Mortgage Servicing Rights Virtual Forum
Virtual Event
October 29, 2020

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Description

As the market gets used to working with the coronavirus there are many new market paradigms that have developed including
  • An increase in GSE sellers retaining servicing
  • A dearth of market liquidity
  • Valuation volatility and portfolio paper losses
  • Historically low interest rates
  • Independent mortgage bankers servicing above 50% of the loans for the first time
  • A lack of financing
  • An environment of forbearance and defaults
What will be the market impact of these realities? Are these long-term trends or short-term blips? Find out the IMNs Virtual MSR forum, coming to you this October 29,with easy access from your own computer, laptop or mobile device.

Built upon a best-in-class, user-friendly platform, the virtual edition of our MSR conference features a host of capabilities that will ensure you arm yourself with the information and connections you’ve grown to expect from our industry leading live event, including:
  • Attendee Networking Attendees and sponsors can meet via video or text chat; one-on-one or in groups; to discuss the latest deals, investment opportunities or whatever else is on your mind.
  • Diverse Content Hear from over 75 industry leaders through a range of keynote addresses, panel discussions, ‘closed-door meetings’, and roundtables.
  • On-Demand Access Can’t make it to the live session? Add it to your personal calendar and enjoy on-demand access whenever the time is right.
  • Speaker Engagement Engage directly with the virtual conference speaking faculty during live sessions with Q&A and polling, or take the conversation offline within the networking portal.
  • Unlimited Resources Download and save pertinent industry resources throughout the entire platform from panel presentations to exhibitor whitepapers, you will not leave the conference empty-handed!
  • Ease of Access Register for the virtual conference and receive access from any device no matter where you are.
IMN is excited to adapt alongside our clients in the MSR space and to bring this calendar fixture event to an even wider delegation of industry participants on October 29. We hope you will join us for this must attend virtual gathering.
 

Who Should Attend
  • Accounting Firms
  • Government Regulators
  • Independent Mortgage Bankers/Sellers
  • Investment bankers
  • Law Firms
  • MSR Brokers
  • MSR Buyers/Investors
  • Private Equity Funds
  • Service Providers

Conference Highlights

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My Agenda

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Agenda

    Thursday, October 29th, 2020

      9:50 AM
      Explore the Hubb Platform

      • Finish setting up your Hubb profile, watch the welcome video, schedule one-on-one meetings, watch on-demand content, and more

      10:00 AM
      Investing in Excess Servicing

      • (Pre-conference closed door workshop-invite only)
        • Is the servicing fee/cost of servicing relationship holding in this era of forbearance?
        • The agencies and acknowledgement agreement updates you should know
        • Comparisons vs. simple loan/pledge and repo
        • How sensitive are excess servicing rights to interest rate moves?
        • Selling, buying, spreads and liquidity
        • Performance under coronavirus conditions

         

        • Jay Patel, SVP of Business Development (Blue Water Financial Technologies)
        • Travis LaMar, Managing Director, Capital Markets (Blue Water Financial Technologies LLC)
        • Tom Hiner, Partner (Hunton Andrews Kurth LLP)

      10:15 AM
      Exhibition Hall Opens & Networking Begins

      • Take some time to connect with your industry peers and learn more about the products and services that could transform your business, by visiting the exhibit hall and exploring the virtual booths on display.

      10:45 AM
      Looking Forward: The Economy, Delinquent Loan & Forbearance Projections & Strategies

      • • Potential liquidity strain regarding servicing advances vs. generous margins and improved cash position of strong origination market
        • How low can rates go? How much upside is there in pricing?
        • Latest numbers and demographics of forbearance; What will forbearance rates look like going 3 months, 6 months? 1 year?
        • Any thoughts on what Republican and Democratic Presidents and the rest of the government will do?
        • Jobless supplements
        • Impact of GSE patch
        • Lots of MSR being created in this interest rate environment, What are the longer-range implications?
        • Are new players being attracted to the market?
        • Origination predications 2021

