Associate / VP, MSR Trader & Portfolio Management

4 days ago

Alpharetta, United States Balbec Capital LP Full time

Firm Overview

Balbec Capital (“Balbec”) is an SEC-registered alternative investment manager with offices in the United States and Europe. Since its founding in 2010, Balbec has deployed over $23 billion globally through its funds and investment vehicles, seeking to deliver consistent, risk-adjusted returns to investors and long-term partners across asset-based credit strategies.


Balbec is a direct investor in residential and commercial mortgage loans at all stages of performance, mortgage servicing rights, and select consumer and alternative credit assets. Leveraging its proprietary technology and transaction management platform, Balbec efficiently executes highly granular transactions, enabling the firm to serve a broader range of counterparties and generate returns for investors by applying institutional execution standards to inefficient, underserved or fragmented markets.


Balbec’s funds rank among the largest issuers of U.S. residential mortgage-backed securities (RMBS) through its PRPM shelf. The firm’s investments in agency mortgage servicing rights are sourced via its affiliate, Bungalow Funding.


Balbec has invested in over 20 countries, selectively deploying capital into geographically and asset-diverse opportunities that exhibit attractive risk/reward profiles, upside potential, and substantial downside protection.


Job Description & Key Responsibilities

This critical role on the MSR Portfolio Management Team will lead portfolio return optimization and contribute significantly to the overall MSR valuation program. Through ownership of the asset performance realization management, 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 Finance and Capital Markets teams, responsible for analysis and recommendations of actions to enhance the company’s return and risk reporting framework. The ideal candidate is an experienced MSR practitioner, with extensive knowledge in the valuation and trading of MSR assets.


Responsibilities include:

  • Evaluating realized performance of MSR assets and present to executive management
  • Proposing strategies or transactions to enhance financial performance
  • Preparing financial projections, yield analysis and deal summaries for any MSR transactions
  • Contributing to the production of MSR values, SRP grids and risk measures
  • Directly supporting the risk hedging activities of MSR management
  • Developing enhancements to valuation methods and production processes to improve efficiency


Key Result Areas:

  • Contributes to the growth and profitability objectives of MSR net income
  • Identifies strategies that result in net income growth
  • Timely and accurate delivery of MSR performance measurement
  • Responsive analysis and pricing of potential transactions resulting in deal success that achieve target return hurdles
  • Implementation of tools and methods that improve the effectiveness of active portfolio management


Qualifications & Experience

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

  • Minimum 5 years mortgage industry experience
  • Experience with both forward and reverse mortgage assets is preferred.
  • Minimum 5 years of 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
  • Bachelor’s degree in related fields such as finance, mathematics, economics, or business
  • Highly skilled and experienced working with SQL and large mortgage data sets
  • Ability to perform programming in VBA or Python would be a plus
  • Experienced in the trading and purchasing of mortgage assets
  • Experienced in SRP grid development, flow, and co-issue transactions
  • Familiar with FNMA SMP/FH Co-Issue/FHLMC CRX/GN PIIT/FHLB programs


Equal Employment Opportunity

Balbec Capital LP is committed to ensuring equal employment opportunities for all employees, including qualified employment applicants. The firm strives to maintain an environment free of discrimination based on race, color, religion, gender, national origin, ancestry, age, disability, genetic information, military or veteran status, marital status, sexual orientation, gender identity, citizenship, or any other protected category or characteristics as defined by federal, state or local laws. This equal employment opportunity policy applies to all employment practices, including but not limited to recruiting, hiring, advertising, promotion, transfer, reductions in force, social and recreational programs, training, employee development, compensation and fringe benefits, discipline, and termination.


Disclaimer for External and 3rd Party Recruiters:

Please note that Balbec Capital does not accept unsolicited resumes from external or third-party recruiters. All recruitment-related inquiries and submissions must be directed exclusively to our HR department at careers@balbec.com. We kindly request that recruiters refrain from contacting any other employees within the organization regarding job opportunities. Any unsolicited resumes sent to our employees or submitted outside of the designated HR contact will become the property of Balbec Capital without any obligation to pay referral fees. Thank you for your cooperation.

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