Job Description

Summary:

The MBS and CMO Trader will manage Agency MBS selection, relative-value analysis, and portfolio performance for Freedom Mortgage's investment portfolio. The role will own Freedom's prepayment modeling framework and serve as the firm's principal interface with dealer modelers regarding Freedom speeds. The trader will also develop and lead a CMO relative-value capability designed to generate standalone investment returns while improving analytics, execution, and decision-making across Freedom's broader mortgage platform.

Essential Job Duties and Responsibilities:

• Manage Agency MBS security selection and portfolio performance within approved investment and risk parameters.
• Evaluate relative value across Fannie Mae, Freddie Mac, and Ginnie Mae securities, including specified pools, TBAs, and CMOs.
• Manage TBA exposures and assess relative value across coupons, agencies, rolls, and collateral types.
• Execute MBS and related hedging transactions while managing duration, curve, volatility, basis, liquidity, and financing risks.
• Own and drive the development, calibration, and ongoing enhancement of a Freedom-specific prepayment 'dials' model using Freedom loan and pool performance; use the model to support security valuation, portfolio construction, trading, and risk decisions.
• Monitor actual versus modeled Freedom prepayment performance, identify material differences, and translate observed borrower, loan, and pool behavior into updated speed assumptions.
• Serve as Freedom's primary point person with dealer prepayment modelers and strategists; communicate Freedom collateral performance, challenge dealer assumptions, and ensure dealer models apply fair, current, and supportable speeds to Freedom collateral.
• Provide market intelligence and analytical support to improve Freedom's origination and secondary-market best execution.
• Identify opportunities to use specified pools and structured securities to improve carry, convexity, hedging efficiency, and risk-adjusted returns.
• Build and manage a CMO relative-value capability, including collateral acquisition, transaction evaluation, structuring, and issuance support.
• Evaluate the sale or retention of CMO tranches and manage the financing, valuation, and hedging of retained positions.
• Coordinate with dealers, Legal, Operations, Accounting, Finance, Valuation, and Risk to establish the infrastructure required for CMO transactions.
• Maintain clear and separate attribution of the CMO strategy's realized and unrealized P&L, financing costs, and direct expenses.
• Develop reporting that communicates portfolio positioning, risk, performance, and investment opportunities to senior management.
• Contribute to the continued development of Freedom's broader Agency MBS investment, analytics, and risk-management platform.

Other Job Duties and Responsibilities:

• Performs other related duties as assigned.
• Comply with all company policies and procedures.
• Maintain regular and punctual attendance.

Supervisory Responsibilities:

• This position is an individual contributor with no direct reports but may provide guidance, leadership, or training to others.

Education and/or Experience/Qualifications:

To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.

• Extensive experience trading or managing Agency MBS, CMOs, or mortgage-related relative-value strategies.
• Deep knowledge of Agency TBAs, specified pools, CMOs, mortgage derivatives, collateral analysis, and prepayment behavior, including experience developing, calibrating, or challenging Agency MBS speed assumptions.
• Demonstrated ability to identify and execute relative-value opportunities while managing market, liquidity, financing, and operational risks.
• Experience with CMO structuring, collateral selection, tranche analysis, or dealer-led CMO transactions.
• Strong understanding of MBS financing, hedging, valuation, risk measurement, and P&L attribution.
• Strong judgment, communication, and collaboration skills, including the ability to build a new investment capability across multiple functions.
• Bachelor's degree in finance, economics, mathematics, engineering, or another quantitative field, or equivalent relevant experience.

Preferred Qualifications

• Demonstrated track record managing profitable Agency MBS or CMO relative-value strategies.
• Proficiency with Yield Book or comparable mortgage analytics and advanced spreadsheet or quantitative-analysis tools.
• Established relationships with MBS dealers, traders, strategists, model providers, and financing counterparties.
• Experience building new analytical tools, investment workflows, reporting, or trading infrastructure.

Measures of Success:

• Strong risk-adjusted performance of the Agency MBS portfolio within approved limits.
• Successful development and implementation of the CMO relative-value capability.
• Creation and adoption of a credible Freedom-specific prepayment dials model, with fair and consistent Freedom speeds reflected across dealer models.
• Measurable contributions to origination and secondary-market best execution.
• Clear, accurate, and timely portfolio risk and P&L reporting.
• Effective collaboration with internal teams and external market counterparties.

Certificates, Licenses, Registrations:

• None Required

Work Environment:

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Work is normally performed in a typical interior office work environment which does not subject the employee to any hazardous or unpleasant elements. The noise level in the work environment is usually moderate.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is frequently required to sit and talk or hear. The employee is occasionally required to stand; walk; use hands to finger, handle, or feel; and reach with hands and arms. The employee must occasionally lift and/or move up to 25 pounds.

Equal Employment Opportunity:

The company is committed to providing equal employment opportunities to all employees and applicants without regard to race, ethnicity, color, sex, marital status, sexual orientation, gender identity or expression, pregnancy, religion, national origin, age (40 and over), disability, military status, genetic information, or any other basis protected by applicable federal, state, or local laws.

Americans with Disabilities Act:

Applicants as well as employees who are or become disabled must be able to satisfactorily perform the essential job functions of the position either with or without reasonable accommodation. Applicants as well as employees are encouraged to meet with Human Resources as the organization shall review reasonable accommodations on a case-by-case basis in accordance with applicable law.

Job Responsibilities:

The statements reflect the general duties and responsibilities considered necessary to perform the essential functions of the job and should not be considered as an all-inclusive list of all the work requirements of the position. The company may change the specific job duties with or without prior notice based on the needs of the organization.