The MSR Asset/Hedge Manager position in Capital Markets will support the Mortgage Servicing Rights ("MSR") asset valuation and the hedging activities related to the firm's MSR, the company's largest and most complex asset, and RMSR (Reverse Mortgage Servicing Rights) asset. The incumbent is expected to own and enhance key processes central to managing both the asset and hedge, covering regular reporting and analysis.
The preferred candidate would be someone that can support and participate in the strategic evolution of the MSR management at Ocwen, which seeks to create a best in class platform to price MSRs and whole loans, with the ability to incorporate market color and market risk management principles to the fair value MSR asset and its risks.
Management of the MSR and RMSR include, but not limited to, the valuation of new MSR volume (through both originations or acquisitions), MSR capitalization pricing grids, the existing MSR asset and its hedge instruments, bulk and flow MSR acquisitions, as well as the RMSR asset.
Job Functions and Responsibilities:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Examples below:
- Stratify existing and potential acquired MSRs.
- Support daily/weekly/monthly/quarterly MSR asset and hedge valuations - either via MIAC's cash flow model or via comparable valuation models.
- Produce, present, and support recurring risk analytics of the MSR portfolio.
- Develop and continually enhance analytical and operational infrastructure relating to the MSR valuation, risk metrics and reporting.
- Develop and tune MSR pricing grids to meet market expectations and enable efficient acquisitions.
- Collaborate with senior management of the production channels and margin management on pricing strategies to account for changing market and competitive conditions.
- Develop and execute bulk, mini-bulk and flow MSR acquisition opportunities that meet risk-adjusted financial return requirements.
- Design and generate reporting to support the monthly and quarterly MSR valuation and risk profile.
- Design and maintain effective hedge strategies considering the full range of interest rate risks to which the MSR is exposed within the Company's risk appetite.
- Collaborate with senior management to produce intuitive and insightful presentations for committee meeting and other governance forums.
- Perform other related duties as required and assigned.
To perform this job successfully, an individual must have the following education and/or experience:
- 5+ years of mortgage market experience, focused on one or more of the following: mortgage capital markets, MSR asset management, interest rate risk management and hedging.
- Bachelor's Degree required, with casework or major in engineering, mathematics/statistics, economic or finance.
- MBA or CFA preferred with knowledge of fixed income markets.
- Deep understanding of MSR valuation principles, the use of models to arrive at valuation and risk metrics - either through in-house or vendor supported models - and a deep understanding of the assumptions underlying MSR value, risks, and cash flows.
- Valuation experience in other type of mortgage assets, such as Reverse MSR, Whole Loans, MBS, EBOs or REOs would be a plus.
- Demonstrable experience designing and computing key performance and risk metrics (KPI and KRIs) which incorporate MSR market value, and risk sensitivities such as DV01, CV01, Basis01, and KRDs.
- Experience in modeling, VBA, and/or SQL, along with a working knowledge of managing and working with MSR-centric data sets such as loan tapes, pricing grids, and cash flow schedules.
- Familiarity with policies and procedures related to MSR asset management.
- Understanding of the accounting implications of managing and valuing a level 3 asset
- Experience reviewing and analyzing third party MSR appraisals and industry surveys as they pertain to MSRs.
- Strong analytical and critical thinking skills, with the ability to clearly communicate abstract concepts to a broad range of stakeholders.
- Ability to work independently based on high-level goals agreed upon with manager.
- Strong interpersonal and communication skills.
- Ability to frame and articulate goals considering all relevant viewpoints and concerns.
- Demonstrable ability to multi-task and meet deadlines in a fast-paced deadline-driven and constantly changing environment.
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.
- General work schedule (for shift roles)
Ocwen and its subsidiaries are proud to be equal opportunity workplaces. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status. If you have a disability or special need that requires accommodation, please let us know.
This position is not eligible to be performed in the state of Colorado.
Company: PHH Mortgage
PHH Mortgage, a wholly owned subsidiary of Ocwen Financial Corporation, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing solutions to companies who own mortgage servicing rights and offers portfolio retention services to extend and enhance customer relationships.
PHH has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. We strictly focus on subservicing and portfolio retention allowing our diverse professional clients - representing some of the largest and most recognizable financial and wealth management institutions, investors of MSRs, regional and community banks, and credit unions - to concentrate on their core businesses, while providing borrowers with exceptional customer service throughout the life of their loans.
Adhering to the highest levels of risk and compliance, built to bank-like standards, we build relationships with our clients and their customers to promote a philosophy of retaining "customers for life." We strive to be a natural extension of each client's team, helping them to keep their expenses down, borrowers satisfied and service levels up while meeting today's regulatory demands and changing market conditions.
Ocwen is proud to be an equal opportunity workplace and is an affirmative action employer. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status. If you have a disability or special need that requires accommodation, please let us know.