NPLs, Notes & Default Servicing
Fort Lauderdale, FL
February 10 - 11, 2020

Description

IMN is excited to return to Fort Lauderdale, Florida on February 10-11, for our next NPLs, Notes & Default Servicing Forum. Now in its fourth year on the East coast, we look forward to welcoming back large institutional buyers, mid-sized funds and smaller private note buyers to discuss market trends, with new sessions addressing RPL securitization and REO to rental property strategy. 

In addition, we welcome a new crop of servicers and default professionals to discuss topics surrounding foreclosures and default servicing.  These fresh supplements to the program and delegation promise valuable opportunities for information sharing and networking. 

We look forward to welcoming you to Florida this February!

Who Should Attend
  • Accounting
  • Bankers
  • Brokers
  • Econometric Services
  • Insurance
  • Law
  • Lenders
  • Mom & Pops/Fix & Flippers
  • Property Analytics
  • Property Auction
  • Property Broker
  • Property Management/Property Management Services
  • Rating Agencies
  • Single Family Investors
  • Single Family Owners/Operators
  • Service Providers/Vendors

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My Agenda

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Agenda

    General Themes

      Economy: Where are the Economy, Treasury & Interest Rates Going? What will be the Impact on the Notes Market?

      • • Defaults: Will they continue to go in a downward direction?
        • Direction of the quantity of banks holding paper
        • Non-residential vs. other sector relative value
        • The determinants of consumer debt: What is changing?  
        • When is the best time to invest in a note?
        • Where will the next hot US NPL market develop?
        • What are your models saying?


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      Large Institutional Players Plenary: How Does You View On Interest Rates & The Economy Impact Your Mortgage Investment Strategy?

      • • Working with joint venture partners: What are your timeframes and parameters?  
        • On balance sheet vs. securitization
        • Co-bidding on deals
        • In this era of over-bidding how are you protecting your downside?
        • Are politics impacting your investments?
        • Securitization: Do you securitize your notes? Invest in securitized paper?
        • Portfolio-level due diligence
        • NPL/RPL buying strategy


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      Growth Decisions & Getting Bigger

      • Small Group Meeting for Investors only) Where are the supplies of notes being found where others aren’t looking? What have you been outsourcing freeing you up to find these hidden notes? What new markets are you looking at? This and your questions will be among the key issues discussed at this discussion for note buyers only.


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      Note Default & Risk Assessment

      • • Performance in a recession
        • Collateral assignment attached to the note is in case of default
        • Considering the local and national economy
        • Impact of the time in default and the ability to repay
        • Risk vs. return goals
        • Firsts vs. seconds; owner occupied vs. rental; loans vs. seller finance. Looking at specific risks and their management  
        • What level of risk are you willing to take? What investment or situation are you comfortable with? 


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      Using Credit Lines vs. Longer Term Financing to Buy Notes

      • • Sources of debt
        • Hypothecation: The latest
        • Securitization and what investors are demanding
        • What’s out there for the bigger and little guy
        • The repo market, HELOCs, bridge financing & letters of credit: When do you use?
        • Where do you get your equity from?
        • Joint ventures with other investors to buy pools
        • Crowdfunding and other alternative funding sources
        • Using partials to finance additional paper
        • Financing through partials 


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      Pricing/Valuation: What Kind of Discounts are out There?

      • • How do you determine the price you are willing to pay or sell?
        • Public vs. private transactions
        • What kind of pricing models do you use?  
        • Role of brokers price opinion
        • Pricing execution 


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      Is it Time to Exit? Buy to Hold vs. "Buy-Reperform-Resell” vs. REO

      • • Have you changed your approach? Why?
        • Creating notes: Selling your REOs and financing flippers
        • Considering time line: Considering judicial vs. non-judicial
        • Are losses lower when the lender does not take ownership of the property? 


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    Acquisitions/Dispositions

      Acquisitions: Update on the Hunt for Relative Value and Hot Assets

      • • What does it take to play in the government sandbox?
        • Which lien won’t give you lean growth prospects?
        • Tail investments: How much $$ can you make?
        • Location: Where can you make the most money? How much cheaper do you need to buy in judicial states to make them worthwhile?
        • Performing vs. sub-performing vs. non-performing: Which way to go?
        • Seller finance and creating notes


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      Where is Supply Coming From? Using Non-Traditional Acquisition Sources to Find Performing & Distressed Paper

      • • Mortgage holders performance impact: Will the lack of non-performers continue?
        • Growing your own supply
        • What kind of price are you willing to pay?
        • Where aren’t the larger investors playing?
        • What are banks and non-bank originators selling?
        • Buying from the government and those who buy from the government
        • In what regions are you finding distress?
        • Firsts vs. seconds
        • At what part of the lifecycle are you looking for your distressed product?
        • Heard a lot of funds were closing down


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      Acquisition Due Diligence & Curing Problematic Loans

      • • Evaluating time, effort and brain damage necessary
        • Working with municipalities to cure
        • Code enforcement
        • Addressing liens
        • Property taxes vs. water liens
        • Working with HOAs
        • Overlooked foreclosure issues
        • Fraud-related problems and solutions
        • How much do you make on the sale?
        • Finding missing documents
        • What kind of work do you outsource? Do yourself?


