Director Mortgage Research AnalystLocation:New York, NY
OverviewBNP Paribas is seeking an experienced Mortgage Research Analyst to join its Agency Mortgage Trading Desk in New York. Reporting directly to the Head of the Agency Mortgage Trading Desk, this is a front-office role that sits at the intersection of trading, quantitative analysis, market strategy, and client-facing research.
The successful candidate will be responsible for developing differentiated market views, producing actionable research, and partnering closely with traders to identify investment opportunities across the Agency mortgage market. The role requires deep product knowledge, strong analytical capabilities, and the ability to communicate complex market developments through high-quality publications and market commentary.
Key Responsibilities- Works directly with the Head of the Agency Mortgage Trading Desk and trading team to develop differentiated investment views and actionable trade ideas.
- Analyze and monitor Agency mortgage market flows, with a particular focus on money manager, bank, insurance, REIT, and foreign investor activity.
- Develop and maintain deep expertise across Agency mortgage products, including fixed-rate pass-throughs, ARMs, Agency CMBS, TBAs, specified pools, CMOs, and related structured products.
- Perform relative value analysis across sectors, coupons, collateral types, vintages, structures, and collateral characteristics to identify investment opportunities.
- Analyze mortgage prepayment behavior using proprietary and third-party models, evaluating the impact of refinancing incentives, borrower characteristics, seasonality, housing turnover, and macroeconomic conditions.
- Assess the impact of Federal Reserve policy, GSE activity, regulatory developments, housing policy, and market technicals on Agency mortgage valuations and sector performance.
- Lead the production of the desk's weekly mortgage market publication, delivering timely analysis of market flows, relative value opportunities, prepayment trends, Federal Reserve and GSE developments, and other key themes affecting the Agency mortgage market.
- Produce differentiated market commentary and research for internal stakeholders and institutional clients, translating complex market developments into actionable investment insights.
- Build and enhance analytical tools using Python and other modern programming languages to improve market analysis and research capabilities.
- Leverage AI and emerging technologies to improve research workflows, automate analysis, and generate differentiated market insights.
Qualifications- 5-7+ years of experience in Agency MBS, structured products, mortgage trading, fixed income research, or a related front-office role.
- Deep understanding of Agency mortgage products, including fixed-rate pass-throughs, ARMs, Agency CMBS, specified pools, CMOs, and mortgage market structure.
- Strong knowledge of mortgage prepayment modeling, option-adjusted spread (OAS) analytics, and relative value analysis.
- Thorough understanding of Federal Reserve policy, GSE programs, mortgage market technicals, and institutional investor behavior.
- Demonstrated ability to analyze large datasets and translate quantitative findings into actionable investment conclusions.
- Programming experience in Python or similar analytical tools is strongly preferred.
- Exceptional written and verbal communication skills, with experience producing market research and presenting investment ideas to senior stakeholders or clients.
- Intellectual curiosity, commercial judgment, and the ability to thrive in a fast-paced, collaborative trading environment.
What We're Looking ForWe are seeking an intellectually curious and highly analytical market professional with a passion for fixed income and the Agency mortgage market. The ideal candidate combines rigorous quantitative analysis with sound commercial judgment and exceptional communication skills. They are comfortable challenging consensus views, developing differentiated market insights, and partnering directly with traders to influence investment decisions. This role offers the opportunity to become a key contributor to one of the firm's leading Agency Mortgage Trading platforms while helping shape BNP Paribas' research franchise in the sector.
While the description above describes our ideal candidate, we encourage applicants to apply even if they do not fully meet the complete list of qualifications noted.
The expected starting salary range for this position is between $210,000 to $335,000 annually. The actual salary may vary based upon several factors including, but not limited to, relevant skills/experience, time in role, base salary of internal peers, prior performance, business line, and geographic/office location.
In addition, our comprehensive benefits package aims to support our employees in various aspects of their lives. From healthcare and wellness programs to retirement plans and childcare services, we prioritize the well-being and growth of our employees. Our benefits include medical, dental and vision coverage, a 401(k) Savings Plan, backup childcare, life, accident and disability insurance, mental health support and paid time off. Additional details about our benefits offerings, inclusive of eligibility for a discretionary bonus, will be provided during the hiring process.
