FVP, Whole Loan Trading

Pennymac • Westlake Village, CA

4d • Onsite

About The Position

The FVP, Pricing Strategies role supports Agency and Non-Agency whole loan trading activities. The Assistant Trader is responsible for the design, development and validation of best execution models of Non-Agency products including Jumbo, Agency eligible investment and second homes, closed end second liens and Non-QM mortgages; identification of whole loan trading arbitrage opportunities; assistance in the development and roll-out of non-agency products; data management & analytics and the development of management reporting. Responsibilities also include assisting in the creation, distribution and analysis of trade offerings; reconciliation and settlement of whole loan pools; developing, maintaining and monitoring daily pricing of non-agency products; coordination of analysis with multiple departments (e.g. Technology, Sales, Capital Markets); cross-channel non-agency product development and documentation; competitor product and pricing analysis and key corporate initiatives.

The ideal candidate will possess deep expertise in residential secondary markets, hedging, analytics and whole loan trading
Lead the design and enhancement of best execution models within Pennymac proprietary pricing engines, as well as desktop-based solutions, to optimize the execution of Agency and Non-Agency products through whole loan sales and securitization
Develop an efficient and accurate mechanism to a) identify and divert loans from Agency MBS execution into Non-Agency Whole loans, and b) optimize distribution of Non-Agency products across multiple investors in a way that seamlessly integrates into Capital Markets MTM databases and Pennymac data warehouses to facilitate management, reporting and creation of whole loan offerings
Manage the creation, distribution and execution of whole loan offerings to include loan selection, setting collateral and transaction stipulations, receiving and analyzing investor bids and making best execution recommendations
Lead the design, development and deployment of new mortgage products, including comprehension and documentation of guideline and pricing requirements, as well as testing and building tools to validate the accuracy of all calculations and configurations
Participate and/or lead requirement gathering sessions with stakeholders, walk-throughs with cross-functional teams, and assist in drafting and producing related documentation to successfully deploy new products timely, accurately and efficiently
Design data models to extract data from operational databases and transform the data to easily understood business views
Develop, maintain, and manage advanced reporting, analytics, dashboards and other BI solutions to support whole loan trading and non-agency products
Delivery of key corporate initiatives and demonstrate the ability to collaborate effectively with management and key stakeholders
Demonstrate behaviors which are aligned with the organization’s desired culture and values

Requirements

• Bachelor’s degree with a major in Finance, Actuarial Science, Statistics, Decision Science, Mathematics or Quantitative Analysis
• 5+ years of experience in residential mortgage finance, preferably with experience in Secondary Marketing or Capital Markets and exposure to Non-Agency/Non-QM mortgage products
• Strong quantitative analysis skills and proficiency in statistical analysis, quantitative methods, computational math, and probability distributions. Direct experience designing and running agency and non-agency whole loan cash flow pricing models, MSR pricing models and structured private label securitization models a plus
• Exposure to and working knowledge of mortgage prepayment and credit concepts and conventions
• Must be highly proficient in MS Suite, with experience in SQL, data modeling and advanced Excel skills
• Bloomberg, Intex, Snowflake and Rating Agency model experience preferred

Responsibilities

• design, development and validation of best execution models of Non-Agency products including Jumbo, Agency eligible investment and second homes, closed end second liens and Non-QM mortgages
• identification of whole loan trading arbitrage opportunities
• assistance in the development and roll-out of non-agency products
• data management & analytics and the development of management reporting
• assisting in the creation, distribution and analysis of trade offerings
• reconciliation and settlement of whole loan pools
• developing, maintaining and monitoring daily pricing of non-agency products
• coordination of analysis with multiple departments (e.g. Technology, Sales, Capital Markets)
• cross-channel non-agency product development and documentation
• competitor product and pricing analysis and key corporate initiatives
• Lead the design and enhancement of best execution models within Pennymac proprietary pricing engines, as well as desktop-based solutions, to optimize the execution of Agency and Non-Agency products through whole loan sales and securitization
• Develop an efficient and accurate mechanism to a) identify and divert loans from Agency MBS execution into Non-Agency Whole loans, and b) optimize distribution of Non-Agency products across multiple investors in a way that seamlessly integrates into Capital Markets MTM databases and Pennymac data warehouses to facilitate management, reporting and creation of whole loan offerings
• Manage the creation, distribution and execution of whole loan offerings to include loan selection, setting collateral and transaction stipulations, receiving and analyzing investor bids and making best execution recommendations
• Lead the design, development and deployment of new mortgage products, including comprehension and documentation of guideline and pricing requirements, as well as testing and building tools to validate the accuracy of all calculations and configurations
• Participate and/or lead requirement gathering sessions with stakeholders, walk-throughs with cross-functional teams, and assist in drafting and producing related documentation to successfully deploy new products timely, accurately and efficiently
• Design data models to extract data from operational databases and transform the data to easily understood business views
• Develop, maintain, and manage advanced reporting, analytics, dashboards and other BI solutions to support whole loan trading and non-agency products
• Delivery of key corporate initiatives and demonstrate the ability to collaborate effectively with management and key stakeholders
• Demonstrate behaviors which are aligned with the organization’s desired culture and values

Benefits

• Comprehensive Medical, Dental, and Vision
• Paid Time Off Programs including vacation, holidays, illness, and parental leave
• Wellness Programs, Employee Recognition Programs, and onsite gyms and cafe style dining (select locations)
• Retirement benefits, life insurance, 401k match, and tuition reimbursement
• Philanthropy Programs including matching gifts, volunteer grants, charitable grants and corporate sponsorships

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees