Director, RMBS Trading & Residential Credit Investing

About Us

NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team. They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision. We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders. Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.

Please note that we do not offer visa sponsorship for this position.

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.
• Source and evaluate market opportunities, maintaining relationships with buy-side and sell-side counterparties.
• Develop and enhance internal pricing models and analytical frameworks to support trading decisions.
• Oversee portfolio analytics, scenario analysis, and performance attribution.
• Build loan-level pricing models incorporating prepayment, default, severity, and rate assumptions.
• Manage and mentor junior team members responsible for modeling and portfolio surveillance.
• Manage acquisition and disposition of whole loan asset classes
• Coordinate transaction execution with legal, transaction management, counterparties, and servicers.
• Prepare and present detailed investment committee memoranda outlining return expectations, risk factors, and sensitivities.

Risk Analytics & Process Development

• Design and implement robust portfolio monitoring and delinquency tracking frameworks.
• Develop expected loss modeling and pricing optimization tools.
• Collaborate 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

At National Life Group, we view AI as an enabler of human potential. We use AI to help us work smarter, serve more clients, and keep our promises, while remaining a relationship-driven business where our people are our greatest strength.

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!