VP, Hedging Manager of Secondary Markets

VP, Hedging Manager of Secondary Markets
Location: Pittsburgh, Pennsylvania, United States
Flexible work from home days
Industry: Financial Services - Mortgage
Job Category: Finance / Accounting - Other Finance / Accounting

Compensation
Base Salary - USD $160,000 to $200,000
Full-time
Benefits - Full
Relocation Assistance Available - Possible for ideal candidate
Commission Compensation - No
Bonus Eligible - No
Overtime Eligible - No
Interview Travel Reimbursed - No

Candidate Details
Seniority Level - Mid-Senior
Management Experience Required - No
Minimum Education - Bachelor's Degree
Willingness to Travel - Never

Security Clearance Required: No
Visa Candidate Considered: No

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.
All employees have the responsibility and the accountability to serve as risk managers for their businesses by understanding, reporting, responding to, managing and monitoring the risk they encounter daily as required by F.N.B.
Corporations risk management program.

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

Minimum # of Years of Job Related Experience Required to Perform the Primary Responsibilities of this Position: 5

Skills Required to Perform the Primary Responsibilities of this Position:
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.

Licensures/Certifications Required to Perform the Primary Responsibilities of this Position: N/A
Physical Requirements or Work Conditions Beyond Traditional Office Work:
N/A

Skills and Certifications [note: bold skills and certification are required]
MSR
Derivatives

Ideal Candidate
Must have excellent MSR pipeline experience

Candidate must be based in Pittsburgh. If not currently, must relocate before or shortly after start date.