Mortgage Servicing Rights
New York, NY
April 15 - 16, 2019

Description

In a climate of increased regulatory scrutiny and low interest rates, it is of even greater importance for the $10 trillion MSR industry to meet, compare notes and discuss the latest. Agency MSR Transfers were up 13.9% in 2018 and sales of MSR linked to single-family mortgage backed securities hit $613.46 million last year. There has never been a better time for the industry to meet!

IMN is excited to be back in NYC for the great networking and to continue to explore the key industry issues including the origination trends, view from the Regulators, and more.

With more than 450 participants at our 2018 NYC event, with many from Banks, Non-Bank Originators, Mortgage Investors, Hedge Funds & Other Institutional Investors, the IMN forum is the only opportunity on the calendar that brings together owners and administrators of mortgage servicing rights for a dedicated 1 1/2 days discussing nothing but MSR.

IMN is excited to present a brand-new program again featuring banks, servicers and investors speaking on varied sessions and small group meetings. 

We look forward to seeing you April 15 for another great networking and informative event.

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

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My Agenda

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Agenda

    Monday, April 15th, 2019

      7:30 AM
      Registration & Breakfast for Closed Door Attendees


      7:50 AM
      Bank/Non-Bank/Investor Closed Door Session

      • How is your MSR strategy changing as rates rise and product becomes more rare? How are you reacting to the newest regulations and GSE standards out there? How are you changing your valuation models in this new rate environment?

         
        • Matthew Hackett , Operations Manager (Equity Now Inc.)
        • Simon Aldrich , Executive Vice President (Freedom Mortgage Corporation)
        • Mike Coyne , EVP, Mortgage Finance (Texas Capital Bank)

      8:15 AM
      Registration for All Attendees


      8:15 AM
      Breakfast Courtesy of:


      8:40 AM
      Overview of the Economy, Interest Rates, The MSR Market & Its Supply/Demand Dynamics and Cycle

      • • Less MSR is being created which means?
        • Rising delinquencies and the impact on servicing cash flow
        •. NPL servicing compensation
        • Gaps in FHA and VA contracts
        • Changes to the investor base
        • What's the big picture of how three QE programs and now the sell-down of the Fed portfolio affected the "normal" relationship between collateral and MSRs?  Is there a notion of a well-recognized correlation that broke down? 
        • What are the headlines & macro factors expected to drive rates, HPA & employment
        • Liquidity, valuation and performance of the MSR asset
        • The rush to merger and its impact
        • New origination credit quality and its impact on servicing rights
        • Are fewer originators keeping servicing?
        • Al Qureshi , Managing Director (Blue Water Financial Technologies)
        • Edward Pinto , Co-Director & Chief Risk Officer (American Enterprise Institute)
        • Domonic Purviance , Senior Financial Specialist (Federal Reserve Bank of Atlanta)
        • Michael Carnes , Managing Director (MIAC)
        • Matt Maurer , Managing Director (MountainView Financial Solutions, LLC)

      9:35 AM
      C-Level Bank/Non-Bank Executive Panel- What Is Your MSR & Mortgage Strategy In This Low Origination Environment?

      • • How much upside is their left in the MSR market? How is that impacting your MSR and mortgage origination strategy?
        • Your investor base and what do they need to learn about the MSR market
        • How are you keeping up/improving your margins?
        • What are you doing to replace new origination and refi activity income?
        • Industry M&A activity: Which areas of your institution are you looking to bulk up? Get leaner?
        • Fixing operational inefficiencies and countering rising costs
        • What is your outlook on interest rates and how does this impact your strategy for MSRs?
        • Robert Losquadro , Senior Vice President (Houlihan Lokey)
        • Kevin Brungardt , CEO (RoundPoint Mortgage Servicing Corporation)
        • Chris Mayer , Chief Executive Officer (Longbridge Financial)
        • Aaron Samples , Chief Executive Officer (First Guaranty Mortgage Corp.)
        • Lee Smith , Executive Vice President/Chief Operating Officer (Flagstar Bank)

      10:20 AM
      Measuring & Stress Testing MSR Volatility, Credit Loss, Liquidity Risk for Regulatory & Internal Purposes

      • • Servicing liquidity in a decreasing origination environment
        • REO loss exposure
        • CCAR, CCEL and other regulatory stress testing
        • When the regulators come in-What are they looking at?
        • What kind of market conditions do you stress for?
        • Different pools type sensitivities
        • Stress testing analysis and capital planning
        • In house vs. using as vendor
        • Model validation
        • Reporting and what you look at
        • Geographic concentrations and home pricing data 
        • Bose George , Managing Director (Keefe, Bruyette & Woods)
        • Richard Cooperstein , Director, Model Risk Management (Andrew Davidson & Co., Inc.)
        • Dapeng Hu , Managing Director (BlackRock)
        • Kenneth Adler , EVP-Head Of Capital Markets (Caliber Home Loans)
        • Eric Raiten , Co-Head of Capital Markets (Citi Mortgage)
        • Kevin Carroll , Vice President (Quantitative Risk Management)

