Mortgage Hedging Operations Analyst

Why USAA?

At USAA, our mission is to empower our members to achieve financial security through highly competitive products, exceptional service and trusted advice. We seek to be the #1 choice for the military community and their families.

Embrace a fulfilling career at USAA, where our core values – honesty, integrity, loyalty and service – define how we treat each other and our members. Be part of what truly makes us special and impactful.

The Opportunity

As a Mortgage Hedging Operations Analyst, you will work with USAA’s Hedging, Servicing Valuation, Loan Delivery, Pricing, Lock Desk, and Product Development teams. You will work with CompassPoint, supporting model maintenance, including valuation, hedging, pricing, and GSE loan data extracts. You will be running pricing, pool optimizer, reporting, and covering for the Lead Trader, as well as running projects to set up new counterparties, products, valuations, ULDD and PDD extracts, and tools within CompassPoint. Additionally, you will be a heavy contributor in enhancing our current CompassPoint design, processes for trade input, allocations, pricing, bond settlement instructions, and GSE data extracts. 

Responsible for implementing secondary marketing interest rate risk hedging and related mortgage hedging processes. Conducts data analysis in support of mortgage pipeline activities, warehouse risk management and secondary marketing loan sale executions/data delivery, and settlements. Collaborates with cross-functional areas to fulfill required hedging activities/transactions. Ensures all activities are completed within applicable regulatory policies and requirements. Adheres to generally accepted accounting principles for mortgage and banking industry. 

This role is remote eligible in the continental U.S. with occasional business travel. However, individuals residing within a 60-mile radius of a USAA office will be expected to work on-site four days per week.  

Relocation assistance is not available for this position.

What you'll do:

• Apply advanced knowledge to trade mortgage-backed securities and/or interest rate risk of rate locks for mortgage loans in the pipeline and warehouse.

• Under minimal supervision, apply advanced knowledge to execute complex interest rate risk hedging and hedge related procedures.

• Independently administer best execution for sale of mortgage loans, including evaluation of mandatory, best efforts, whole loans, MBS (agency and private label), servicing retained, and servicing released.

• Provide support and assistance with oversight and execution of complete real estate interest rate pricing models.

• Monitor and make recommendations for improvements to trading and hedging policies and processes that ensure the attainment of business goals and objectives. Assist in the development, implementation and maintenance of these policies and processes.

• Proactively identify opportunities and make recommendations to improve operational effectiveness for trading and hedging function and is accountable for results.

• Frequently meet with senior finance and business executives to provide USAA's position for hedge review results and trading exposures.

• Make recommendations for potential changes to trading and hedging strategy and modeling assumptions.

• Maintain advanced knowledge of products and services and regulatory requirements. Ensure all secondary market operations are carried out in compliance with applicable procedures, guidelines and regulations.

• Conduct analysis of risk, development of hedge strategies, and execution of transactions to mitigate exposure deriving from mortgage servicing rights or other balance sheet elements.  Identify data trends and make recommendations to management.

• Provide guidance and/or on the job training to less experienced coworkers and serve as a resource to team members on escalated issues of a complex nature. ​

What you have:

• Bachelor's degree in Finance, Economics, or a related field required (4 additional years of related experience beyond the minimum required may be substituted in lieu of a degree).

• Minimum 6 years’ experience in hedging mortgage origination pipelines with secondary marketing risk management systems.

• Advanced experience with AOT, MBS, and cash sales.

• Advanced knowledge and understanding of secondary market loan delivery and settlement systems and understanding of financial markets, interest rate/price risks and secondary mortgage markets.

• Advanced knowledge and application of generally accepted accounting principles applicable to the mortgage and banking industry.

• Established relationships with participants in the secondary mortgage markets.

• Experience developing mortgage pricing models.

• Strong knowledge and application of federal mortgage lending regulations and compliance. ​

What sets you apart:

Mortgage Secondary Marketing Experience:

• Proven ability to manage mortgage pipelines, price loans, and execute sales to investors.

• Experienced with pull-through study processes and familiarity with USAA operational process flows for categorizing pull-through stages.

Working Experience with CompassPoint:

• Deep familiarity with USAA data mappings for the Pipeline Warehouse File import, and import error resolutions

• Experienced in utilizing CompassPoint for GSE data extract mappings, data import tasks, data import audit calculations, and valuation tasks

• Proficient in problem solving reporting issues within CompassPoint and resolving in a timely manner.

• Demonstrated ability to produce ULDD and PDD extracts. This involves ensuring data accuracy, standardization, and compliance with GSE requirements for loan deliveries. Experience with ULDD phases (e.g., Phase 4a, Phase 5) demonstrates an ability to adapt to evolving data standards and system updates.

Mortgage Trading Experience:

• Understanding of mortgage-backed securities (MBS) transactions, back-office trade QC, trade related risk and controls

Advanced Excel, SQL, Access or Other Database Skills:

• Proficient in SQL for complex financial data analysis, query writing, and data manipulation.

• Advanced Excel skills for financial modeling, data analysis, and reporting.

Compensation range: The salary range for this position is: $93,770.00 - $168,790.00.

USAA does not provide visa sponsorship for this role. Please do not apply for this role if at any time (now or in the future) you will need immigration support (i.e., H-1B, TN, STEM OPT Training Plans, etc.).

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 data of the position. The actual salary for this role may vary by location.

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

The above description reflects the details considered necessary to describe the principal functions of the job and should not be construed as a detailed description of all the work requirements that may be performed in the job.

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, 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.