Manager, CMBS Pricing and Agency Execution

Role Overview

• Screen new CMBS loan opportunities from national production managers and commercial mortgage bankers, reviewing transactions for market acceptability, structural integrity, and alignment with KeyBank's risk parameters and securitization guidelines.
• Conduct detailed rating agency analysis for each prospective transaction, including the creation of rating agency cash flows and credit enhancement stacks using KeyBank's proprietary agency pricing tools.
• Price individual loan exposures in conjunction with the CMBS Pricing Desk, ensuring breakeven analysis reflects current market spreads, comparable deal treatment, and anticipated securitization economics.
• Review and structure Single Asset / Single Borrower (SASB) opportunities, creating multiple rating agency capital structures and analyzing best execution across fixed
• and floating-rate alternatives.
• Collaborate with KeyBanc Capital Markets to assign credit spreads to hypothetical SASB and conduit structures, ensuring pricing reflects current investor demand and secondary market conditions.
• Contribute to weekly CMBS pricing breakeven analysis in partnership with the CMBS Pricing Desk, Production Management, and KeyBanc Capital Markets, providing market-informed recommendations on loan pricing and structuring.
• Monitor and interpret market trends, including rating agency criteria updates, comparable securitization performance, new issuance activity, and investor appetite, and disseminate actionable intelligence to the CMBS management team and commercial mortgage bankers.
• Maintain deep relationships with rating agencies (Fitch, KBRA, Moody's, S&P, DBRS Morningstar), subordinate bond buyers, loan sellers, and other debt capital markets participants to ensure KeyBank remains well-positioned and informed.
• Partner with the Underwriting Manager and Securitization Manager to ensure seamless coordination between deal screening, underwriting execution, and securitization delivery.
• Provide advisory support to commercial mortgage bankers and clients regarding permanent debt solutions, market structures, and optimal execution strategies.
• Partner with mortgage bankers in borrower meetings and deal calls to support loan application discussions and strengthen client confidence.
• Comply with all KeyBank policies and procedures, including acting professionally, conducting business ethically, avoiding conflicts of interest, and acting in the best interests of clients and KeyBank.

Requirements

• Bachelor's degree in finance, economics, real estate, or a related field required
• MBA or advanced degree in finance or real estate preferred
• Ten or more years' experience in CMBS, debt capital markets, or structured finance at a major bank, rating agency, or financial institution
• Demonstrated expertise in rating agency methodologies and credit enhancement analysis required
• Prior experience in a deal screening, loan pricing, or capital markets advisory role strongly preferred
• Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint) and Adobe products required
• Experience with CMBS rating agency cash flow models and proprietary pricing tools preferred
• Excellent verbal and written communication skills required

Benefits

• Health insurance
• 401(k) matching
• Flexible work hours
• Paid time off
• Remote work options