Chicago)

KBRA•Chicago, NY

9d•$100,000 - $150,000•Hybrid

About The Position

KBRA is seeking an Associate Director to join its Residential Mortgage-Backed Securities (RMBS) team in New York, New York, or Chicago, Illinois. The role contributes to all aspects of the rating process, including collateral and cash flow analysis and preparation of reports for publication. The team issues ratings across sectors including Prime, Non-QM, GSE CRT, reverse mortgage, second liens, and RPLs, with a focus on high-quality, timely credit ratings supported by asset credit risk analysis, liability structure scenario analysis, and research. The successful candidate will serve as a lead analyst on transactions, interacting with clients, structuring banks, and investors. The role includes analyzing loan pools and bond structures, reviewing legal structures and documentation, preparing credit memoranda and transaction presentations for rating committees, and preparing presale and new-issue reports. The position also supports surveillance of existing transactions, may involve travel for due diligence, investor discussions, or industry events, and includes mentoring junior analysts as needed. The role is full-time and follows a hybrid schedule, with employees in the office Tuesday through Thursday. The anticipated annual base salary range is $100,000 to $150,000, with offers determined by experience, skills, geography, and other job-related factors.

Requirements

Bachelor of Arts or Bachelor of Science degree.
Strong analytical skills for transaction evaluation, including loan credit risk assessment and bond cash flow analysis.
Intermediate to advanced Excel skills; an Excel test may be administered during the interview process.
Proficiency with Intex cash flow modeling software.
Excellent written and verbal communication skills; a writing sample may be requested.
Ability to take initiative, work independently, and collaborate closely with partners.
Exceptional attention to detail.

Nice To Haves

MBA or CFA.
Three or more years of relevant residential real estate, rating agency, or RMBS experience; such experience is strongly preferred.
Compelling experience across ABS asset classes may be considered.
Familiarity with residential mortgage datasets or tools such as CoreLogic, Fannie/Freddie Single Family Data, BlackKnight, or eMBS.
Familiarity with generative AI tools such as ChatGPT for research, data insights, and general productivity.

Responsibilities

Serve as lead analyst and interact with clients, structuring banks, and investors on transactions.
Conduct loan pool analysis and model and analyze bond structures.
Review legal structures and transaction documentation.
Prepare or facilitate preparation of credit memoranda and present transactions to rating committees.
Prepare presale and new-issue reports.
Support surveillance efforts for existing transactions.
Attend and participate in seller/servicer due diligence, investor discussions, or industry events; travel may be required.
Mentor and foster the development of junior analysts, as necessary.