Job description

VP, HEDGING MANAGER OF SECONDARY MARKETS
Pittsburgh PA
Base Salary 160-200K+ Bonus + Commission + Full Benefits (Medical, Rx, Dental, Disability, Life Insurance, Flexible Spending Accounts, Retirement Savings Plans with Company Match/Contributions, Education Assistance, Bonus Plan Eligibility, Parental Leave)

This position will be responsible to work with hedging provider to manage and analyze the risk framework of Held For Sale (HFS) mortgage pipeline and applying hedging instruments for risk mitigation, optimizing returns and P&l volatility. This role also involves developing Mortgage Servicing Rights (MSR) hedging and valuation framework. Other functions include calibrating modeling parameters, hedge performance monitoring , effective management of extended terms hedged assets, risk analytics and reporting and enhancing other tools like best execution, specified pools trading and MBS pooling & securitization for P&L optimization.

Primary Responsibilities:

• Modeling for hedge effectiveness of HFS Mortgage Pipeline and work closely with hedging provider while analyzing efficacy of various hedging instruments and modeling parameters. Explore application of options to manage the growing convexity risk and manage the unique nature and risk of pipeline with growing share of longer-term products like salable construction to perm and extended locks.
• This position will be responsible to develop a robust performance monitoring and feedback. The development of back-testing and stress-testing of the HFS rate lock exposure versus actual pull-thru and the integration of a dynamic market rate, yield curve and market volatility impact on related models.
• Developing a framework to manage the MSR hedge utilizing various derivatives instrument including Options, TBA, Swaps and Eurodollars. Devising a framework for MSR valuation with third party for regular mark to market and sensitivity of MSR values net of hedge and reporting.
• Growing our risk analytics and risk reporting and implementation of a dynamic risk measurement and reporting package to support Manager of Capital Markets in the overall Pipeline/Warehouse and reporting activities and P&l tracking and explanation. Review, recommend and document all related policies and procedures in accordance ALCO risk control framework.
• Applying advanced analytics & modeling skills to support various functions in secondary marketing including pricing analysis, market share studies and suggest strategies to grow our business
• Develop process to manage securitization and specified pool trading. Knowledge of trade to pool allocation and settlement. Expected to start with Ginnie pools and then follow up with Fannie and Freddie pooling and allocation.
• Coordinates monthly and/or quarterly market-to-market profitability with the Finance Department. Review of existing and alternative vendor models for hedge service and pricing engine and recommend and implement changes if required. Familiarity and involvement with other roles in secondary marketing including pricing, lock desk functions, product development process and loan sale.
• Performs other related duties and projects as assigned.

Minimum Level of Education Required to Perform the Primary Responsibilities of this Position:

• BA or BS

Skills Required

• Excellent communication skills, both written and verbal
• Excellent management skills
• Excellent project management skills
• Detail-oriented
• Ability to work and multi-task in a fast paced environment
• Excellent organizational, analytical and interpersonal skills
• Strong knowledge of secondary residential markets , interest rates, derivatives, options trading and modeling , hedging mortgages and MSR , MBS trading, best execution and specified pools.

Job Type: Full-time

Pay: $160,000.00 - $185,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Employee assistance program
• Flexible schedule
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Parental leave
• Tuition reimbursement
• Vision insurance

Schedule:

• 8 hour shift
• Monday to Friday

Supplemental pay types:

• Bonus pay
• Commission pay

Ability to commute/relocate:

• Pittsburgh, PA: Reliably commute or willing to relocate with an employer-provided relocation package (Preferred)

Application Question(s):

• What is the best email address to contact you?

Experience:

• secondary market securitization: 1 year (Preferred)
• (MSR) Mortgage Servicing Rights: 1 year (Preferred)

Work Location: In person

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