RMBS Trading & Residential Credit Investing Director

Come join one of America’s fastest-growing insurance companies. Since 1848, National Life Group has aimed to keep our promises, providing families with stability in good times and in bad. Throughout that history, we have provided peace of mind to those families as they plan their futures.

Our mission extends beyond the insurance and annuities policies that we offer. We strive to make the world a better place through our grants from our charitable foundation, paid volunteer time for our employees, environmentally sustainable and healthy workplaces, and events that promote the work of nonprofits in our own backyard.

We foster a collaborative environment with opportunities for growth and encourage our associates to live our values: Do good. Be good. Make good.

About Us

NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team.  They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision.  We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders.  Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.

Please note that we do not offer visa sponsorship for this position.

Position Overview

The Director of RMBS Trading & Residential Credit Investing is responsible for leading residential mortgage-backed securities (RMBS) trading, whole loan trading, and private residential credit investment initiatives. This role oversees portfolio management, sourcing, pricing, structuring, and execution across a broad range of residential credit asset classes. The Director drives relative value analysis, develops proprietary analytical tools, manages junior team members, and partners cross-functionally to deliver attractive risk-adjusted returns.

Key Responsibilities

RMBS Trading & Portfolio Management

• Manage and actively trade multi-sector RMBS portfolio, including agency, non-agency, CRT, NPL/RPL, and other structured credit subsectors.
• Conduct relative value analysis, performance surveillance, and risk monitoring across holdings.
• Source and evaluate market opportunities, maintaining relationships with buy-side and sell-side counterparties.
• Develop and enhance internal pricing models and analytical frameworks to support trading decisions.
• Oversee portfolio analytics, scenario analysis, and performance attribution.
• Build loan-level pricing models incorporating prepayment, default, severity, and rate assumptions.
• Manage and mentor junior team members responsible for modeling and portfolio surveillance.
• Manage acquisition and disposition of whole loan asset classes
• Coordinate transaction execution with legal, transaction management, counterparties, and servicers.
• Prepare and present detailed investment committee memoranda outlining return expectations, risk factors, and sensitivities.

Risk Analytics & Process Development

• Design and implement robust portfolio monitoring and delinquency tracking frameworks.
• Develop expected loss modeling and pricing optimization tools.
• Collaborate with middle and back-office teams to design underwriting and operational processes.

Qualifications

• Bachelor’s degree in Economics, Finance, Mathematics, Statistics, or related quantitative field; strong academic record required.
• 7+ years of experience in RMBS trading, whole loan trading, residential credit investing, structured products, or mortgage analytics.
• Deep knowledge of residential mortgage products, securitization structures, and credit performance drivers.
• Strong financial modeling skills (loan-level cash flow modeling, scenario analysis, yield and spread analysis).
• Experience presenting investments to Investment Committees.
• Demonstrated ability to manage portfolios and drive P&L performance.
• Strong negotiation and cross-functional collaboration skills.
• Prior team leadership or analyst management experience preferred.

AI Proficiency Expectations

At National Life Group, we view AI as an enabler of human potential. We use AI to help us work smarter, serve more clients, and keep our promises, while remaining a relationship-driven business where our people are our greatest strength.

All applicants are expected to:

• Leverage approved AI tools, where appropriate, to improve the efficiency, quality, and impact of their work.
• Stay curious and open to new AI-enabled ways of working.
• Exercise sound judgment by reviewing and validating AI-generated content.
• Maintain accountability for the accuracy, quality, fairness, and integrity of work products by adhering to National Life’s AI guiding principles.
• Use AI responsibly and in accordance with company policies related to confidentiality, data privacy, security, compliance, retention and intellectual property.

Benefits

• Your benefits start day one and are flexible and customizable to your and your family’s specific needs. Check out the BENEFITS of a Career at National Life!

Base Pay Range.  The base pay range for this position is the range National Life reasonably and in good faith expects to pay for the position taking into account the wide variety of factors, including: prior experience and job-related knowledge; education, training and certificates; current business needs; and market factors.  The final salary or hourly wages offered may be outside of this range based on other reasons and individual circumstances.

Additional Compensation and Benefits. The total compensation package for this position may also include a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. The successful candidate may also be eligible to participate in National Life’s discretionary annual incentive programs, subject to the rules governing such programs. If hired, the employee will be in an "at-will position" and National Life reserves the right to modify base salary (as well as any other discretionary payment or compensation or benefit program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.

National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.

Salary Pay Range$163,125—$239,250 USD

National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT – founded in 1848, Life Insurance Company of the Southwest, Addison, TX – chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. All other entities are independent of the companies of National Life Group.

Fortune 1000 status is based on the consolidated financial results of all National Life Group companies.

Social Media Policy

Site Disclosure and Privacy Policy

National Life Group

1 National Life Dr

Montpelier, VT 05604