PGIM Fixed Income – Principal, Mortgage Loan Trader – ABF, Securitized Products (Hybrid/Newark, NJ)

Job Classification:

Investment Management - Investments

A GLOBAL FIRM WITH A DIVERSE & INCLUSIVE CULTURE 

As the Global Asset Management business of Prudential, we’re always looking for ways to improve financial services. We’re passionate about making a meaningful impact - touching the lives of millions and solving financial challenges in an ever-changing world. 

We also believe talent is key to achieving our vision and are intentional about building a culture on respect and collaboration. When you join PGIM, you’ll unlock a motivating and impactful career – all while growing your skills and advancing your profession at one of the world’s leading global asset managers!   

If you’re not afraid to think differently and challenge the status quo, come and be a part of a dedicated team that’s investing in your future by shaping tomorrow today.  

At PGIM, You Can!  

What you will do 

We are seeking an experienced non-agency residential mortgage loan trader to join our asset-backed finance team within the Securitized Products group ($140bn assets under management) of PGIM Fixed Income. The successful candidate will be responsible for sourcing, trading and managing risk for a growing whole loan mortgage portfolio. The ideal candidate will have a strong background in non-agency residential mortgages with a deep understanding of mortgage loan products and broad set of relationships with external counterparties.

What you can expect 

• Source and execute whole loan mortgage transactions with originators, dealers and other mortgage loan market participants

• Lead pricing and negotiation efforts to maximize risk-adjusted returns

• Acquire whole loans through multiple channels including bulk loan purchases, flow agreements and publishing rate sheets

• Oversee the end-to-end purchase of mortgage loan investment by partnering with internal operations teams, legal teams and external vendors

• Develop and maintain strong relationships with originators, servicers, dealers, aggregators and other market participants

• Communicate with internal stakeholders across PGIM Fixed Income and multiple Prudential Insurance affiliates all aspects related to the market, mortgage loans in portfolio, risk management, analytics, and other matters

• Make buy/sell recommendations based on analyzing the portfolio and broader market conditions

What you will bring 

• BA/BS degree (MBA, MS and/or CFA are pluses)

• Candidate should have 10+ years of experience trading residential mortgage whole loans

• Demonstrated ability to source the full range of mortgage loan products (non-QM, business purpose, RPL, jumbo, etc.) from flow channels and bulk purchases

• Proven experience executing whole loan transactions, pricing loan pools and implementing hedging strategies

• Deep understanding of all aspects of the residential mortgage whole loan market including servicing frameworks, underwriting processes, regulatory guidelines, etc.

• Strong understanding of the entire end-to-end process of purchasing, surveilling and selling residential mortgage whole loans

• Understanding of insurance company capital, accounting and processes around mortgage loan purchases a plus

• Strong attention to detail

• Excellent communication and presentation skills

*PGIM welcomes all applicants, even if you don't meet every requirement. If your skills align with the role, we encourage you to apply. 

Note: Prudential is required by state specific laws to include the salary range for this role when hiring a resident in applicable locations. The annual base salary range for this role is from $200,000 to $225,000. Specific pricing for the role may vary within the above range based on many factors including geographic location, candidate experience, and skills.

About PGIM Fixed Income

PGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. With 1000+ employees and $837Bn  assets under management as of December 2024, the company has offices in Newark, London, Letterkenny, Amsterdam, Munich, Zurich, Tokyo, Hong Kong, and Singapore. Our business climate is a safe inclusive environment, centered around mutual respect, intellectual honesty, transparency, and teamwork. Our leaders are focused on talent & culture; dedicated to fostering growth & development at all levels to develop the industry leaders of tomorrow.<