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Mortgage Trading (Lending & Structured Risk), Associate/VP

Goldman Sachs

Goldman Sachs

London, UK
Posted on Monday, June 10, 2024

Job Description

Our core value is building strong relationships with our institutional clients, which include corporations, financial service providers, and fund managers. We help them buy and sell financial products around the world, raise funding, and manage risk. This is a dynamic, entrepreneurial team with a passion for the markets, with individuals who thrive in fast-paced, changing environments and are energized by a bustling trading floor.

Goldman Sachs is a leading mortgage origination, sales and trading franchise globally, covering the entire breadth of market participants and products. The Residential Structured Finance business mandate includes originating and executing a variety of residential mortgage transactions, such as securitizations on behalf of clients as well as Goldman Sachs, advisory assignments, warehouse and term financing, and whole loan principalling, across the spectrum of products, including non-performing and re-performing loans, prime jumbo loans, investor loans, single family rental, manufactured housing, seconds, HELOCs, and mortgage servicing rights.

Scope of Role:

  • Risk Management – Underwrite and analyse credit, market, operational and legal risk related to principal balance sheet lending; responsibilities span the entire life cycle of a trade from origination to exit.
  • Structuring – Structure private lending facilities (term, warehouse, bespoke) as well as securitizations across non-agency and non-traditional collateral sectors on both principal and third party transactions.
  • Documentation – Prepare term sheets and check deal structure in securitization related documents (pooling and servicing agreements, prospectus supplements etc.)
  • Product development – Collaborate to monitor market developments, reverse engineer structures in the market, and devise novel and unique features to optimize financing; understanding the implication of and solving regulatory, structural and market challenges
  • Model and research development – Work to develop Excel / Intex models in support of transaction execution, rating agency interactions and investor dialogue. Work to identify areas of research that are critical to product development, risk measurement within transactions, or investor education.
  • Communication – Ability to interact with internal and external clients. We expect that this professional will be a key part of our client franchise and will participate in and travel to meetings and client events

Minimum education and experience required:

  • Master’s degree or equivalent in Finance, Economics, Business, Math, Physics or a related quantitative field plus 2 years of non-agency Residential Mortgage-Backed Securities experience or related experience; OR Bachelor’s degree or equivalent in Finance, Economics, Business, Math, Physics or related quantitative field plus 3-5 years of non-agency Residential Mortgage-Backed Securities experience or related experience.

Qualifications Skills required:

  • Must have structured products / trading experience and demonstrated knowledge of fixed income markets
  • Must have demonstrated financial modeling skills to understand and develop deal structure and cash flow waterfall models for revolving and amortizing transactions
  • Must have experience using Intex and Bloomberg. Must have experience evaluating/pricing non-agency mortgage-backed securities
  • Must have demonstrated quantitative skills, including performing bond math
  • Must have demonstrated IT skills including experience with Microsoft Excel and VBA programming
  • Ability to communicate and work under tight timeframes with internal and external clients, including finance, trading, sales, structurers, legal counsel, rating agencies, accountants, and trustees
  • Enthusiastic, proactive team player that will drive transactions and projects