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POSITION TITLE: Director, MSR Trading

Position Summary...

This critical role on the MSR Portfolio Management Team will manage the groups bulk and flow transaction pricing and transaction activity. Through ownership of MSR SRP processes, flow MSR execution and bulk pricing transactions, this position will be essential to achieving the portfolio growth and return objectives of the firm. This teammate will be a critical partner of the Business Development Team, responsible for ensuring comprehensive and timely evaluation of bulk MSR and of new subservicing opportunities. The ideal candidate will be an experienced MSR practitioner, with extensive knowledge in the valuation and trading of MSR assets.

Job Functions and Responsibilities:
• Ownership of the flow MSR pricing, best ex framework and trade allocation process.
• Mange the calibration, production and delivery of channel MSR Pricing grids and LLPA adjusters.
• Formulate and propose strategic transaction activity to achieve the corporate growth and owned servicing goals.
• Responsible for successful MSR sales and executing on the company’s “capital lite” retained MSR strategy
• Responsive evaluation and pricing of bulk MSR transaction opportunities.
• Preparation of financial projections, yield analysis and deal summaries for any MSR transactions.
• Contributing to the retained MSR valuation process, particularly to the capitalization of new originations.
• Ensure that SRP base and adjuster pricing are calibrated to market benchmark levels.

Key Result Areas:
• Contributes to the growth and profitability objectives of origination channels.
• Timely and accurate delivery of MSR pricing grids and price adjusters.
• Responsive analysis and pricing of potential bulk MSR acquisitions resulting in deal success that achieves target return hurdles.
• Ensures that SRP grids and capitalization levels are in line with market benchmarks and provide appropriately competitive levels to the origination channels.
• Minimize valuation residuals between SRP grids and portfolio capitalization.
• Timely and accurate delivery of weekly/monthly flow allocations
• Create transparency such that all origination channels have access to the appropriate pricing grids
• Demonstrates continuous improvement in process efficiencies


To perform this job successfully, an individual must have the following education and/or experience:
• Minimum 10 years mortgage industry experience
• Minimum 7 years MSR valuation experience
• Experience using MSR valuation and hedging frameworks such as QRM, Compass or MIAC.
• Highly knowledgeable in MSR valuation methods, models and assumptions.
• Experience benchmarking MSR values against peers and industry benchmarks.
• Familiar with MSR hedging methods and instruments.
• Experience working with MSR asset data types and fields.
• Robust knowledge of the nuanced differences and similarities between the MSR loan types, including Fannie Mae, Freddie Mac, Ginnie Mae, Private Label Securities, Nonperforming Loans/Reperforming Loans, Non-QM, Reverse Mortgages, and HELOC.
• Familiar with FNMA SMP/FH Co-Issue/FHLMC CRX/GN PIIT/FHLB pricing process
• Ability to solve complex and unusual technical, administrative, and managerial situations
• Superior interpersonal skills and ability to communicate complex information effectively
• Ability to partner with all levels of management to ensure effective implementation of time-sensitive initiatives and identify deficiencies and opportunities for improvement
• Bachelors degree in a related field such as finance, mathematics, economics or business.
• CFA or FRM designation is preferred.
• Highly skilled and experienced working with SQL and large mortgage data sets.
• Ability to perform programming in VBA or Python would be a plus.
• Minimum 7 years MSR bulk and flow transaction experience.
• Experienced in creating bulk sale selections to meet strategic criteria.
• Strong ability and experience evaluating MSR bulk acquisition opportunities. Transforming data, performing valuation of and evaluating expected returns.
• Experienced in SRP grid development, flow and co-issue transactions.
• Familiar with FNMA SMP/FH Co-Issue/FHLMC CRX/GN PIIT/FHLB programs.
• Ability to perform best execution and trade allocations for MSR flow.

Training / Licensing Requirements:
• Must pass the Company’s Background Screening process prior to beginning employment. Additionally, as a condition of employment, you may be required to pass client-specific background check requirements or Federal/State licensing requirements, if applicable
United States


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