Director of Mortgage Capital Markets
About Orchard
Orchard is radically simplifying the way people buy and sell their homes. For the average American, the home purchase and sale process takes months, creates anxiety, and is filled with uncertainty and hassle. Orchard has reimagined the end-to-end experience of buying and selling, from innovative home search tools to find the perfect home to the ability to buy a new home before selling your current one. Orchard customers manage the entire experience through a personalized online dashboard, while also getting the support of best-in-class Orchard real estate agents.
Headquartered in New York City with offices in Austin, Denver and Atlanta, and team members across the US, Orchard has over 800 employees and growing. We've recently raised $100 million in Series D funding at a valuation over $1 billion and have financing from top-tier investors including Revolution, Firstmark, Accomplice, Navitas and Juxtapose. Our investors have also backed the likes of Pinterest, AirBnb, Shopify and Sweetgreen. We're proud to be recognized by Glassdoor, Inc. Magazine, Fast Company and Forbes on their lists of best places to work.
About the Role
The Director of Mortgage Capital Markets will be responsible for managing the secondary market activities and initiatives within Orchard Mortgage. This position will work with key members of Orchard Mortgage and Orchard Technologies leadership to help define and implement capital markets strategy that incorporates product, pricing, lock desk, pipeline management, best execution analysis, interest rate risk management, hedging, and delivery methods. The ideal candidate has hands-on experience leading a best-in-class mortgage capital markets team and can balance both the tactics and strategy of technical capital markets execution with leadership and process design.
This is a full-time role that will report into the President of Orchard Mortgage. It will be remote eligible but with an option to be based out of our growing Austin or NYC offices.
What You’ll Do Here:
- Manage the secondary market activities and initiatives, working closely with a Hedging Advisor and Orchard’s Corporate Capital Markets team to create and implement pricing and hedging strategies
- Provide functional oversight for the lock desk, quality control, post-closing, and investor delivery teams. Monitor and maximize pull-through rates, reporting on commitment strategies
- Mentor the Secondary Marketing Manager on all facets of the secondary marketing function
- Exercise the usual authority of a manager concerning; performance appraisals, staffing, employee development, salary recommendations and terminations
- Perform mortgage pipeline and interest rate risk management including hedging, to minimize market interest rate exposure
- Conduct studies that evaluate data on economic conditions, identify and evaluate economic trends and their impact on the market, and formulate forecasts of future economic developments of residential mortgage-backed securities (RMBS) and other facets of the mortgage industry
- Define and carry out pricing and delivery strategy to achieve stable, targeted profit margins, while staying compliant with Orchard’s established CMS framework
- Establish daily secondary market pricing for saleable products and work closely with other leadership to establish product pricing. Monitor pricing for competitive positioning taking advantage of investor price moves and owning the product and pricing eligibility engines
- Develop and manage secondary market investor trading relationships. Develop awareness for capital markets issues and trends that will impact sale execution. Maximize profitability within established guidelines through best execution analysis and choice of investor delivery methods
- Develop and manage residential mortgage credit policy and standards. Work closely with internal risk, compliance, and other departments to ensure company standards are met
- Assist with new product development, guideline review, and appropriate corresponding disclosures
- Manage relationships with investors, source new investors, and perform annual certifications or re-certifications of investors and ensure compliance with investor requirements
- Ensure quick & accurate file delivery to investors/GSEs to minimize warehouse dwell time
We’d Love to Hear From You if You Have:
- Bachelor's Degree in a business-related field and a minimum of ten years experience in Residential Purchase Mortgage Secondary Marketing
- Knowledge with competitive intelligence methods and practices
- Complete knowledge and understanding of mortgage operations, policies and procedures
- Excellent written and communication skills, including ability to deal professionally with issues, problems, and questions
- Excellent attention to detail and accuracy; good organizational, research and follow-up skills
- Ability to interact with all levels of clients (internal/external), staff, and management
- Ability to exercise independent judgment and employ basic reasoning skills
- Ability to work successfully in a deadline driven, high pressure, fast-pace, ever changing team environment
- Experience dealing with FNMA, FHLMC and Ginnie Mae is a plus
- Experience managing portfolio structure, mix of business and performance
- Experience in Optimal Blue
- Experience working with a hedge advisor and multiple broker-dealers
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Orchard is proud to be an equal opportunity employer. We provide employment opportunities without regard to age, race, color, ancestry, national origin, religion, disability, sex, gender identity or expression, sexual orientation, veteran status, or any other protected status in accordance with applicable law.