Rothesay is a UK insurance company established in 2007 and built to protect pensions. We are the largest specialist pension insurer in the UK, managing over £74bn of assets and securing pensions for c.1 million people. We secure pensions for over 170 pension schemes and insurers including British Airways, Post Office, ASDA, National Grid and Aegon.

Rothesay Asset Management North America (“RAM-NA”) is headquartered in NYC and focuses on sourcing long-dated fixed income assets in North America. Since being established in 2018, it has originated over $12.5bn of high-quality investments for the UK balance sheet.

At Rothesay, we are striving to transform our industry. We believe deeply in creating real security for the future and our leadership in finding new and better ways to do that is the key to our success. To do that, we need the very brightest original thinkers to bring creativity as well as rigor. Rothesay is a rewarding place to work, where quality people can thrive and prosper. We pride ourselves on the connections our people build, many of whom have been with us for over ten years.

Job title:  Mortgage Analyst
Reports to:  Head of US Residential Mortgages
Role type:  Permanent
Salary: The expected starting salary range for this position is between $125,000 to $175,000  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. 

Position Overview

We are seeking a highly motivated and detail-oriented Mortgage Analyst to join our team. In this role, you will sit at the intersection of loan operations and structured finance capital markets. You will play a vital role in executing the risk management pipeline, managing the due diligence of residential loan files, performing rigorous mortgage collateral analysis, and building/running cash flow models for non-agency RMBS structures.  This is an exceptional opportunity for a professional with a strong quantitative foundation to transition from fundamental asset auditing into capital markets pricing, structural modelling, and asset-backed execution.

Key Responsibilities

Collateral Analysis & Asset Diligence

Perform technical due diligence on residential whole-loan data files, validating structural features, credit attributes (FICO, DTI, LTV), and ensuring strict adherence to underwriter or programmatic guidelines.  Identify collateral data gaps, tape discrepancies, and document exceptions. Coordinate actively with credit managers, custodians, and originators to cure exceptions ahead of settlement or securitization timelines.  Monitor key metrics impacting collateral quality, such as debt service coverage ratios (DSCR), loan-to-value fluctuations, and geographic concentration.

Cash Flow & Securitization Modelling

Support senior analysts in building, updating, and stress-testing cash flow models for non-agency securitization structures (including Prime, Non-QM, and CRT shelves).  Analyze structured finance cash flow waterfalls to understand how variations in prepayment speeds (CPR), default rates (CDR), and loss severities impact junior/senior tranches and bond yields.  Utilize Microsoft Excel and specialized industry software (e.g., Intex Calc, Bloomberg, or internal proprietary platforms) to map loan tape data directly into securitization models.

Transaction Execution & Reporting

Ingest and normalize raw loan tapes from various originators or sellers, prepping the data for structured analysis.  Maintain monthly portfolio performance metrics and generate internal reports summarizing collateral metrics, trend analyses, and liquidity metrics for management decision-making.  Act as a primary point-of-contact for external diligence houses, rating agencies, and audit teams to ensure timely file validation and workflows.

Required Qualifications & Skills

Education: Bachelor’s degree required, preferably in Finance, Quantitative Economics, Mathematics, Engineering, or a heavily analytical field.

Experience: 1 to 3 years of experience in residential mortgage banking, capital markets, warehouse lending, or structured finance analytics.

Key Skills:  Advanced Microsoft Excel capabilities are required. Familiarity or foundational exposure to some basic programming language for handling large datasets is highly preferred.  Familiarity with industry-standard mortgage or structured finance tools.  Basic conceptual understanding of residential mortgage metrics (prepayment/default curves, amortization schedules, and basic credit fundamentals).  High intellectual curiosity, obsessive attention to detail, strong self-organization, and the ability to articulate highly technical findings to broad team members.

Rothesay competencies

• Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate analytical skills
• Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works intensely towards extremely challenging goals and persists in the face of obstacles or setbacks
• Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions
• Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others
• Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives. Sees the big picture and effectively analyses complex issues
• Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value
• Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions. Takes a position on issues and influences others' opinions and presents persuasive recommendations

Must be legally authorized to work in the United States. This position is not eligible for visa sponsorship.

Disclaimer: This position description is intended to describe the duties most frequently performed by an individual in this position. It is not intended to be a complete list of duties. The role shall be performed within a professional office environment.

Rothesay is an equal opportunity employer. All employment decisions — including recruiting, hiring, placement, promotion, compensation, training, and termination — are made without regard to race, color, national origin, ancestry, religion or creed, sex (including pregnancy, childbirth, and related medical conditions), sexual orientation, gender, gender identity or expression, age, physical or mental disability, marital or partnership status, genetic information (including predisposing genetic characteristics), citizenship or immigration status (subject to applicable work-authorization requirements), uniformed service or veteran status, or any other characteristic protected by applicable federal, state, or local law.

Rothesay is committed to providing reasonable accommodations to qualified individuals with disabilities and for sincerely held religious beliefs and practices, both in the application and interview process and in employment.