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      Acquiring & Managing For Investors

      • • Compensation and fees
        • Management agreement: What are the key features?
        • LLC vs. limited partnership and other entity-level challenges
        • Lessons learned, advantages and disadvantages of working with
        • What are some of the mistakes that you have helped institutions avoid?
        • What happens when an institution has two+ agents in a market? What happens when you both bid on the same loan?
        • How is your venture structured? How are you paid?
        • Taking the next step: Joint ventures
        • What is the typical volume and transaction size for these structures? How many AUM per vehicle?  What are the metrics-cost per note, cash yield per property, expense ratio per property?


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      Buy Then Foreclose vs. Seller Foreclose Then Buy

      • • Pricing, time needed to foreclose
        • Cost of capital
        • Firsts vs. seconds and other collateral
        • Judicial vs. non-judicial states
        • Foreclosure costs
        • Dealing with multiple lien holders
        • Buying a note when owner is in bankruptcy
        • Key for cash and other ways to get the tenant out
        • Comparing legal issues 


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      What is Your Ideal Exit Strategy? What Can Alter This Strategy?

      • • Disposing early vs. late-Where are the best returns?
        • When do you go REO?
        • When do you use a 3rd-party to dispose?
        • Time to sale vs. ROI/getting your price vs. carry cost
        • Using due diligence vendors during the disposal process
        • Seller finance
        • Seller outreach strategy
        • What is negotiable?
        • What did you do with the capital of your latest sale?
        • Foreclosure as your exit: When is it the best strategy?


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    Product Types

      Firsts vs. Seconds

      • • What are the key due diligence issues that investors should consider in evaluating first and second notes
        • When does the clock begin to run? What practical considerations should investors consider regarding jurisdiction-specific statutes of limitation?  
        • Approach to monitoring and analyzing the market for different assets, and their price volatility
        • Best practices for reviewing the title/preliminary report and identifying defects?
        • Anti-deficiency laws, judicial v. non-judicial foreclosure requirements: What are the most significant regulatory considerations that investors should consider?


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      Government NPL Market: Evaluating the Risks & Benefits

      • • Pool characteristics: What is the average pool delinquency? Unpaid principal balance? Weighted average note rate? BPO loan-to-value rate?
        • Buying from the buyers
        • Insurance considerations and natural disasters
        • Servicing requirements
        • Community impact and extended timeline pool offerings: What you need to know
        • Reperforming loan sales
        • Securitized product
        • Pending loss mitigation actions


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      Investment “Tail” Loan Investment, Due Diligence & Enforceability

      • As pools available in the market are increasingly deal clean ups and represent the tail of the investment it is of great importance to discuss this asset type and delve into areas like
        • What is the impact if you get the due diligence wrong?
        • Evaluating litigated files for unenforceability, fatal liens and title issues
        • Second lien and partial tail investments
        • The REO option 


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      Investing in Distressed Paper

      • • Sources of acquisitions
        • Properties damaged by natural disaster
        • Pricing: Can you buy and make a profit?
        • Picking neighborhoods soon to rebound-What are the factors you look at?
        • Buying for rental portfolio vs. a quick flip
        • Buying the paper to get at the property
        • Leaning towards liens?
        • The government channel? The tax lien market? 
        • City-owned land banks and working with not-for-profits
        • What kind of kick outs are you curing that others aren’t?