      11:05 AM
      Networking & Refreshment Break Courtesy of:


      11:35 AM
      Transaction Management-Issues Surrounding Purchase & Sale Agreements, Post Acquisition Integration & Trailing Docs

      • • Bankruptcy post acquisition, pre-transfer: Who bears the risk? 
        • Authority, responsibility and timeline of data and trailing docs during transfer period
        • Agency vs. private label securities
        • Servicer termination and repurchase provisions
        • First call and hello/goodbye communication
        • E-docs and MERS
        • Missing trailing docs and the impact on a sale
        • Reps & warranties: What’s new? Negotiable?
        • Entity-level acquisition and the associated post-acquisition MSR integration issues
        • Where were you tripped up on your last transaction? What did you change so that it didn’t happen again? 
        • Michael Nedzbala , Partner (Hunton Andrews Kurth LLP)
        • Jon Langlois , Partner (Buckley Sandler LLP)
        • Sal Franco , Partner (Dentons)
        • Jaclyn E. Carey , VP, Transaction Management (Incenter)
        • William Roehrenbeck , SVP-Managing Director MSR Acquisitions (PNC Bank, A Divsion of PNC Bank, N.A.)

      12:20 PM
      Pre-Hedging Decisions: Should you Hedge MSR Risk? What is the Performance & Cost of Hedged/Unhedged? Hedging MSR Exposure vs. Total Mortgage vs. Total Fixed Income Book?

      • • Comparing natural hedges vs. other hedging instruments
        • Should you be hedging in a rising rate environment?
        • Benchmarking: Finding and using a curve native to risk management with your business/asset mix with the needed level of integrity
        • Impact of capital and conduct regulations
        • What is your economic/business model and its impact
        • Are you an OAS shop?
        • How many factors are optimal?
         • Preventing over-hedging
        • Hedging run-off policy 
        • Philip Laren , Director MSR Services (MCT Trading Inc)
        • Sydney Xu , Head of MSR trading (Citi Mortgage)
        • Mike Ondrovich , Director of Secondary Marketing (First National Bank of Omaha)
        • William Tabri , Senior Financial Risk Manager (Navy Federal Credit Union)
        • Ashish Negandhi , Senior Portfolio Manager (Angel Oak Capital)

      1:05 PM
      Lunch Featuring Optional Luncheon Roundtables

        • Servicing
        • Risk Management/Reporting
        • Capital Markets/Trading

      2:05 PM
      Financing in the MSR Market

      • • Creating leverage: Financing advances and acquisitions
        • Agency vs. non-agency financing
        • Securitization/cash execution
        • Warehouse Lines/LOC, Repo financing and other short term financing options
        • Bank vs. non-bank financing
        • Equity vs. debt and the role of CCAR and non-bank stress testing
        • Evaluating the ways and structures available to sell excess servicing
        • How the agencies think of financing
        • Financing servicing advance receivables and comparing the GSEs
        • Stop-loss caps on liabilities for qualified portfolios
        • Paul A. Jorissen , Partner (Mayer Brown LLP)
        • Ashish Negandhi , Senior Portfolio Manager (Angel Oak Capital)
        • Chris Gavin , Partner (Cadwalader, Wickersham & Taft LLP)
        • Dominic Obaditch , Director (Credit Suisse)
        • Tricia McKitty , Director (Freddie Mac)
        • Roy R. Hormuth , Director (Ginnie Mae)
        • Thomas Y. Hiner , Partner (Hunton Andrews Kurth LLP)

      2:50 PM
      Delinquent Loan Projections & Strategies

      • • NPL investment strategies
        • Impact of natural disasters
        • Judicial vs. non-judicial states
        • Using a subservicer?
        • What types of mortgage vintages are seeing rising delinquencies?
        • Factoring in current delinquency and foreclosure costs
        • Forecasting models for early-stage delinquencies
        • Pricing pools with high levels of delinquent loans
        • Are FICO scores a good projection of delinquency rates 
        • Adam Diaz , Partner - Litigation (SHD Legal Group, P.A.)
        • Brent Nyitray , Director of Capital Markets (Ark Mortgage)
        • Robert Forster , Managing Partner (BDF Law Group)
        • Marty Young , Vice President (Goldman Sachs)
        • Andrew Boylan , Partner - Compliance (McCarthy & Holthus, LLP)
        • Gregory J. Sanda , Partner (Schiller, Knapp, Lefkowitz & Hertzel LLP)

      3:35 PM
      Networking & Refreshment Break Courtesy of:


      4:00 PM
      Challenges of a Daily Valuation Framework: What are we Focusing on in 2019?

