Analyst, Credit Ratings - U.S. RMBS

About the Role

Morningstar DBRS is seeking an Analyst to join our U.S. RMBS group within Global Structured Finance. This role offers the opportunity to work on rating new U.S. residential mortgage‑backed securities transactions and contribute to the development of high‑quality credit ratings and research in a collaborative, market‑facing environment.

What You'll Do

• Analyze RMBS transactions, including collateral characteristics, capital structures, credit enhancement levels, legal frameworks, and due‑diligence findings.
• Develop a strong understanding of U.S. mortgage products, origination and servicing practices, and key performance drivers.
• Run and review cash‑flow models, loan‑level analytics, and scenario/sensitivity analyses to evaluate expected loss and credit risk.
• Review banker cash flow outputs and provide feedback on transaction structure.
• Present findings to internal rating committees.
• Participate in criteria development, model enhancements, and analytical framework improvements.
• Contribute to publications such as market updates, sector commentary, and research notes.
• Join meetings with bankers, borrowers, investors, and other market participants to discuss transaction terms and analytical considerations.

What you Bring

• Bachelor’s degree in finance, math, economics, data science, engineering, or related fields.
• Strong analytical and quantitative skills; high attention to detail; proficiency in Excel.
• Excellent communication and presentation skills.
• Ability to work in a team‑oriented environment and manage multiple deadlines.

Nice to have

• Master’s degree in a quantitative or analytical discipline.
• Experience with Python, VBA, R, SQL, or other programming languages.
• Familiarity with structured finance, mortgage products, or cash‑flow modeling.

About Us

Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world.

Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Our approach and size allow us to be nimble enough to respond to customers' needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service.

Morningstar DBRS is the next generation of credit ratings.

Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

• Financial Health
• 100% 401k match up to 6% of salary
• Stock Ownership Potential
• Company provided life insurance - 1x salary + commission
• Physical Health
• Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
• Additional medical Wellness Incentives - up to $300-$600 annual
• Company-provided long- and short-term disability insurance
• Emotional Health
• Trust-Based Time Off
• 6-week Paid Sabbatical Program
• 6-Week Paid Family Caregiving Leave
• Competitive 8-24 Week Paid Parental Leave
• Adoption Assistance
• Leadership Coaching & Formal Mentorship Opportunities
• Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
• Tuition Reimbursement
• Social Health
• Charitable Matching Gifts program
• Dollars for Doers volunteer program
• Paid volunteering days
• 15+ Employee Resource & Affinity Groups

Base Salary Compensation Range

$75,182.00 - 100,182.00 USD Annual

Incentive Target Percentage

10% Annual

If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.

Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A ra