Hybrid Executive Director, Mortgage Credit Research

at PGIM

• Job title: Executive Director, Mortgage Credit Research
• Job type: Full Time
• Experience level: Lead
• Salary: $200,000 - $225,000 per year
• Degree requirement: Bachelor's Degree
• Location requirements: Hybrid, Newark, United States

About the role

• Leading the mortgage credit research team within PGIM Fixed Income to formulate investment strategies and oversee mortgage credit portfolio management.

Responsibilities

• This role is a research position leading the mortgage credit research team within the Securitized Products Research group of PGIM Fixed Income.
• The successful candidate will work closely with the structured products portfolio managers to formulate mortgage credit related investment strategies and oversee the mortgage credit portfolio.
• The successful candidate will be responsible for analyzing transaction collateral, assigning internal credit ratings, reviewing transaction documentation packages, developing and maintaining issuer and complementary creditor partnerships, conducting issuer due diligence as necessary, communicating with investment banking teams, working closely with portfolio management, in-house counsel, and other internal colleagues to determine investment suitability and relative attractiveness, presenting to clients and conducting surveillance on existing investments and industry trends.
• Underwriting public RMBS, mortgage whole loan and mortgage related ABF investment opportunities: developing tools for analyzing residential mortgage credit risk; negotiating document terms with issuers, sponsors, and other transaction parties; determining proprietary credit ratings; performing an ESG review of the issuer and transaction parties and assigning a proprietary ESG Impact score.
• Undertaking the ongoing monitoring and analysis of existing positions to assess credit risk, credit ratings stability, cash flow volatility, portfolio positioning and trading opportunities.
• Working closely with the structured products portfolio managers on all aspects of mortgage credit sectors: communicating credit and risk/reward opinions; highlighting changing fundamental viewpoints; helping to establish the strategic direction investing in the sector.
• Presenting results from transaction-specific and sector-wide analyses to wider internal and external audiences, including portfolio managers and clients.
• Maintaining views on industry-wide issues that impact originators, broker/dealers, and investors.
• Responsibilities may include monitoring U.S. and global regulatory changes, accounting and capital requirement changes, federal, state, and global lending laws, and any legal precedents.
• Building and maintaining relationships with sell side firms and issuers.
• Training and development of junior analysts.

Requirements

• BA/BS degree (MBA, MS and/or CFA are pluses)
• Candidate should have a minimum of 10 years of experience in mortgage credit research
• Demonstrated experience in developing and utilizing mortgage models, either independently or in close collaboration with a quantitative modeling team.
• Outstanding performance in prior experience and demonstrated leadership qualities
• Works well as part of a team and enjoys a fast paced, high intensity environment
• Possesses strong communication and presentation skills
• Has a keen interest in capital markets and mortgage credit investments
• Possesses strong attention to detail and possesses excellent creative and technical skills
• Solid capabilities in fixed income mathematics

Benefits

• Market competitive base salaries, with a yearly bonus potential at every level .
• Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave .
• 401(k) plan with company match (up to 4%).
• Company-funded pension plan.
• Wellness Programs including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs.
• Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
• Education Benefit to help finance traditional college enrollment toward obtaining an approved degree and many accredited certificate programs.
• Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period), after one year of service.
• Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance.