VP - Hedging Manager of Secondary Markets

The Company FNB Corporation is a diversified financial services corporation based in Pittsburgh, Pennsylvania, and the holding company for its largest subsidiary, First National Bank. FNB's market coverage spans several major metropolitan areas, including Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina, with approximately 350 offices. As of July 17, 2024, FNB has total assets of nearly $48 billion and the company has approximately 4,200 employees. Key Pointers: FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, international banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB’s wealth management services include asset management, private banking and insurance. The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the ticker symbol “FNB” and is included in Standard & Poor’s MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Location: Pittsburgh, PA (Candidate must be local to this area or willing to relocate to Western Pennsylvania) Purpose of the Position This position will be responsible to work with hedging provider to manage and analyze the risk framework of HFS mortgage pipeline and applying hedging instruments for risk mitigation, optimizing returns and P&l volatility. This role also involves developing MSR hedging and valuation framework. Other functions include calibrating modeling parameters, hedge performance monitoring, effective management of extended terms hedged assets, risk analytics and reporting and enhancing other tools like best execution, specified pools trading and MBS pooling & securitization for P&L optimization. Key Responsibilities Modeling for hedge effectiveness of HFS Mortgage Pipeline and work closely with hedging provider while analyzing efficacy of various hedging instruments and modeling parameters. Explore application of options to manage the growing convexity risk and manage the unique nature and risk of pipeline with growing share of longer-term products like salable construction to perm and extended locks. This position will be responsible to develop a robust performance monitoring and feedback. The development of back-testing and stress-testing of the HFS rate lock exposure versus actual pull-thru and the integration of a dynamic market rate, yield curve and market volatility impact on related models. Developing a framework to manage the MSR hedge utilizing various derivatives instrument including Options, TBA, Swaps and Eurodollars. Devising a framework for MSR valuation with third party for regular mark to market and sensitivity of MSR values net of hedge and reporting. Growing our risk analytics and risk reporting and implementation of a dynamic risk measurement and reporting package to support Manager of Capital Markets in the overall Pipeline/Warehouse and reporting activities and P&l tracking and explanation. Review, recommend and document all related policies and procedures in accordance ALCO risk control framework. Applying advanced analytics & modeling skills to support various functions in secondary marketing including pricing analysis, market share studies and suggest strategies to grow our business Develop process to manage securitization and specified pool trading. Knowledge of trade to pool allocation and settlement. Expected to start with Ginnie pools and then follow up with Fannie and Freddie pooling and allocation. Coordinates monthly and/or quarterly market-to-market profitability with the Finance Department. Review of existing and alternative vendor models for hedge service and pricing engine and recommend and implement changes if required. Familiarity and involvement with other roles in secondary marketing including pricing, lock desk functions, product development process and loan sale. Performs other related duties and projects as assigned. The Candidate Experience and Professional Qualifications Minimum of five to eight years of financial services, mortgage and/or related hedging and analytical experience is required. It is also expected that the successful candidate will have a BA or BS, if not an advanced degree, in a STEM or related quantitative, analytical field. Skills and Competencies All employees have the responsibility and the accountability to serve as risk managers for their businesses by understanding, reporting, responding to, managing and monitoring the risk they encounter daily as required by F.N.B. Corporation’s risk management program. F.N.B. Corporation is committed to achieving superior levels of compliance by adhering to regulatory laws and guidelines. Compliance with regulatory laws and company procedures is a required component of all position descriptions. Excellent communication skills, both written and verbal Excellent management skills Excellent project management skills Detail-oriented Ability to work and multi-task in a fast-paced environment Excellent organizational, analytical and interpersonal skills Strong knowledge of secondary residential markets , interest rates, derivatives, options trading and modeling , hedging mortgages and MSR , MBS trading, best execution and specified pools. Education BA or BS, ideally from a well-regarded STEM research or related college or university Compensation A competitive base salary and incentive bonus and relocation assistance opportunity will be offered to the successful candidate. SE 510549367

Location: Pittsburgh, PA, US

Posted Date: 2/2/2025