Mundaca was born in Staten Island, New York City, where his father, a Chilean immigrant, worked for the United States Postal Service.

[5] He later joined the accounting firm, Ernst & Young, as a partner in the practice's International Tax Services group from 2002 to 2007.

[6][7] In September 2009, President Barack Obama picked Mundaca as Assistant Treasury Secretary for Tax Policy after Elizabeth Garrett withdrew her nomination.

[8] He was confirmed in March 2010 and served in the position until May 2011,[9] when he left the agency to rejoin Ernst & Young, where he has been the leader of the firm's U.S. National Tax Department.

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