Saturday, April 3, 2010

Secondary Head Trader

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For over 153 years, Farmington Bank has been serving the people of Central Connecticut. We are a full service community bank offering a full range of personal and business banking products and services.

Today, FB is an $1 billion institution with twelve offices throughout the Farmington River Valley and Central Connecticut. FSB is a mutual savings bank regulated by the State of Connecticut and the FDIC.

Through all of the changes that have occurred in a century and a half, one thing remains a constant. Our dedication and commitment to the people and the communities we serve.

Secondary Head Trader

Reporting To: SVP, Director of Consumer & Residential Lending

JOB SUMMARY:

The Secondary Head Trader will have the responsibility of developing a Residential Secondary Market strategy for Farmington Bank to maximize profits and create fee income. Expectations of this position include full accountability for developing a loan sales strategy, new product offerings and daily pricing activities. This individual will be the driving force in developing relationships with FNMA, FHLMC, FHA and other Private Investors.

JOB RESPONSIBILITIES

* Develop and maintain Agency relationships and negotiate Purchase and Sale Agreements with all Investors.
* Price all residential loan products on a daily basis (or more frequently as the market may require) pursuant to Investor and current department guidelines.
* Consider at all times alternative loan delivery strategies for best execution to ensure price competitiveness.
* Interact closely with Loan Operations to ensure timely delivery of loans and their committed time frames with Investors.
* Manage all rate lock renegotiations and extensions.
* Responsible for the creation of competitive mortgage programs and products. Develop all new loan products for the company in conjunction with priorities set by Loan Production and reviewed and approved by the SVP of Consumer and Residential Lending.
* Update all loan products as dictated by market conditions and/or changes by Secondary Market Investors.
* Maintain a Product Manual for the benefit of the loan officers and select company personnel including the distribution of regular updates.

Requirements

DESIRED EXPERIENCE:

* Fifteen + years as a Secondary Market Trader in a financial services organization with extensive mortgage and consumer lending or related experience is essential.
* Specific experience in Risk Management, Secondary Market Loan Sales, Investor Relations, Product Development and Pricing is necessary, with a broad knowledge and understanding of Consumer and Residential Lending.


PERSONAL SKILLS / ATTRIBUTES:

* Strategic capabilities to refine the value proposition, articulate supporting strategies, and design sound implementation plans to deliver sustainable growth.
* Leadership capabilities to further transform the Residential Platform from a portfolio culture to a Loan Sales discipline.
* Forward thinking leader with outstanding interpersonal and people management skills. Resourceful manager who has initiated new programs to grow a business.
* Strong analytical skills required to manage interest rate risk and loan deliveries.
* A record of accomplishment and increasing scope of responsibility with an established bank or financial services organization.
* Solutions oriented creativity with a positive mental attitude and a focus on execution to deliver results.

BENEFITS

Package includes medical and dental insurance; life insurance; long term disability insurance; short term disability; ac

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