        • Travis LaMar, Managing Director, Capital Markets (Blue Water Financial Technologies LLC)
        • Brent Nyitray, Chief Financial Officer (Ark Mortgage)
        • Scott Buchta, Head of Fixed Income Strategy (Brean Capital)
        • Marty Young, Vice President (Goldman Sachs)
        • Manish Kapoor, CFA, Managing Principal, Vice Chairman (West Wheelock Capital; The Fixed Income Investor Network)

      11:30 AM
      Exhibit Hall/Hosted Roundtables



      Track A 12:00 PM
      Servicing & Subservicing Forbearance Best Practices Update

      • • Tracking/Managing forced place insurance on assets in forbearance |
        • Strategies for loans coming out of forbearance due to regulatory expirations
        • Tapping into PTAP? 
        • Forbearance and MSR transfers
        • Customer service and forbearance management best practices
        • Dealing with advances
        • When are you using non-forbearance loan mitigation strategies?
        • How are you treating forbearance requests on non-QM and non-agency loans?
        • Handling loans already in default before covid-19
        • How many people in forbearance are still paying?
        • Litigation risk
        • How much does it cost to have a loan in forbearance vs. non-performing? What are the associated fees?

        • Jon Langlois, Partner (Buckley LLP)
        • Eric Varnen, SVP-Servicing Manager (AmeriHome Mortgage Co, LLC)
        • Allen Price, SVP Business Development (BSI Financial Services)
        • Christopher Sabbe, SVP Enterprise Sales (PHH Mortgage)
        • Tom Walsh, Executive Vice President (Rushmore Loan Management Services)

      Track B 12:00 PM
      Where Is Liquidity? Flow Agreements, Co-Issue, Bulk Sale Activity & Transaction Management

      • • How much activity is out there? Are there any private deals we aren’t seeing? Who’s buying & selling?
        • Where is best execution today?
        • What products are trading? What are their range of multiples?
        • GSE & Ginnie Co-bids
        • Where are the fire sale prices?
        • Bulk and mini-bulk market update
        • Are lower prices bringing in new players?
        • Current sales: Is there value being left behind?
        • Due diligence, best execution, purchase & sales agreements, post-acquisition integration & trailing docs

        • Eric Edwardson, Partner (Mayer Brown LLP)
        • Travis LaMar, Managing Director, Capital Markets (Blue Water Financial Technologies LLC)
        • Michael Nedzbala, Partner (Hunton Andrews Kurth LLP)
        • Michael Carnes, Managing Director (MIAC)
        • Matthew Maurer, Managing Director, Sales (SitusAMC)

      Track A 1:00 PM
      Financing Availability Going Forward

      • • Excess servicing rights
        • MSR fee securitization update
        • Servicing advances, non-performance and liquidity pressure
        • When is capacity coming back? Warehouse lines, repo financing & other short term financing options 
        • How are you financing forbearances?
        • Structures, executions & performance
        • Margin calls, collateral and financing when there is market volatility
        • Availability for smaller mortgage providers

        • Dominic Obaditch, Director (Credit Suisse)
        • Erik Klingenberg, Chair, Capital Markets (Dentons)
        • Michael Drayne, Senior Vice President-Office of Issuer and Portfolio (Ginnie Mae)
        • Meagan Signoriello, Partner (Lowenstein Sandler LLP)
        • Vandy Fartaj, Chief Investment Officer (PennyMac)

      Track B 1:00 PM
      Servicing In-House vs. Outsource: Has Forbearance Changed The Equation?

      • • Tools available to measure the cost of servicing
        • Changing agency obligations
        • Oversight best practices
        • What are the numbers you need to make servicing in-house not a cost drain?
        • Testing, licensing and training
        • Setting up a forbearance infrastructure
        • Partial outsourced solutions
        • Transfer best practices
        • Time and brain drain to get going
        • Using subservicers

        • Wade Pyun, Chief Legal Officer (Altura Credit Union)
        • David Vida, EVP - Enterprise Sales Leader (Computershare Loan Services)
        • Nitin Dave, Senior VP of Servicing & Agency Relations (Nationwide Mortgage Bankers, Inc)
        • Li Chang, Cheif Executive Officer (Recursion Co)
        • David Doyle, EVP Business Development (Sagent)