      • • Has value risen as much as your models predicted?
        • Prepayments expectations and expected duration increases
        • Cost/Revenue components
        • Indirect Benefits impact: Cross-selling & recapture
        • Current Demand and supply conditions
        • Evaluating fundamentals: Float earnings, Cost of funds/discount rates and Technology
        • Is demand sensitive to rates/supply?
        • Curtailments and  the weak function of rates
        • Cash out drivers: Turnover and defaults 
        • Factoring in rate increases, trade wars/inflation, regulatory change risk, fed action along with a flat yield curve point  
        • Valuation of loans in forbearance or receiving disaster modifications
        • Emerging valuation technology out there 
        • Bill Berliner , Director of Analytics (MCT Trading Inc)
        • Andrew Feng , Principal Financial Analyst (FHFA)
        • Hank Mol , VP, Analytics (Incenter Mortgage Advisors)
        • Mark Garland , Managing Director (MountainView Financial Solutions, LLC)
        • Gabriel Valenciana , MSR Asset Manager (SunTrust Bank)

      4:45 PM
      Buying a Mortgage Servicer/Originator vs. Rights vs. Subservice

      • • Where’s the risk?
        • How valuable are mortgage origination as rates rise?
        • What are buyers paying for mortgage-related businesses?
        • Comparing the costs of an entity acquisition vs a pool of rights
        • Valuation comparisons
        • Is all that is involved with owning an entity worth it vs. just buying rights? 
        • Lauren Pryor , Partner (Mayer Brown LLP)
        • Paul Birkett , Managing Member (Automation Holdings LLC)
        • Patrick DellaValle , Director (Navigant Consulting)
        • Michael Lau , Chief Executive Officer (Pingora Asset Management)
        • Chris Delfs , Senior VP- Capital Markets (SunTrust Mortgage)

      5:30 PM
      Networking Reception Courtesy of:


      6:30 PM
      Day One Concludes


    Tuesday, April 16th, 2019

      8:15 AM
      Registration & Breakfast Courtesy of:


      8:35 AM
      Sub Servicing: Kicking Off & Managing the Relationship

      • • Picking/Managing your servicer, fee trends, key transfer issues and managing misconceptions and how the process has improved
        • How much of a factor is compliance cost of in-house servicing a factor in outsourcing?
        • What are some of the best practices in making the transition from servicing in-house to subservicing?
        • GSE approval process and subservicer oversight?
        • Are prices coming down as the market becomes increasingly crowded?
        • Are you seeing an increase in defaults? Trends in mortgage restructuring
        • How are you staffing up in this full employment environment?
        • Risk management and capacity
        • Issues surrounding the transfer of MSRs affected by natural disasters
        • How much is your cost of servicing?   
        • Steven K. Eisenberg , Managing Partner, CEO (Stern & Eisenberg, PC)
        • Sarah Olivas , Servicing Manager (AHP Servicing)
        • Michael Wilkinson , VP of Business Development (Dovenmuehle Mortgage)
        • Nitin Dave , Senior VP of Servicing & Agency Relations (Nationwide Mortgage Bankers, Inc)
        • Kathleen Achille , Litigation Counselor (SHD Legal Group)

      9:30 AM
      Strategies to Identify & Retain More Customers in the Age of the Digital-First Home Shopper

      • With 95% of consumers going online first to research mortgage options for their next home purchase, portfolio recapture rates have hit a 10-year low as existing lenders are losing more loans to online-based lenders and local brokers referred by their realtor. Lenders can no longer rely on the same old "late-stage" strategies to identify customers at-risk of leaving the portfolio and expect to recapture them successfully. In this session, you will learn what the consumer shopping journey looks like today from the moment they think about getting a mortgage, through to funding 171 days later. You will also gain an understanding of how to acquire and leverage that knowledge to dramatically increase your recapture rates.
        • Mike Eshelman , Head of Consumer Finance (Jornaya)

      9:50 AM
      Co-Issue Transactions

      • • Looking for and finding a good co-issue partner
        • Pricing the deals-What are the factors?
        • Pros and cons of co-issue vs. other acquisition methods
        • Using e-platforms
        • Pooling tools
        • Allocation between co-issue & aggregator
        • Transaction management-What needs to be done to insure a smooth process?
        • Agency involvement and what they look for
        • Al Qureshi , Managing Director (Blue Water Financial Technologies)
        • Bob Dowell , Managing Director, Analytics (Incenter Mortgage Advisors)
        • John Olinski , SVP, Portfolio Investments (Mr. Cooper)
        • Craig Freel , SVP Portfolio Management (RoundPoint Mortgage Servicing Corporation)

