Pennymac is (NYSE: PFSI) is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market.
At Pennymac, our people are the foundation of our success and at the heart of our dynamic work culture. Together, we work towards a unified goal of helping millions of Americans achieve aspirations of homeownership through the complete mortgage journey.
A Typical Day:
Senior level role that oversees the daily management of the firm’s Agency MBS investments and hedges.
Responsibilities include ownership of risk exposures and performance of positions in the firm’s mortgage REIT as well as the MSR hedging books, investment idea generation utilizing both top-down and bottom-up analysis, oversight of trade execution across products, management of trading counterparties, and regular presentations to senior management.
The SVP, Agency MBS Portfolio Manager will:
- Daily management of the firm’s Agency MBS positions and performance utilizing a process-based approach
- Ownership of investment strategy that is adaptable across market cycles
- Detailed analysis of Agency MBS market and flows to establish relative value across the TBA coupon stack, specified pools, and CMOs
- Identification of prepayment trends and risks to drive levered returns on specified pool and CMO investments
- Investment idea formulation for Agency MBS products and implementing cost effective approaches to managing the firm’s convexity exposure
- Trade execution across all Agency MBS products, inclusive of derivative securities
- Strong relationship with broker/dealer counterparties to support best execution, market color and investment idea generation
- Successful balancing of costs related to hedging and turnover vs. maintaining optimal risk management profile
- Partnering with other portfolio managers across interest rate and mortgage credit products to optimize management of interest rate and convexity exposures as well as allocation of capital
- Partnering with Risk Management team to ensure that efficacy of daily risk analytics and process are maintained
- Championing a team based environment and high-performance culture
What You’ll Bring:
- Minimum of 10 years of investment experience with focus in Agency MBS
- Demonstrated track record of strong risk-adjusted returns
- Deep understanding of MBS products and risks, including TBAs, specified pools, CMOs, derivatives, prepayments, volatility and convexity management
- Strength in performing independent, analytical analysis to form detailed views and investment ideas
- Excellent analytical and quantitative skills
- Strong communication and relationship management skills
- Experience with trading platforms and financial data tools
- Excellent critical thinking, problem solving, mathematical and sound judgment skills
- Collaborative approach that prioritizes success for the broader team and organization
Why You Should Join:
As one of the top mortgage lenders in the country, Pennymac has helped over 4 million lifetime homeowners achieve and sustain their aspirations of home. Our vision is to be the most trusted partner for home. Together, 4,000 Pennymac team members across the country are guided by our core values: to be Accountable, Reliable and Ethical in all that we do.
Pennymac is committed to conducting a business that makes positive contributions and promotes long-term sustainable growth and to fostering an equitable and inclusive environment, where all employees and customers feel valued, respected and supported.
Benefits That Bring It Home: Whether you're looking for flexible benefits for today, setting up short-term goals for tomorrow, or planning for long-term success and retirement, Pennymac's benefits have you covered. Some key benefits include:
- 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
- We value the hard work and dedication of our employees. In addition to a competitive salary, positions may offer bonus opportunities.
To learn more about our benefits visit:
https://pennymacnews.page.link/benefits
For residents with state required benefit information, additional information can be found at: https://www.pennymac.com/additional-benefits-information
Compensation: Individual salary may vary based on multiple factors including specific role, geographic location / market data, and skills and experience as defined below:
- Lower in range - Building skills and experience in the role
- Mid-range - Experience and skills align with proficiency in the role
- Higher in range - Experience and skills add value above typical requirements of the role
Some roles may be eligible for performance-based compensation and/or stock-based incentives awarded to employees based on company and individual performance.
Salary:
$160,000 - $200,000
Work Model:
OFFICE