ED, Mortgage Servicing Rights Asset Management - Sensitive Position

Why USAA?

This job profile is designated as a Sensitive Position. Sensitive Positions are those positions in which individuals have the authority and ability to conduct in-scope activities (movement of USAA or Member funds) as defined within the Enterprise Sensitive Positions Mandatory Time-Away Compliance Policy. Employees in Sensitive Positions are required to fulfill a Mandatory Time-Away (MTA) requirement of 10 consecutive business days each calendar year.
The ED, Mortgage Servicing Rights Asset Management is responsible for determining economic valuation and risk inherent in USAA’s Mortgage Servicing Rights (MSR's) portfolio. This position will be responsible for valuing all Mortgage Servicing Rights in addition to analyzing changes in the MSR values and presenting all analysis reports to the executive team. Responsible for avoiding losses related to the MSR asset and achieve a desirable profit plan. May serve as a department liaison with external regulators and auditors. Position will provide input on MSR hedging strategies and will create and manage the MSR values. Responsible for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
We offer a flexible work environment that requires an individual to be in the office 4 days per week. This position can be based in one of the following locations: San Antonio, TX, Plano, TX, Phoenix, AZ, Colorado Springs, CO, Charlotte, NC, Chesapeake, VA or Tampa, FL.

The Opportunity

What you’ll do:

• Responsible for developing and implementing strategies for MSR acquisition; oversees and directs the operations of the MSR team to avoid losses, achieve profit plan, and manage the MSR asset within established risk appetite.
• Responsible for establishing the net present value of held MSRs through the utilization of complex cash flow models, and valuing bulk portfolios.
• Monitors, analyzes, and reports the performance of existing hedges to senior executive management.
• Sponsors, leads, and oversees initiatives to enhance current valuation processes by defining project requirements and designing and building the analytic solutions to increase efficiencies.
• Establishes MSR value sensitivity to various factors and analyzes changes in MSR values to identify risk and drive strategy. Presents analysis to senior executive management, to include board committee members, ALCO and the OCC.
• Develops internal valuation policy and procedures, identifies gaps in the policies, and determines solutions to improve the process.
• Interfaces with and responds to internal and external auditors and the OCC during exams and other requests from regulators.
• Manages creation of levels used to capitalize the MSR, avoids the mispricing of the MSR asset, and mitigates the operational risk associated with servicing.
• Recommends alternative hedge strategies to offset changes in the MSR value. Works to influence senior executive management to adopt these strategies.
• Oversees the valuation, recommendation, and execution of the purchase and sale of MSRs; analyzes and implements any new accounting and regulatory requirements affecting MSRs.
• Stays abreast of MSR valuation and hedging developments in the industry and ensures MSR valuation model represents industry best practice by identifying gaps or necessary changes needed in USAA’s MSR portfolio.
• Participates in monthly Committee meetings with senior management discussing current issues of valuation and compliance regarding the MSR asset.
• Facilitates and manages relationships with Executive Management, Senior Management, Division Staff, Department Staff, Corporate Staff, Regulators, Investors, strategic partners, vendors, servicing brokers, and industry peers.
• Leads internal partners in the identification of key business factors (both internal and external) that impact all aspects of MSR Management to mitigate risk.
• Responsible and accountable for the successful and strategic implementation of any new MSR system, upgrades, or valuation models.
• Builds and oversees team of MSR employees. Responsible for providing employees timely, candid, and constructive performance feedback. Develops employees to their fullest potential and provide challenging opportunities that enhance employee career growth. Develops the appropriate talent pool to ensure adequate bench strength and succession planning.
• Ensures risks associated with business activities are effectively identified, measured, monitored, and controlled in accordance with risk and compliance policies and procedures.

What you have:

• Bachelor’s degree; OR 4 years of related experience (in addition to the minimum years of experience required) may be substituted in lieu of degree.
• 10 years of mortgage banking experience, with 6 of those years in capital markets
• 4 years of people leadership experience in building, managing and/or developing high-performing teams
• In depth knowledge of Banking regulations and laws, with demonstrated application to manage risk and ensure compliance
• Demonstrated expert analytical skills with experience using data driven insights to develop strategic plans to improve and achieve business results
• Extensive experience working through regulatory requests and/or audits
• Expert knowledge of Mortgage Servicing right valuation techniques, sensitivities and fixed income financial theory and practice
• Expert knowledge developing and interpreting prepayment models and their sensitivity to various inputs

What sets you apart:

• Extensive technical and analytical skills with proven experience mapping data tapes to set up valuation assumption sets, creating interest rate shock frameworks, triangulating fair value using various data points, and producing digestible reporting.
• Demonstrated level of experience understanding and explaining technical concepts in an easy-to-understand manner.
• Excellent communication, negotiation and leadership skills with a proven ability to build strong relationships with internal and external partners.

What we offer:

Compensation:

USAA has an effective process for assessing market data and establishing ranges to ensure we remain competitive. You are paid within the salary range based on your experience and market position. The salary range for this position is: $163,880 - $294,980.

Employees may be eligible for pay incentives based on overall corporate and individual performance or at the discretion of the USAA Board of Directors.

Long Term Incentive Plan: Cash payment for Executive level roles only, representing a cash payment which is both time and performance based.

Benefits:

At USAA our employees enjoy best-in-class benefits to support their physical, financial, and emotional wellness. These benefits include comprehensive medical, dental and vision plans, 401(k), pension, life insurance, parental benefits, adoption assistance, paid time off program with paid holidays plus 16 paid volunteer hours, and various wellness programs. Additionally, our career path planning and continuing education assists employees with their professional goals.

For more details on our outstanding benefits, please visit our benefits page on USAAjobs.com.

Applications for this position are accepted on an ongoing basis, this posting will remain open until the position is filled. Thus, interested candidates are encouraged to apply the same day they view this posting.

USAA is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.