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      Looking at Relative Value Among Alternative Asset Types: Commercial vs Residential Loan; US vs. International Investing

      • • Where are you finding commercial notes today?
        • Multifamily, construction, owner and non-owner occupied loans: Where is the relative value today?
        • Mortgage vs. non-mortgage commercial notes
        • Comparing cure methodologies
        • Residential vs. commercial bankruptcy
        • Risks and advantages of performing vs. non-performing Servicers out there
        • Loan to flip vs. loan to own


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    Legal/Servicing

      Changing Regulatory Environment: What Note Buyers, Bank Workout and Default Servicers Need To Know

      • • What are some of the changes that have been coming out of the new congress? State government?
        • Lending space regulations
        • Legal issues facing longer term delinquencies
        • The structure of the GSEs
        • Property preservation requirements
        • Notes and opportunity zones: What you should know
        • Implications of new tax law for note investors
        • The CSFB and new regulations pertaining to servicing Anything note buyers need to know?
        • Changes in the federal regulatory landscape for mortgage origination and servicing
        • State law changes: Sunset/replacement for the California Homeowner Bill of Rights
        • HOA lien priority issues


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      Foreclosure/Bankruptcy and Recovery Best Practices

      • • Eviction vs. foreclosure
        • Land contracts and other collateral
        • Vacant vs. tenant vs. owner occupied properties
        • Keeping documents in house: Does it speed up the process materially?
        • State law (judicial vs. non-judicial) impact and regulatory update
        • Getting everyone on the same page: Aligning interests between servicers, foreclosure, bankruptcy counsel and investors
        • Cost to foreclose: Service provider fees and how much is too much?
        • When do you rent out the property until the first forecloses?


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      What Note Buyers Need to Know Regarding State License Requirements, Legislation, Compliance & Litigation

      • • Changes to foreclosure laws making certain non-performing loans unenforceable, such as requiring an original promissory note to foreclosure vs. a lost note affidavit and copy of the note
        • Borrower outreach and when you need a license
        • Is your strategy to foreclose or get the payor to re-perform?
        • Servicers and local license requirements
        • What you need to know about the Fair Debt Collection Practices Act 


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      Legal Considerations for Creditors in the Event of Default

      • • Servicing pain points
        • Government pools and neighborhood stability requirements
        • Tax collateral vs. other default assets
        • Due diligence list additions for acquisitions of defaulted loans
        • Collateral note guarantee goes into default but not the property: What are the best practices
        • Buying/selling partials in default
        • What rights can the buyer of the note actually invoke to cure any breach or default


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      Loss Mitigation Options Without Going to Court: Modifications, Workouts, & Legal Recovery Best Practices

      • • Do you run your loss mitigation functions in house or do you outsource?
        • Best practices after onboarding a note going through loss mitigation
        • Comparing strategies and outcomes
        • Falling off the wagon: How many modifications are enough?
        • Evaluating what a debtor can afford: What are acceptable DTI ratios? What is your acceptable ROI?
        • Dealing with paper with arrearages


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    Operations

      Outsourcing vs. In-House

      • • What kind of assets do you keep in house? Farm out?
        • What have you taken in house recently? Outsourced?
        • How much time did you free up?
        • Onboarding strategies: What have you revamped?
        • Who handles curative work and missing trailing docs? 


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      Portfolio Management & Property Preservation: Reducing Carrying Costs Of Ownership

      • • What goes to the servicers, what stays in-house?
        • Statements, reporting and compliance
        • Technology and software solutions
        • Once a client gets behind payments… PRL & NPL best practices
        • When is self-insurance the way to go?
        • Insourcing, outsourcing & staffing your portfolio management team
        • Performance management and reporting
        • Market-specific considerations
        • Rehab for sale to institutions vs. retail vs. hold for portfolio
        • Expected ROI on maintenance and different rehab & amenities
        • Role of rehab amount and turnover costs vs. tenants’ length of stay


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      Evaluating the Note Owner Servicer/Subservicer/Asset Management Relationship in an Environment of Regulatory Headwinds

      • • Licensing considerations and other risks of taking the default function in-house vs. keeping at a servicer, sub-servicer or default firm
        • How does servicing and insurance impact your acquisition strategy? What recent case law may impact this decision?
        • What information does an asset manager need to provide regarding expectations, timelines, reporting, borrower outreach, collection and customer service
        • How do you train those in the trenches on the different expectations between public vs private investors
        • How are servicers adapting to shifts in compliance-oriented practices to goals around optimal performance on execution? How are servicers who buy loans managing inherent conflicts?
        • Communication breakdowns: They aren’t all the same
        • Impact of market consolidation
        • Property preservation and other pain points
        • Examining servicing fees


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Contact Us

Venue

  • Conference Venue
  • Ritz Carlton Fort Lauderdale


    1 North Fort Lauderdale Beach Boulevard
    Fort Lauderdale, FL, 33304
    USA

    Additional Info:

    Please use the link above to make a reservation in our group room block, pending availability, until our cutoff date of Monday, January 20. The Group Code (DKRDKRA) must be applied to receive our discount.   IMPORTANT NOTE: IMN has not retained a third party booking company to assist with reservations.  If you are interested in making a reservation at the hotel you must make your reservation using the link above.

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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