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Correspondent Purchasing Manager
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Job Summary
The Correspondent Purchasing Manager is responsible for overseeing the acquisition of mortgage loans from approved correspondent sellers, ensuring loans meet investors, agency, and internal credit and compliance standards. This role manages the end-to-end loan purchase process, pricing execution, funding coordination, and seller relationship management while mitigating risk and optimizing loan profitability.
Essential Duties & Responsibilities
- Manage daily loan purchase activities from correspondent sellers, including review, approval, and funding authorization
- Ensure loans meet agency (Fannie Mae, Freddie Mac, GNMA), investor, and internal underwriting guidelines prior to purchase
- Identify credit, compliance, and repurchase risks prior to loan acquisition
- Review loan files for eligibility, data accuracy, and documentation sufficiency
- Serve as primary operational contact for correspondent sellers during the purchase process; communicate purchase conditions, suspensions, and funding status clearly and professionally
- Maintain accurate pipeline and purchase reporting; Track loan aging, suspense, and outstanding purchase conditions
- Coordinate with funding, collateral, post-closing, and accounting teams to ensure timely loan purchases
- Identify opportunities to improve cycle times, reduce defects, and enhance seller experience
- Other responsibilities, as assigned.
Preferred Qualifications
- 5+ years of experience in correspondent lending, loan purchasing, or secondary marketing
- Experience in multi-state lending environments.
- Experience working within Encompass
- Strong knowledge of agency guidelines
- Advanced knowledge in Microsoft Excel
Preferred Education
- Bachelor’s degree with an emphasis in business administration, finance, or related field of study
Work Environment
Work is performed within an office environment, with standard office equipment available as needed.
Physical Factors
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. While performing the duties of this Job, the employee is regularly required to sit for extended periods of time; use hands to finger, handle, or feel the computer; reach with hands and arms and talk or hear. The employee must occasionally lift and/or move up to 25 pounds.
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