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Director, Mortgage Trading, Capital Markets

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Job ID: 1000087

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Job Description

The Director, Capital Markets Trading will manage all aspects of investing related to the MBS market including idea generation, trading, portfolio management, modeling and analytics. This person will be a key contributor to investment strategies through analysis and recommendations on securities, sectors and portfolio construction.

Job Functions and Responsibilities:

  • Responsible for UMBS and GNMA MBS market coverage. Monitor and have views on MBS basis, coupon swaps, agency swaps
  • Execute TBA trades for MSR and portfolio hedging
  • Maximize revenue on custom/specified pool trades
  • Monitor broker/dealer credit limits and optimize trading strategy
  • Monitor and recommend best execution strategies including securitization, cash window and whole loan trading
  • Identify relative value opportunities within coverage areas using fundamental and technical approaches leveraging internal and external analytics
  • Make specific portfolio recommendations and monitor profit and loss, or excess return relative to benchmark, on a regular and transparent basis
  • Maintain and update the existing analytics platform further leveraging it for use in market evaluation, security selection, idea generation and the portfolio management tool
  • Development of presentation materials for use in conveying key elements of process and strategy
  • Preparation of written monthly reviews of U.S. market developments and portfolio performance for internal use
  • Coordinating and editing fixed income section of quarterly report to shareholders
  • Develop and maintain proprietary models (given sector expertise) in support of security analysis and surveillance
  • Contribute to the analysis and settlement of the whole loan trading platform
  • Responsible for policies, procedures and controls around assuring effective portfolio management
  • Responsible for managing acquisitions that meet the strategy in the most cost-effective fashion
  • Oversee value at-risk under various scenarios
  • Develop and strengthen existing counterparty relationships while seeking new Secondary Market participants to bolster liquidity and execution
  • Monitor and optimize pricing for the retail and correspondent channels
  • GNMA HECM trading/modeling experience desirable
  • MSR hedging experience desirable including Eris/MAC Swap futures, Treasury futures and swaptions trading


To perform this job successfully, an individual must have the following education and/or experience:

  • Bachelors degree with a focus in Finance, Economics, Mathematics or related field of study preferred
  • MBA preferred
  • CFA preferred
  • 5 + years’ experience in fixed income investments, preferably as a portfolio manager or related role or 3+ years of secondary marketing experience
  • 5+ years’ experience and exposure to the GNMA and Agency TBA market on both the buy and sell side.
  • Experience in analyzing and trading securitization products
  • Custom/Specified trading experience required
  • Exposure to MBS derivatives and Mortgage Servicing Rights preferred
  • Self-motivated and capable of working independently
  • A demonstrated and proven ability to multi-task and meet deadlines in a fast-paced deadline-driven and constantly changing environment.
  • Strong presentation and communication skills (both oral and written)
  • Proven attention to detail, with excellent analytical, critical thinking, problem solving, and personal organization skills.

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