Mortgage Servicing Rights (MSR) Hedging Director

USAA

. Lead development and implementation of the organization's MSR hedging framework, including strategy, policies, procedures, controls, and escalation protocols .

Posted 9/15/2026full-timeSan Antonio • Texas • United StatesLead💰 $127,310 - $229,160 per yearWebsite

Core Competencies

Role fit

Core Competencies

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Demonstrates expertise in developing and implementing MSR hedging strategies, including risk management frameworks and governance processes. Proven ability to analyze market trends, manage hedging positions, and collaborate with cross-functional teams to optimize portfolio performance.

Highest-signal resume keywords

MSR Hedging Strategy DevelopmentMortgage Servicing Risk ManagementInterest Rate Risk ManagementValuation AnalyticsCross-Functional Leadership

ATS Keywords

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Applicant Tracking System Keywords

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Hard Skills

MSR Valuation ConceptsHedge Effectiveness AnalysisPortfolio Risk ManagementTreasury FuturesOptionsSwapsSwaptionsTBAsRisk Management FrameworksGovernance Processes

Soft Skills

Influencing StakeholdersTeam BuildingPerformance ManagementCommunicationCollaboration

Industry Keywords

Mortgage BankingSecondary MarketingCapital MarketsMarket RiskAsset Liability Committee (ALCO)Risk CommitteesRegulatory ExaminationsFinancial PlanningBudgetingMarket Exposures

About the role

Key responsibilities & impact

Lead development and implementation of the organization's MSR hedging framework, including strategy, policies, procedures, controls, and escalation protocols
Establish governance processes and reporting standards for oversight of MSR hedge activities
Develop and execute MSR hedging strategies to mitigate interest rate and other market risks
Manage daily hedging positions using Treasury futures, options, swaps, swaptions, TBAs, and other approved instruments
Monitor hedge performance, effectiveness, and portfolio sensitivities, including duration, convexity, and basis risk
Collaborate with the MSR Valuation team on portfolio characteristics, valuation assumptions, cash flow projections, duration estimates, and sensitivity analyses
Evaluate market changes' impact on asset values and hedge performance
Analyze market trends affecting mortgage servicing valuations and hedge performance
Recommend hedge adjustments based on market conditions, portfolio performance, and risk appetite
Develop hedge performance metrics, risk tolerances, and key risk indicators
Monitor MSR hedge P&L and explain performance drivers to executive leadership
Provide forecasts and recommendations regarding portfolio performance and capital utilization
Develop and maintain management reporting packages for hedge activity, servicing valuations, and market exposures
Support budgeting and financial planning for servicing and hedging activities
Maintain documentation for hedge strategies, methodologies, controls, and governance requirements
Support evaluation and implementation of systems, models, analytics, and vendor solutions
Use valuation analytics to inform hedge positioning and risk management decisions while maintaining independent ownership of hedge strategy and execution
Participate in model validation, assumption reviews, and governance discussions related to servicing asset risk measurement
Partner with Risk Management, Finance, Accounting, Treasury, and Executive Leadership on enterprise risk objectives
Serve as a subject matter expert for internal audits, external audits, and regulatory examinations
Build and oversee a team through recruiting, development, retention, coaching, performance management, and managerial activities
Ensure business risks are identified, measured, monitored, and controlled in accordance with risk and compliance policies and procedures

Requirements

What you’ll need

Bachelor's degree; OR 4 years of relevant education and/or experience
Minimum 6 years’ progressive experience in mortgage banking, secondary marketing, capital markets, mortgage servicing, interest rate risk management, or related disciplines
Proven experience building scalable processes, influencing cross-functional partners, and driving strategic initiatives
Minimum 3 years’ direct experience managing MSR risk, mortgage-related hedging strategies, capital markets activities, or interest rate risk programs
Subject Matter Expert in mortgage servicing economics, capital markets, and interest rate risk management
Strong understanding of MSR valuation concepts and servicing asset risk characteristics
Experience designing, implementing, or enhancing risk management frameworks, controls, and governance processes
Experience partnering with valuation, accounting, finance, and risk management functions
Proven ability to lead cross-functional initiatives and influence stakeholders across multiple levels of the organization
Experience building or transforming an MSR hedging program or similar mortgage risk management function
Experience presenting recommendations and performance results to executive leadership, Asset Liability Committee (ALCO), Risk Committees, or other governance bodies
Advanced knowledge of mortgage servicing valuation models, hedge effectiveness analysis, and portfolio risk management methodologies
Must not require immigration support or visa sponsorship now or in the future

Benefits

Comp & perks

Flexible work environment
Relocation assistance
Pay incentives based on overall corporate and individual performance, at the discretion of the USAA Board of Directors
Comprehensive medical, dental and vision plans
401(k)
Pension
Life insurance
Parental benefits
Adoption assistance
Paid time off program
Paid holidays
16 paid volunteer hours
Various wellness programs
Career path planning
Continuing education assistance