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VP, Hedging Manager of Secondary Markets

VP, Hedging Manager of Secondary Markets Location: Pittsburgh, Pennsylvania, United States Flexible work from home days Industry: Financial Services - Mortgage Job Category: Finance / Accounting - Other Finance / Accounting

Compensation Base Salary - USD $160,000 to $200,000 Full-time Benefits - Full Relocation Assistance Available Possible for ideal candidate Commission Compensation - No Bonus Eligible - No Overtime Eligible - No Interview Travel Reimbursed - No

Candidate Details Seniority Level - Mid-Senior Management Experience Required - No Minimum Education - Bachelor's Degree Willingness to Travel - Never Security Clearance Required: No Visa Candidate Considered: No

Primary Responsibilities Modeling for hedge effectiveness of HFS Mortgage Pipeline and work closely with hedging provider while analyzing efficacy of various hedging instruments and modeling parameters. Explore application of options to manage the growing convexity risk and manage the unique nature and risk of pipeline with growing share of longer-term products like salable construction to perm and extended locks. This position will be responsible to develop a robust performance monitoring and feedback. The development of back-testing and stress-testing of the HFS rate lock exposure versus actual pull-thru and the integration of a dynamic market rate, yield curve and market volatility impact on related models. Developing a framework to manage the MSR hedge utilizing various derivatives instrument including Options, TBA, Swaps and Eurodollars. Devising a framework for MSR valuation with third party for regular mark to market and sensitivity of MSR values net of hedge and reporting. Growing our risk analytics and risk reporting and implementation of a dynamic risk measurement and reporting package to support Manager of Capital Markets in the overall Pipeline/Warehouse and reporting activities and P& l tracking and explanation. Review, recommend and document all related policies and procedures in accordance ALCO risk control framework. Applying advanced analytics & modeling skills to support various functions in secondary marketing including pricing analysis, market share studies and suggest strategies to grow our business Develop process to manage securitization and specified pool trading. Knowledge of trade to pool allocation and settlement. Expected to start with Ginnie pools and then follow up with Fannie and Freddie pooling and allocation. Coordinates monthly and/or quarterly market-to-market profitability with the Finance Department. Review of existing and alternative vendor models for hedge service and pricing engine and recommend and implement changes if required. Familiarity and involvement with other roles in secondary marketing including pricing, lock desk functions, product development process and loan sale. Performs other related duties and projects as assigned. All employees have the responsibility and the accountability to serve as risk managers for their businesses by understanding, reporting, responding to, managing and monitoring the risk they encounter daily as required by F.N.B. Corporations risk management program.

Minimum Level of Education Required to Perform the Primary Responsibilities of this Position: BA or BS Minimum # of Years of Job Related Experience Required to Perform the Primary Responsibilities of this Position: 5 Skills Required to Perform the Primary Responsibilities of this Position: Excellent communication skills, both written and verbal Excellent management skills Excellent project management skills Detail-oriented Ability to work and multi-task in a fast paced environment Excellent organizational, analytical and interpersonal skills Strong knowledge of secondary residential markets, interest rates, derivatives, options trading and modeling, hedging mortgages and MSR, MBS trading, best execution and specified pools.

Licensures/Certifications Required to Perform the Primary Responsibilities of this Position : N/A Physical Requirements or Work Conditions Beyond Traditional Office Work: N/A Skills and Certifications [note: bold skills and certification are required] MSR Derivatives Ideal Candidate Must have excellent MSR pipeline experience Candidate must be based in Pittsburgh. If not currently, must relocate before or shortly after start date.