Senior Manager, ALM Mortgage Specialist (Remote)

PenFed Credit Union
Mclean, VA
Nov 23, 2021
Dec 05, 2021
Full Time
OverviewAre you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members "do better." Joining PenFed is more than being an employee; it's about being a part of the PenFed family.PenFed is hiring a Senior Manager, ALM Mortgage Specialist (Remote) at our Tysons, Virginia location. The primary purpose of the Senior Manager, ALM/Mortgage Specialist is to serve as the subject-matter expert in the areas of mortgages, mortgage-backed securities/collateralized mortgage obligations ("MBS/CMO") and mortgage servicing rights ("MSR"), which includes performing effective interest rate risk measurement and valuation of mortgages and mortgage-related assets. The incumbent is expected to work independently to produce robust quantitative analysis and support the interest rate risk measurement and management process.ResponsibilitiesReasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.Perform sophisticated analysis and measurements in the areas of interest rate risk, asset/liability valuation and pricing related to, but not limited to mortgage assets, MBS/CMO and MSR.Identify risk drivers to explain variances against performance targets and limits.Maintain and update the mortgage prepayment back testing procedures and perform any modeling adjusted needed to insure accurate results.Benchmark and validate model performance versus third party data.Maintain and update the documentation for models and processes used in interest rate risk measurements and other quantitative analysis, covering detailed procedures, assumptions, rationales and version controls.Serve as the primarily liaison between the ALM team and other areas of the Credit Union as it relates to mortgages, MBS/CMO and MSR.Maintain a working knowledge of interest rate derivatives commonly used in managing interest rate risk (eg, swaps, swaptions, caps, floors, etc.).QualificationsEquivalent combination of education and experience is considered.Minimum of ten (10) years of work experience in a financial institution using sophisticated asset/liability management software to forecast uncertain cash flows specifically related, but not limited to mortgages, MBS/CMO and/or MSR with a minimum of two (2) years in a managerial role.Advanced ALM software experience desired (eg, QRM, Polypaths).Familiarity with mortgage prepayment models (eg, ADCO, AFT).Familiarity with structured fixed-income cash flow models (eg, INTEX).Experience with interest rate derivative instruments used in managing interest rate risk (eg, swaps, swaptions, caps, floors).Knowledge of common interest rate risk metrics, such as duration, convexity, vega, basis risk, etc.Knowledge of financial concepts used in present value analysis, financial modeling and capital markets.Ability to manage multiple projects simultaneously and implement rapid changes in project direction.Advanced degree in finance, economics, mathematics, or another quantitative discipline and experience that provides the necessary skills and knowledge to perform the essential job functions. An MBA and/or CFA professional certification is preferred.Supervisory ResponsibilityThis position may supervise employees.Work EnvironmentWhile performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*TravelAbility to travel to various worksites and be on-call is required.Special Message Regarding COVID 19PenFed is continuing to hire and train exceptional individuals to help us serve our 2 million members both here and around the world. In light of the current situation with novel coronavirus (COVID-19), we have modified our hiring, onboarding, training, and deployment protocols in order to comply with current local and state guidance around social distancing.About UsEstablished in 1935, PenFed today is one of the country's strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.Equal Employment OpportunityPenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 240-224-4256.#LI-CM2