Structured Credit VP-Non Agency RMBS

Ledgend Group; Los Angeles (CA); On-site; USD 180,000 - 290,000; Full time

Job summary

Ledgend Group in Los Angeles seeks a Structured Credit VP focused on non-agency RMBS and related credit strategies. This research-driven, high-conviction role sits within a flat, intellectual environment valuing cross-disciplinary thinking and deep expertise.

The candidate should bring 5+ years in structured credit with non-agency RMBS, strong loan-level analysis, and a willingness to relocate to downtown LA for an office-based position.

Qualifications

• 5+ years of experience in structured credit investing, with non-agency RMBS expertise.
• Strong loan-level analysis and cashflow modeling capabilities.
• Willingness to relocate to Los Angeles; office-based role in downtown LA.

Responsibilities

• Conduct deep fundamental analysis across non-agency RMBS sectors (NPL, RPL, jumbo, RTL).
• Contribute original research and investment ideas informing portfolio positioning.
• Evaluate new issue and secondary market opportunities; perform loan-level due diligence and scenarios.
• Engage in a positionless, collaborative team environment.
• Monitor portfolio holdings, collateral performance, prepayment behavior, and credit migration.
• Build and maintain relationships with dealers, originators, servicers, and other market participants.

Skills

Structured credit

Non-agency RMBS

Loan-level analysis

Cashflow modeling

Original research

Relative value

Education

Advanced degree

CFA

Job description

Ledgend Group is seeking a Structured Credit VP for one of our Los Angeles-based Asset Management clients. This role has a focus on non-agency residential mortgage-backed securities and related credit strategies. This is a high-conviction, research-driven seat within a 14-person structured credit team that operates with an intentionally flat, position less culture where intellectual curiosity and cross-disciplinary thinking are valued as much as technical depth. The firm is looking for someone who brings genuine expertise in corners of the non-agency market where the team is actively building knowledge, including NPL, RPL, jumbo, and residential transition loan sectors.

Responsibilities

• Conduct deep fundamental analysis across non-agency RMBS sectors, with particular emphasis on NPL, RPL, jumbo loan, and RTL collateral and deal structures.
• Contribute original research and investment ideas that inform portfolio positioning across the broader structured credit platform.
• Evaluate new issue and secondary market opportunities, performing loan-level due diligence, cashflow modeling, and scenario analysis.
• Engage collaboratively across the team in a positionless capacity, contributing to discussions and workstreams beyond a narrowly defined role.
• Monitor portfolio holdings and track collateral performance, prepayment behavior, and credit migration across assigned sectors.
• Develop and maintain relationships with dealers, originators, servicers, and other market participants to source proprietary intelligence and off-market flow. Communicate investment theses clearly to senior portfolio managers and, where appropriate, to clients or prospects.

Qualifications

• Five or more years of experience in structured credit investing, with demonstrable expertise in non-agency RMBS
• Strong command of loan-level analysis, cashflow modeling, and the legal and structural mechanics of non-agency securitizations.
• Intellectually curious with a demonstrated ability to develop original views and think creatively about relative value and risk.
• Must be based in or willing to relocate to Los Angeles, as the role is fully office-based in downtown LA.

Preferred

• Experience with NPL, RPL, jumbo loan, and RTL collateral and deal structures.
• Advanced degree or CFA.
• Comfortable operating in a fluid, team-oriented environment where responsibilities extend beyond a single defined function.