Structured Finance - Residential Mortgage-Backed Securities, Associate Director - Chicago

At Fitch, we have an open culture where employees exchange ideas and perspectives throughout the organization, irrespective of seniority. Your voice will be heard, allowing you to have a real impact. We embrace diversity and authenticity, encouraging an environment where employees can be their true selves. Our inclusive and progressive approach helps maintain a balanced perspective. Fitch supports employees through Employee Resource Groups (ERGs), which unite colleagues based on shared backgrounds or life experiences to offer professional and personal support.

About The Team

The U.S. RMBS group is seeking an Associate Director to help lead transaction coverage and contribute to criteria, research, and market engagement. In this role, you will lead end-to-end analysis and presentation of complex RMBS transactions; independently assess credit, cash flow, legal, and structural risks; chair or present at rating committees; mentor junior analysts; engage with issuers, arrangers, and investors; and contribute to thought leadership and criteria enhancements.

Responsibilities

• Lead primary and surveillance analysis of RMBS transactions, including collateral, structural, legal, and counterparty assessments
• Own cash flow modeling, scenario design, and sensitivity analysis; oversee model deployment and results interpretation
• Present recommendations at rating committees; chair committees as needed and document decisions to a high standard
• Drive criteria application and contribute to criteria development and methodological enhancements
• Produce high-quality research, market commentary, and issuer/investor communications
• Manage and deepen assigned issuer and transaction relationships; represent Fitch in external meetings and conferences
• Coach and review the work of junior and senior analysts to ensure analytical rigor and consistency
• Monitor market developments, performance trends, and regulatory changes; translate insights into analytical viewpoints

Requirements

• 5–8 years of relevant experience in RMBS/ABS, mortgage credit, structured finance, or closely related capital markets roles
• Bachelor’s degree; advanced degree and/or CFA/FRM is a plus
• Strong analytical and quantitative skills, including proficiency with cash flow modeling and large datasets
• Excellent written and verbal communication skills; comfortable engaging senior external stakeholders
• Ability to thrive in a collaborative, fast-paced environment and manage multiple transactions and deadlines

Skills

• Direct lead experience on RMBS new-issue and surveillance mandates, including presenting or chairing rating committees
• Deep knowledge of U.S. mortgage products, origination/servicing practices, due diligence, and performance drivers
• Hands-on experience with RMBS cash flow engines, loan-level analytics, and scenario/sensitivity frameworks
• Demonstrated contributions to criteria, methodology consultations, or thought-leadership publications
• Established relationships with RMBS issuers, arrangers, servicers, and investors
• Experience mentoring and reviewing the work of junior analysts; strong quality control and documentation discipline

Benefits

• Hybrid work environment: 3 days a week in office required based on your line of business and location
• Culture of learning and mobility: Dedicated trainings, leadership development, and mentorship programs
• Retirement planning and tuition reimbursement programs
• Comprehensive healthcare offerings supporting physical, mental, financial, social, and occupational wellbeing
• Supportive parenting policies, including a generous global parental leave plan
• Inclusive work environment with Employee Resource Groups
• Paid volunteer days, matched funding for donations, and community volunteer opportunities

Pay

For New York and Chicago roles: Expected base pay rates are between $110,000 and $135,000 per year. Actual salaries will vary based on factors including education, training, experience, past performance, and other job-related considerations. Base pay is one component of Fitch’s total compensation package, which may also include commission earnings, discretionary bonuses, long-term incentives, and other benefits.