Deloitte's Securitization Capital Markets Services team is solely focused on helping our clients successfully execute capital markets transactions. Our securitization professionals are engaged on performing agreed-upon procedures on new issuance securitization transactions related to Agency Mortgaged-Backed Assets (MBS), Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS) and Residential Mortgage-Backed Securities (RMBS) structured products. Our services include asset level file review, capital structure cash flow modeling, recomputing advanced asset and bond analytics and review of relevant offering documents. We maintain a broad portfolio of clients, who issue transactions across a diverse list of asset classes including: single-family residential, multifamily, commercial, auto, equipment, single family rental, marketplace lending, timeshare, student loans, credit cards and various esoteric assets, such as cell towers, containers, railcars, solar/pace, tax liens, tobacco settlements, whole business and others. Our clients include primary broker dealers, investment banks and various loan originators/issuers in the fixed income industry.
We are looking for Analysts to join our growing and award-winning Securitization practice. We are specifically seeking professionals that will be dedicated to CMBS asset-level due diligence or ABS/RMBS cash flow modeling.
A candidate for the CMBS Analyst role would be responsible for loan file reviews, collateral stratification and offering document reviews, in addition to playing a supporting role in the execution, planning, economics and billing of each transaction. They will be responsible for directly interfacing with clients and attorneys and other professionals within Deloitte and the CMBS industry. In addition, they are expected to demonstrate a general knowledge of market trends, competitor activities and Deloitte's products and services, in order to identify opportunities to assist with cross-selling other services.
A candidate for the ABS/RMBS Analyst cash flowing modeling role would be responsible for (i) modeling the capital structure using our proprietary cashflow modeling system, (ii) calculating the projected future cash flow payments of the assets and securities and recomputing various analytics related to the securities, including declining balance tables, weighted average lives and pre-tax yield to maturity tables at various economic scenarios and (iii) performing a thorough review of the various offering documents related to a transaction. For each proposed securitization transaction, they will be expected to directly interface with issuers, investment banks, attorneys and other professionals within Deloitte.
Essential functions of an Analyst include:
CMBS asset-level due diligence:
â¢ Performing loan file review procedures on pools of commercial mortgage loans and properties.
â¢ Maintaining and updating critical data to reflect the results of loan file review procedures.
â¢ Working in teams performing collateral stratification procedures timely and accurately to meet client deadlines and deliverables.
â¢ Interacting with clients to discuss, explain and reconcile data and offering document exceptions.
â¢ Generate and tie-out pool level collateral stratification tables and large loan specific tables using CAS (a licensed application) or Excel based models.
â¢ Reviewing the Securitization offering documents for accuracy and completeness of collateral disclosure.
â¢ Thinking "outside of the box" and exercising professional skepticism to detect any potential issues throughout the engagement.
â¢ Contribute towards building strong client relationships through interactions with client personnel.
â¢ Contribute to a positive team attitude.
ABS/RMBS cash flow modeling:
â¢ Recalculate expected asset cash flows for various product types and debt waterfalls using certain software applications (including our proprietary VBA-based cash flow modeling tool) or Excel.
â¢ Help develop and maintain securitization collateral and cash flow models, analyze results and provide explanations for discrepancies to ensure compliance with each transaction's offering documents.
â¢ Strong document reading and reviewing skills - analyze the language and presentation of bond analytics in the relevant offering documents, such as marketing materials, Prospectus Supplements and Private Placement Memorandums; timely submitting relevant and quality comments and communicating discrepancies to attorneys and clients.
â¢ Develop deep understanding as a subject matter expert of specific assets types, cash flow structures and current market trends.
â¢ Four-year college/university degree
â¢ VBA experience preferred
â¢ Exposure to computer programming languages (i.e., VBA, Python) and/or industry system platforms, such as Bloomberg, Intex or TREPP
â¢ 1 year of experience in financial cash flow modeling securitization transactions in Excel/ VBA
â¢ Proficient with Microsoft Office products (Excel, Word, Access)
â¢ Spreadsheet modeling skills
â¢ Knowledge of CMBS-related legal/offering documents and commercial mortgage loan and property source documents a plus
â¢ Experience in coordinating and communicating with working party such as bankers, attorneys, collateral managers
â¢ Well versed in interpretation of legal documents such as offering memorandums, offering circulars, indentures and private placement memorandums, etc.
â¢ Ability to working independently and multitask in fast paced environment to meet client deadlines.
â¢ Strong organizational, analytical skills, problem-solving skills and high attention to detail.
â¢ Highly developed written and oral communication skills.
â¢ MS/MBA/CPA are helpful, but not required.
â¢ Minimal to zero travel required (less than 10%).
â¢ Relevant working experience in the following areas is a plus (minimum of 6 months experience):
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