      10:35 AM
      Networking & Refreshment Break Courtesy of:


      10:50 AM
      MSR Hedging Instruments, Methodologies & Execution

      • • Using pure rate instruments vs. TBAs.  Is it instructive to think of two levels of basis risk:  MSRs vs TBAs plus the fundamental mortgage basis?  In today's environment which one exhibits (or should exhibit) more variability?  Which variability is better controllable?
        • Managing interest rate exposure & counterparty risk
        • Interest rates, volatility, and non-QM risk: What are you looking to hedge?
        • With the rate-driven slowdown in production what's the outlook for MSR valuations?  What would this mean for hedging?
        • When to use Euro, Swaptions
        • Derrick Gruner , General Counsel (ALTRA Mortgage Capital)
        • He Lu , Managing Director (Blue Water Financial Technologies LLC)
        • Geoffrey Sharp , Managing Director (Eris Innovations)
        • Emily Potrykus , Director (Incenter)
        • Tom Rettinger , MD, Portfolio Risk Management (PennyMac)

      11:35 AM
      Buyer/Seller Shark Tank

      • Featuring 2 MSR sales pitched to potential buyers followed by a Q&A period for each of the transactions.
        Tank Leader- Alan (“Al”) Qureshi, Managing Partner, Blue Water Financial Technologies

        Buyer- Will review the seller presentation with the purpose of buying the portfolio Chris King, Senior VP, Mr Cooper
        Thomas Walsh, President Rushmore Loan Management Services;
        Jason Vinar, Managing Director, Two Harbors Investment Corp
        Tom Millon, CEO, US Computershare Loan Services

        Seller- Presents a portfolio of MSRs for sale Patrick Begg, SVP, Capital Markets and Risk Management M/I Financial, LLC
        • Al Qureshi , Managing Director (Blue Water Financial Technologies)
        • Christopher King , Senior Vice President (Mr Cooper)
        • Thomas Walsh , President (Rushmore Loan Management Services, LLC)
        • Jason Vinar , Managing Director (Two Harbors Investment Corp.)
        • Tom Millon , CEO (US Computershare Loan Services)
        • Patrick Begg , SVP, Capital Markets and Risk (M/I Financial, LLC)

      12:20 PM
      MSR Investors Panel: Looking at Mortgage Relative Value, Yield & Potential Upside

      • • Are you looking to buy more of less MSR? Why?
        • Do you invest in MSR for the return or for hedging reasons?
        • What are some of the other mortgage and fixed income instruments that are looking cheap? 
        • Do you do leverage? Financing the purchase & entity structural considerations
        • To hedge or not: Impact of interest rate and recession view
        • Legal, regulatory and accounting considerations
        • Unique deal sourcing sources
        • Has MSR value increased as much as you thought it would?
        • Credit widening out and what it means to the MSR market
        • Quantitative vs. qualitative analysis
        • Comparisons among the different agency paper 
        • Erik Klingenberg , Chair, Capital Markets (Dentons)
        • Anatoly Burman , Senior Managing Director (Aladdin Capital Management, LLC)
        • Scott Buchta , Head of Fixed Income Strategy (Brean Capital)
        • Jay Lown , President & Chief Executive Officer (Cherry Hill Mortgage Investment Corp.)
        • Brian Ye , Managing Director (JP Morgan Securities LLC)
        • Manish Kapoor CFA, Managing Principal (West Wheelock Capital)

      1:05 PM
      Conference Concludes


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  • Mortgage Originator (Sub-Servicers and Warehouse Lenders are not eligible) registration* - $1,395
  • Standard Registration - $2,095
  • On-Site Registration Rate - $2,195
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Contact Us

Venue

  • Conference Venue

  • Conrad New York


    102 North End Avenue
    New York, NY, 10282
    USA

    Additional Info:

    UPDATE: The IMN room block is currently sold out.  The hotel may still have rooms available outside of our room block.  These rooms must be booked directly with the hotel.  Additionally IMN has listed alternative suggestions below. Please use the above booking link to make a reservation in IMN's discounted room block.  The access code is IMN19. Reservations can be made, pending availability until Friday, March 15, 2019. IMPORTANT NOTE: IMN has not retained any third party booking company to assist with reservations.  If you are interested in making a reservation at the Conrad you must make your reservation using the link above.

Speakers


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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