RC_GO_100.4 Secondary Marketing Basics

1-5 Beginner Capital & Secondary Markets Education Residential Residential Certified Mortgage Servicer (RCMS) Self-Study Web-Based Courses
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In the primary mortgage market, interactions are between the lender and the borrower. Conversely, in the secondary market, the interaction is between the lender and the investor that buys loans and servicing rights from the lender.

The secondary market provides a platform for lenders to fund a continuous flow of new production because they are able to quickly and easily sell their loans and minimize the risks inherent in mortgage lending. As investors purchase loans, funds are made available for lenders to create more loans; this interaction with the investors is what makes the funds available.

The first half of Secondary Marketing Basics takes a broad, high-level look at the structure of the secondary mortgage market, the players involved in it, and some key concepts for understanding it. It begins with an overview of the secondary market, explaining what the secondary mortgage market is and how it impacts our economy. Next, the course reviews the various players and investors in the secondary market and explains the critical concepts of loan sales, commitments, and mortgage-backed securities in order to lay a foundation for understanding the work of a secondary marketing department.

The second half of the course moves from the conceptual to the practical with a review of secondary marketing operations. It looks at the secondary marketing department and explores what they do on a day-to-day basis. It examines the risks that a lender faces and describes various ways the lender can manage those risks. The course also discusses the critical secondary marketing responsibilities of pipeline management, pricing, and hedging.

Finally, the course wraps up with a look at regulations that affect a mortgage lender's secondary marketing department.

This is a single-family/residential course.

  • Role of the Secondary Market
  • Secondary Mortgage Market Participants
  • Loan Sales and Commitments
  • Mortgage-Backed Securities
  • Secondary Marketing Operations
  • Risk Management
  • Pipeline Management
  • Pricing
  • Hedging
  • Complying with Regulations

    Seat time approximately 3 hours.

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