files) for loan sales; 2. Proper allocation of loans rejected by investors. This requires extensive communication with Audit, Risk Management, Collateral, and Servicing; 3. Accurate Generation of final UPBs, Accrued Interest and Settlement Pricing. Effectively communicate results of sale transactions to Accounting and Senior Management and circulate Funding Memos that encapsulate proceeds from settlements; 4. Work closely with the firms fulfillment services operations to generate a settlement recap report, which illustrates the fallout attributed to due diligence, collateral rejects, files not received, etc. for both correspondent and wholesale production channels and 5. Identify post-settlement transfer discrepancies.
Experience required :
College degree in business, finance or related field required • Three years experience in mortgage banking and secondary marketing Previous management experience in finance or accounting preferred Prior experience in loan sales, pipeline management and report generation/maintenance Prior experience in hedging mandatory and AOT deliveries •Intimate knowledge of secondary market investors for conventional prime and subprime programs and pricing.
Skills required :
Strong written and verbal communication skills Excellent analytical skills PC skills, including excel, word and database programs (SQL, Access) Familiarity with secondary marketing software/tracking applications.
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