Senior Investment Associate, RMBS Credit Research

Responsibilities

• A research position within the Securitized Products group of PGIM Fixed Income focused on RMBS strategies
• Analyze RMBS transactions across new issue and secondary markets, including collateral characteristics, loan underwriting trends, servicer performance, credit enhancement, and structural features
• Develop and maintain internal credit views and relative value assessments for RMBS sectors such as non-QM, CRT, jumbo, HELOC, other residential mortgage-related products
• Build scenario analyses to assess bond performance under varying collateral and home price assumptions
• Monitor portfolio holdings and market developments, identifying changes in collateral behavior, housing market fundamentals, consumer performance, and regulatory developments that may affect risk and return
• Partner with portfolio managers and other research teams to formulate investment recommendations across RMBS and mortgage whole loans
• Review transaction documents, third-party reports, and legal structures to evaluate protections, triggers, representations and warranties, and other deal‑specific considerations
• Engage with issuers, dealers, servicers and other market participants to deepen market insight and support due diligence
• Contribute to internal presentations and client‑facing materials on RMBS market themes and portfolio positioning

• BA/BS degree required
• 4-7 years of relevant experience in fixed income, securitized products, mortgage finance, or securitized products research, with meaningful exposure to RMBS or related residential mortgage products
• Strong analytical and quantitative skills
• Programming and data visualization skills (e.g., Python, Power BI, Tableau) are preferred
• Experience with Intex and structured finance modeling are preferred
• Exposure to residential mortgage collateral, securitization structures, cash flow analysis, and key drivers of RMBS performance are preferred
• Proficiency in Excel and some experience working with large datasets is required
• Strong attention to detail and ability to manage multiple assignments in a fast-paced environment
• Excellent communication and presentation skills, with the ability to articulate investment views clearly
• Ability to work independently and collaboratively across teams
• Intellectual curiosity and strong interest in RMBS and housing markets