Agency CMO Evaluator

Selby Jennings; New York (NY); On-site; USD 180,000 - 260,000; Full time

Job summary

Selby Jennings is seeking an experienced Agency CMO Evaluator to join its Fixed Income Pricing group in New York. The role focuses on valuation and analysis of Agency MBS, including complex CMOs, delivering independent, transparent pricing for institutional investors.

The ideal candidate has hands-on experience in the Agency mortgage market and strong understanding of valuation factors across CMOs, specified pools, and related structured products.

Qualifications

• 5+ years in Agency CMO/ MBS valuation or pricing.
• Deep knowledge of agency CMOs, PACs, TBAs, IOs/POs.
• Experience using Intex and Yield Book for valuation.

Responsibilities

• Perform independent valuation and price discovery across Agency CMOs and related mortgage‑backed securities.
• Analyze complex mortgage structures including PACs, Sequentials, Floaters, Inverse Floaters, IOs, POs, TBAs, and specified pools.
• Evaluate fair value using market color, dealer runs, BWICs, executed trades, comparable securities, and relative value analysis.
• Assess the impact of interest rate movements, volatility, mortgage basis, and prepayment assumptions on security valuations.
• Utilize OAS and cash flow analytics to support pricing decisions and identify relative value opportunities.
• Monitor primary and secondary mortgage market activity, agency issuance trends, and broader fixed income market developments.
• Collaborate with quantitative, product, data, and engineering teams to enhance valuation methodologies and pricing models.
• Communicate pricing rationale and methodology to internal stakeholders, clients, and market participants.

Skills

Agency MBS valuation

OAS modeling

Prepayment modeling

Mortgage analytics

Stakeholder communication

Tools

Intex

Yield Book

Job description

Our client is looking for an experienced Agency CMO Evaluator to join its Fixed Income Pricing group. This role focuses on the valuation and analysis of Agency mortgage-backed securities, including complex CMO structures, and plays a critical role in delivering independent, transparent pricing used by institutional investors globally.

The ideal candidate will possess deep hands‑on experience within the Agency mortgage market and a strong understanding of the factors that drive valuation across Agency CMOs, specified pools, and related structured products. This individual will leverage market intelligence, quantitative analysis, and mortgage analytics tools to assess fair value.

Responsibilities

Our client is looking for an experienced Agency CMO Evaluator to join its Fixed Income Pricing group. This role focuses on the valuation and analysis of Agency mortgage-backed securities, including complex CMO structures, and plays a critical role in delivering independent, transparent pricing used by institutional investors globally.

The ideal candidate will possess deep hands‑on experience within the Agency mortgage market and a strong understanding of the factors that drive valuation across Agency CMOs, specified pools, and related structured products. This individual will leverage market intelligence, quantitative analysis, and mortgage analytics tools to assess fair value.

• Perform independent valuation and price discovery across Agency CMOs and related mortgage‑backed securities.
• Analyze complex mortgage structures including PACs, Sequentials, Floaters, Inverse Floaters, IOs, POs, TBAs, and specified pools.
• Evaluate fair value using market color, dealer runs, BWICs, executed trades, comparable securities, and relative value analysis.
• Assess the impact of interest rate movements, volatility, mortgage basis, and prepayment assumptions on security valuations.
• Utilize OAS and cash flow analytics to support pricing decisions and identify relative value opportunities.
• Monitor primary and secondary mortgage market activity, agency issuance trends, and broader fixed income market developments.
• Collaborate with quantitative, product, data, and engineering teams to enhance valuation methodologies and pricing models.
• Communicate pricing rationale and methodology to internal stakeholders, clients, and market participants.

Qualifications

• 5+ years of experience in one or more of the following:
  • Agency CMO/MBS Trading
  • Agency CMO Structuring
  • Evaluated Pricing / Independent Valuation
  • Agency Mortgage Research
  • Securitized Products Portfolio Management
  • Agency MBS Relative Value Analysis
• Deep understanding of Agency mortgage products and securitization structures.
• Strong knowledge of:
  • Agency CMOs
  • PACs
  • Sequential Pay Structures
  • Floaters and Inverse Floaters
  • IOs / POs
  • TBAs
  • Specified Pools
• Experience utilizing:
  • Intex
  • Yield Book
• Understanding of:
  • OAS modeling
  • Prepayment modeling
  • Mortgage cash flow analysis
  • Relative value methodologies
  • Mortgage market technicals