Pine River Capital Management

  • Correspondent Risk Manager, Two Harbors

    Job ID
    2018-1930
    # Positions
    1
    Experience (Years)
    7
    Category
    Two Harbors - Operations
  • Overview

    Two Harbors Investment Corp.

     

    Two Harbors Investment Corp. is a publicly traded mortgage real estate investment trust, or REIT. Our objective is to provide an attractive risk-adjusted total return to our stockholders over the long-term through dividends and capital appreciation. Our mission is to be recognized as the industry-leading mortgage REIT. We take an opportunistic investment approach to the residential mortgage sector, including residential mortgage-backed securities, mortgage servicing rights and other financial assets.

    Two Harbors today is the largest hybrid mortgage REIT with a market capitalization of over $3.5 billion. Two Harbors is externally managed and advised by PRCM Advisers LLC, a wholly owned subsidiary of Pine River Capital Management L.P. Two Harbors trades on the NYSE under the ticker symbol “TWO”. 

    Position Description:

    The Correspondent Risk Manager will be responsible for the management of all new and existing correspondent counterparties that sell mortgage servicing rights (“MSR”) to Two Harbors, including: performing correspondent due diligence reviews and approvals; ongoing monitoring of correspondent performance including reports to senior management; and, the compilation and submission of annual certifications for each Government Sponsored Entity (each a “GSE” or collectively the “GSE’s”) and the Department of Housing and Urban Development (“HUD”).  The successful candidate will act as the liaison between the correspondent and Two Harbors to ensure that each correspondent maintains adequate financial strength, adherence to origination and operational guidelines, and the compliance with laws and regulations.  The Correspondent Risk Manager will have a significant amount of interaction with internal and external parties and must demonstrate the ability to thrive in a fast-paced entrepreneurial environment.

    Responsibilities

    • Gather and analyze information (e.g., financial statements, third-party audit results, production metrics, etc.) from correspondents to evaluate each counterparties financial strength, operational effectiveness, and compliance with laws and regulations;
    • Schedule and perform onsite reviews of residential mortgage loan originators being considered for approval to sell mortgage servicing rights;
    • Administer background checks and coordinate the review with Legal and Mortgage Compliance;
    • Produce final assessments detailing the findings of each counterparty review for approval by the Chief Risk Officer;
    • Monitor risks associated with each correspondent through monthly scorecards, annual certification reviews, or other periodic reviews as necessary; provide recommendations as a result thereof;
    • Prepare executive level presentation materials detailing correspondent performance, as well as identifying potential risks or correspondents and Two Harbors MSR portfolio;
    • Coordinate and submit annual certifications due to the GSE’s and HUD;
    • Oversee the remediation and/or repurchase of residential mortgage loans from the GSEs that are identified to have origination defects;
    • Document and comply with policies and procedures regarding the review and monitoring of counterparties;
    • Perform other duties as assigned by management.

    Qualifications

    • Undergraduate degree in accounting, finance, or other business related field.
    • Minimum 7-10 years of progressive experience in correspondent approval, secondary marketing, third-party risk management, or similar role within an independent mortgage bank or depository.
    • In-depth knowledge of agency requirements and regulations (FNMA, FHLMC, HUD) including: loan origination, underwriting, quality control, post-closing and delivery, and secondary marketing.
    • Exhibits exceptional project management and analytical skills with a strong focus on attention to detail. Ability to efficiently sift through large amounts of information and spot trends and inconsistencies.
    • Ability to formulate and defend recommendations based on the results of procedures performed.
    • Strong written and verbal communication skills and the ability to effectively formulate conclusions and communicate with the senior most level of the organization and partner across multiple business lines.
    • Effectively assesses and prioritizes workload to meet deadlines in a dynamic and fast-paced environment.
    • Embraces change and demonstrates the flexibility to engage in multiple projects simultaneously.
    • Intermediate proficiency of MS Excel; basic proficiency of MS SQL Server is a plus.
    • Prior audit or bank examination experience, or capital markets/secondary marketing a plus.
    • Ability to travel up to 25%.

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