Director, RMBS Trading & Residential Credit Investing

About Us

Since 1848, National Life Group has aimed to keep its promises, providing families with stability in good times and in bad. Throughout that history, we have provided peace of mind to those families as they plan their futures.

We foster a collaborative environment with opportunities for growth and encourage our associates to live our values: Do good. Be good. Make good.

Position Overview

The Director of RMBS Trading & Residential Credit Investing is responsible for leading residential mortgage-backed securities (RMBS) trading, whole loan trading, and private residential credit investment initiatives. This role oversees portfolio management, sourcing, pricing, structuring, and execution across a broad range of residential credit asset classes. The Director drives relative value analysis, develops proprietary analytical tools, manages junior team members, and partners cross-functionally to deliver attractive risk-adjusted returns.

Key Responsibilities

• RMBS Trading & Portfolio Management
• Manage and actively trade multi-sector RMBS portfolio, including agency, non-agency, CRT, NPL/RPL, and other structured credit subsectors.
• Conduct relative value analysis, performance surveillance, and risk monitoring across holdings.
• Sources and evaluates market opportunities, maintaining relationships with buy-side and sell-side counterparties.
• Develops and enhances internal pricing models and analytical frameworks to support trading decisions.
• Oversees portfolio analytics, scenario analysis, and performance attribution.
• Builds loan-level pricing models incorporating prepayment, default, severity, and rate assumptions.
• Manages and mentors junior team members responsible for modeling and portfolio surveillance.
• Manages acquisition and disposition of whole loan asset classes.
• Collaborates with legal, transaction management, counterparties, and servicers for transaction execution.
• Prepares and presents detailed investment committee memoranda outlining return expectations, risk factors, and sensitivities.
• Risk Analytics & Process Development
• Designs and implements robust portfolio monitoring and delinquency tracking frameworks.
• Develops expected loss modeling and pricing optimization tools.
• Collaborates with middle and back-office teams to design underwriting and operational processes.

Qualifications

• Bachelor’s degree in Economics, Finance, Mathematics, Statistics, or related quantitative field; strong academic record required.
• 7+ years of experience in RMBS trading, whole loan trading, residential credit investing, structured products, or mortgage analytics.
• Deep knowledge of residential mortgage products, securitization structures, and credit performance drivers.
• Strong financial modeling skills (loan-level cash flow modeling, scenario analysis, yield and spread analysis).
• Experience presenting investments to Investment Committees.
• Demonstrated ability to manage portfolios and drive P&L performance.
• Strong negotiation and cross-functional collaboration skills.
• Prior team leadership or analyst management experience preferred.

AI Proficiency Expectations

All applicants are expected to:

• Leverage approved AI tools, where appropriate, to improve the efficiency, quality, and impact of their work.
• Stay curious and open to new AI-enabled ways of working.
• Exercise sound judgment by reviewing and validating AI-generated content.
• Maintain accountability for the accuracy, quality, fairness, and integrity of work products by adhering to National Life’s AI guiding principles.
• Use AI responsibly and in accordance with company policies related to confidentiality, data privacy, security, compliance, retention and intellectual property.

Benefits

Your benefits start day one and are flexible and customizable to your and your family’s specific needs. Check out the BENEFITS of a Career at National Life!

Salary Pay Range

$163,125 - $239,250 USD

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