New Residential Investment Corp. (NYSE: NRZ) is a publicly traded real estate investment trust (“REIT”) that focuses on investing in, and actively managing, investments primarily related to residential real estate.
We aim to drive strong risk-adjusted returns primarily through investments in (i) Mortgage Servicing Rights (“MSRs”), (ii) Agency and non-Agency residential mortgage backed securities (“RMBS”) and associated call rights, (iii) performing, non-performing and re-performing residential mortgage loans and (iv) consumer loans. www.newresi.com.
About the Position
NRZ is seeking a Mortgage Servicing Rights (MSR) associate to work on the trading desk alongside the portfolio manager, on all aspects of the MSR business, including sourcing new investments, bidding, financing, asset management, hedging / risk management and subservicer oversight.
The Mortgage Servicing Rights Associate will:
- Support the portfolio manager in evaluation of potential acquisitions; analyzing the portfolio’s characteristics and preparing analysis for bidding; presenting potential acquisitions to senior management
- Negotiate MSR purchase agreements
- Evaluate and implement potential hedges for the MSR portfolio
- Track risk and profit and loss (P&L)
- Asset management, including thinking of ways to maximize the value of the existing portfolio, preparing and analyzing monthly performance reports
- Prepare quarter end valuations and updated performance assumptions for the existing portfolio
- Working on financing and securitizations, including analyzing various financing options, assisting in capital markets securitizations, preparing investor presentations
- Subservicing oversight, including selecting new subservicers, negotiating subservicing agreements, onsite due diligence and reviewing subservicer’s monthly performance
- Interaction with the GSEs (government sponsored enterprise) and other regulators
- Assist with preparations / quality control reviews of periodic regulatory reporting and regulatory examination requests
- Work closely with support and control functions (accounting, valuations, operations, Technology) to ensure there is clear communication of business requirements and new business as well as controlled and efficient transmission of data
The ideal candidate will have:
- 3 – 6 years of prior work experience in securitized products
- Experience with MSRs a plus
- Prior experience on a trading desk a plus
- Understanding of mortgage math, mortgage cash flows, life cycle of mortgages
- Solid quantitative skills
- Proficient in Microsoft Outlook, Word, and Excel (graphs, pivot tables, formulas).
- Knowledge of T-SQL or other database querying tools
- Familiarity with VBA, SQL, R, Python and/or Tableau a plus
- Strong analytical and problem-solving skills.
- Strong verbal and written communication skills.
- Demonstrated ability to multi-task and assimilate new ideas.
- Bachelor’s degree from an accredited 4 year institution.
- A degree in the quantitative disciplines such as financial engineering, computer science, math, science, engineering, economics a plus