The mortgage machine · Stage 4 of 7
04 Capital markets
Funding it: locking, hedging and selling loans. What this team does, why it matters to your loan, and who's hiring for it.
16 open roles · updated October 23, 2026
The short answer
When you lock a rate, the lender takes on risk: if market rates move before closing, the loan is worth more or less. Capital markets teams (also called secondary marketing) set the daily rate sheet, manage locks, hedge the pipeline, usually by trading mortgage-backed securities for future delivery, and then sell closed loans: conforming loans to Fannie Mae or Freddie Mac, FHA, VA and USDA loans into Ginnie Mae securities, and jumbo or non-QM loans to private investors.
A closer look at the work
A typical day starts with the rate sheet: capital markets prices every product from where mortgage-backed securities are trading that morning, and reprices if the market moves sharply. Throughout the day the team tracks how many locked loans are likely to close (the "pull-through" rate) and adjusts hedges. After closing, loans are pooled and delivered to an agency or sold to investors, and the team decides whether to keep or sell the right to service each loan.
That last choice is why your loan might be sold or transferred after closing. Your rate and terms don't change when it is.
Why it matters to you as a borrower
This is where your rate actually comes from. Rate locks, lock extensions, float-downs and the price of points are all set by capital markets, and they follow the bond market, not the Fed's headline rate.
Typical job titles
Secondary marketing analyst, lock desk analyst, pricing analyst, trader, hedge analyst, portfolio manager, loan sale and investor delivery specialist.
All open roles in this stage (16)
About these listings. Listings are pulled automatically from each company's public careers page and may be out of date. MortgageInfo.us isn't a recruiter, doesn't accept applications and isn't affiliated with these companies. Apply on the company's own site.
CrossCountry Mortgage 4
Fairway Independent Mortgage 1
Fannie Mae 3
- Financial Engineer - Anaplan
- Senior Financial Engineer - Capital Markets
- Whole Loan Conduit Trader - Senior Associate
Figure 2
Freddie Mac 3
- Capital Markets - Strategic Initiatives Lead
- Multifamily Capital Markets, Professional
- Multifamily Portfolio Analytics & Strategy, Senior Manager
Newrez 2
Onity Group 1
Frequently asked questions
What does mortgage capital markets (secondary marketing) do?
It prices loans each day from the mortgage-backed securities market, manages rate locks, hedges the risk that rates move before locked loans close, and sells closed loans to Fannie Mae, Freddie Mac, Ginnie Mae securities or private investors.
Why was my mortgage sold after closing?
Most lenders don't keep the loans they make. They sell them, or sell the servicing, to free up cash for new loans. Your interest rate, payment and terms stay the same; only who you pay may change, and you get written notice first.