      1:45 PM
      Log-in Luncheon/Hosted Roundtable



      Track A 2:15 PM
      Forbearance, Increased Volatility & Decreased Liquidity: Tweaking Your Models & Stress Tests

      • • Have the volatility drivers changed or are the 100 year flood scenarios now coming semi-annually?
        • Modeling loans exiting forbearance: What percent default, exit with a modification or extension or deferred payment?  
        • Delinquent vs. forbearance performance vs. other outcomes and their impact including advance risk
        • Impact of household income and unemployment benefit changes on forbearance levels & behaviors
        • Prepayment & recapture modeling
        • Delinquency spikes & Forbearance rates: How high should you go? 
        • Were models predicting prepayments to be this high?
        • Historic correlation, Non-MSR credit markets and economic factors: How did they hold up?
        • Did the market perform as predicted when liquidity dried up?
        • What does a coronavirus stress test look like? CCAR and other regulatory testing

        • Richard Cooperstein, Director, Model Risk Management (Andrew Davidson & Co., Inc.)
        • Dapeng Hu, Managing Director (BlackRock)
        • Candace Russell, Vice President - Post Sale (Carrington Mortgage Services)
        • Richard Koss, Chief Research Officer (Recursion Co)

      Track B 2:15 PM
      Pre-Hedging Decisions

      • • Should you hedge or are you comfortable with the inherent volatility or natural hedge of the origination side of your business?
        • Where is the cost of hedging today?
        • Are TBAs the best answer? When are interest lock commitments a better choice?
        • Minimizing model risk
        • What do you foresee as the biggest challenges with Libor - SOFR (Secured Overnight Financing Rate) transition for MSR hedgers?
        • How much risk should you hedge?
        • Comparing hedge methodologies and their costs
        • Hedging MSR vs. All mortgage exposure vs. fixed income book

        • Bill Greenberg, Chief Executive Officer (Two Harbors Investment Corp.)
        • Khalil Kanaan, Senior Managing Director (Finance of America --Incenter)
        • Darrell van Amen, EVP, Chief Investment Officer & Treasurer (HomeStreet Bank)
        • Meagan Smiles, Director, Capital Markets Group (MIAC)
        • Mike Riley, Managing Director, Analytics (SitusAMC)

      Track A 3:15 PM
      Pricing, Valuation, Relative Value & Prepayments: What Are Today’s Drivers?

      • • Cap rate valuations and predictions
        • Tools available to analyze true value
        • Valuing early loan buyout programs
        • Coming up with a daily valuation framework
        • Impact of forbearance
        • How much of the price is uncertainty?
        • How much do you see prices rising in the near future?
        • Prepayment speeds and loan performance 2021
        • Spreads between mortgage rates and benchmark Treasury & LIBOR
        • Impact of origination capacity  

        • DeAnn O'Donovan, CEO, REIT Division (University Bank)
        • Anatoly Burman, Chief Investment Officer (Citius)
        • Bob Dowell, Managing Director, Analytics (Incenter Mortgage Advisors)
        • Nicholas Smith, Managing Partner (Rice Park Capital Management LP)

      Track B 3:15 PM
      MSR Hedging Instruments, Methodologies & Execution

        •  Linear Rate Instruments: What worked and will work?- Treasury Futures & Cash, OTC IRS and Rate Swap Futures
        •  TBA's: Core hedges and OAS immunization
        •  Alt Hedge Vehicles: IO, CMM/CMS/CMT, Credit
        • Options, Swaptions, and Volatility Products
        • SOFR- Futures, Swaps and Funding
        • Credit and Capital Constraints During the Origination Boom

           

        • John Coleman, SVP, MD, Fixed Income Group (RJO'Brien)
        • Alex Levin, Director of Financial Engineering (Andrew Davidson & Co., Inc.)
        • Achal Shah, Vice President (MUFG Union Bank)
        • Tom Rettinger, MD, Portfolio Risk Management (PennyMac)

      4:00 PM
      Networking Break



      4:15 PM
      C-Level Bank & Non-Bank

      • • Are strong originations making up for servicing advances? How are you handling all of the advances?
        • Have you been retaining servicing or holding onto servicing for a longer period of time than usual? Are you holding on because you think MSR value will rise?  Is this a now thing or a long-term change?
        • Forbearance and default surprises
        • Workout policy post forbearance
        • Forbearance and advance risk evaluation
        • Dealing with margin calls?
        • What was learned from March blowouts and today’s relative compression
        • What is keeping you up at night?

