Sr. Investment Associate (Residential Whole Loan Credit & Due Diligence)

PGIM - Sr. Investment Associate (Residential Whole Loan Credit & Due Diligence)

What you will do

We are seeking an experienced residential mortgage credit professional to support the acquisition, asset management and loss mitigation of closed DSCR and other Non-QM residential mortgage loans for a large institutional investment portfolio. Working directly with senior investment professionals, this individual will evaluate bulk and flow purchases, resolve diligence findings, monitor post-purchase performance and support loan-level workout decisions.

This is an investor-side role rather than a traditional production-underwriting position. The successful candidate will assess each loan as an investment, distinguish curable exceptions from material credit or enforceability risks and exercise sound judgment when guidelines and documentation do not provide a mechanical answer.

This position follows a hybrid work model, with working 3 days in the Newark, NJ office and 2 days remotely. Remote work arrangements may be considered.

What you can expect

• Review DSCR, business-purpose, and Non-QM loans for compliance with acquisition guidelines, trade stips, and exceptions.
• Analyze borrower/guarantor credit (i.e., liquidity, reserves, ownership experience, etc.).
• Assess DSCR and property cash flow, including leases, rents, taxes, insurance, vacancy, and short-term rental assumptions.
• Evaluate collateral and valuation risk, including LTV/CLTV, appraisals, property condition, comparables, BPOs, AVMs, and valuation variances.
• Identify layered credit and collateral risks across leverage, purpose, cash-out, seasoning, loan size, property type, geography, reserves, experience, and documentation.
• Review title, insurance, closing and legal documents, and reconcile loan-tape data to source documentation for material discrepancies.
• Manage third-party due diligence, including vendor workflow, scope, findings, budget, documentation, and issue resolution.
• Evaluate and disposition exceptions and deficiencies through cures, compensating factors, waivers, structural protections, repricing, or loan removal.
• Provide investor recommendations and transaction execution, escalating material risks and managing pools through diligence, purchase, funding, and post-purchase review.
• Monitor asset performance and loss mitigation, evaluating delinquencies, servicing activity, workouts, foreclosure alternatives, recoveries, losses, and lessons learned to improve acquisition standards.

What you will bring

• 5+ years of hands-on experience reviewing residential mortgage loan files, preferably involving DSCR, business-purpose, Non-QM, whole-loan acquisitions, third-party diligence, correspondent credit, warehouse credit or post-close review.
• Strong knowledge of credit reports, guaranties, entity borrowers, liquidity and reserves, rental-income analysis, DSCR calculations, appraisals, title, insurance and closing documentation.
• Demonstrated ability to interpret guidelines, evaluate exceptions, weigh materiality and recommend commercially practical resolutions.
• Working knowledge of mortgage servicing, delinquency management, foreclosure, bankruptcy, property preservation, valuation updates and loss-mitigation alternatives.
• Strong written communication, attention to detail and comfort working with Excel-based loan tapes, exception trackers and large loan populations.
• Ability to work constructively with sellers and vendors under transaction deadlines while escalating material risks concisely.
• Bachelor’s degree or equivalent professional experience. Practical loan-level experience, mortgage judgment and the ability to identify material investment risk are more important than academic pedigree.

What will set you apart

• Closed-loan review, pre-purchase diligence or private-label RMBS collateral review involving DSCR, Non-QM, jumbo, RTL or SFR loans.
• Experience across more than one part of the mortgage ecosystem, such as a TPR firm followed by an originator, aggregator, warehouse lender, servicer or whole-loan investor.
• Familiarity with appraisal-review products, rating-agency or securitization standards, compliance and assignee-liability considerations, and state-specific documentation issues.
• Experience with seller negotiations, diligence rebuttals, waivers, repricing, loan removals, repurchase analysis, servicer oversight or workout approvals.

Prudential welcomes all applicants, even if you don't meet every requirement. If your skills align with the role, we encourage you to apply.

Prudential is required by state specific laws to include the salary range for this role when hiring a resident in applicable locations. The annual base salary range for this role is from 145,000 to 155,000. Specific pricing for the role may vary within the above range based on many factors including geographic location, candidate experience, and skills. This role is also eligible for additional compensation and/or benefits. Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance.

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What we offer you:

• Market competitive base salaries, with a yearly bonus potential at every level.
• Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave.
• 401(k) plan with company match (up to 4%).
• Company-funded pension plan.
• Wellness Programs including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs.
• Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
• Education Benefit to help finance traditional college enrollment toward obtaining an approved degree and many accredited certificate programs.
• Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period).

Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance. To find out more about our Total Rewards package, visit Work Life Balance | Prudential Careers. Some of the above benefits may not apply to part-time employees scheduled to work less than 20 hours per week.

Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.

Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status, medical condition or any other characteristic protected by law.

To maintain the integrity and security of our hiring process, Prudential may use identity verification technologies. Your consent will be obtained before any verification takes place.

If you need an accommodation to complete the application process, please email [email protected].

If you are experiencing a technical issue with your application or an assessment, please email [email protected] to request assistance.

About Prudential

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of Dec. 31, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential’s dive