        • Jay Lown, President & Chief Executive Officer (Cherry Hill Mortgage Investment Corp.)
        • Larry Goldstone, Executive Vice President (BSI Financial)
        • Tom Millon, CEO (Computershare Loan Services US)
        • Lee Smith, EVP/ President of Mortgage (Flagstar Bank)
        • Aaron Samples, Chief Executive Officer (First Guaranty Mortgage Corp.)

      5:00 PM
      Virtual Small Group Meeting & Networking Time

      • Whipsawed by the coronavirus-related interest rate changes? Wondering how your peers are reacting to the latest forbearance news? Deliberating when market liquidity will be back to normal? Bring your own as we make new acquaintances, re-connect with old ones and debate the top issues on your mind in this forum where your questions and insights are welcomed.

        • Simon Aldrich, Executive Vice President (Freedom Mortgage Corporation)
        • David Sheeler, President (Freedom Mortgage)

      6:00 PM
      IMN’s Mortgage Servicing Rights Conference Concludes



      Bank & Non-Bank & Investor Closed Door

      • *Small Group Meeting* Whipsawed by the coronavirus-related interest rate change? Wondering how your peers are reacting to the latest forbearance news? Deliberating when market liquidity will be back to normal? These and any questions you might have will be discussed and debated at this forum.

      Comparing GSE & Regulatory Developments You Need To Know

      • • Comparing buyout policies and activity
         • VA waiving delinquent interest loan compliance vs. CFPB regulations X requirements for servicers to disclose all options on deals: Ensuring a favorable deal between consumer and servicer
        • Early loan buyout programs
        • Changing nature of credit risk
        • Remittance policy and servicing fees
        • Taxes and insurance financing
        • Advances update
        • State and local regulatory stuff you need to know

         

      Servicing vs. Origination vs. Buying Rights: Has The Coronavirus Changed This Equation?

      • • Comparing risks and valuations
        • Current multiple comparisons
        • Strategic considerations
        • Servicing your own rights vs. 3rd-party administration
        • Entity integration and loan transfer issues
        • Economic and interest rate considerations
        • Mergers & Acquisitions

      Trading Loans In Forbearance

      • • Valuation tricks of the trade
        • Buyouts vs. cost reimbursement
        • Stipulations of performing loans winding up in forbearance
        • Ginnie buyouts
        • What happens when forbearance ends?
        • Relative value vs. NPLs, performing MSRs and other mortgage and fixed income instruments
        • MBS pools and forbearance
        • GSE purchases
        • What are the surprises that come up post-close? Minimizing unwelcomed surprises in the contract phase

      Retain vs. Release And The Increasing Importance Of Warehousing Loans

      • • Current vs. past mortgage loans held for sale
        • The changing economics of retention
        • What kind of turn times are correspondents needing? What is the impact?
        • Additional expenses and risks associated with holding loans longer and in increasing quantity
        • Pipeline hedging in the current environment
        • Warehouse funds available
        • Are you holding on to your loans because of the possible MSR rise?
        • Dealing with seller advance risk

      Origination, Refi & Recapture

      • • How long is the refi runway?
        • Non-QM/Patch & Non-Agency updates
        • Strategies to improve your refi rate
        • What is being done to expedite appraisals and reduce stipulations?
        • New origination tools you are using
        • How is your retention rate? How did you improve it?
        • What kind of products are popular right now?
        • FICO scores are you seeing?
        • Correspondents and brokers: What are you hearing?
        • Margins of direct-to-consumer vs. other roads to market

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  • Thursday, October 29th, 2020

1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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