Mortgage Servicing Rights (East)
New York, NY
November 14 - 15, 2022


In a climate of increased regulatory scrutiny and rising interest rates, it is of even greater importance for the $10 trillion MSR industry to meet, compare notes and discuss the latest. As the economy continues to heal from the pandemic albeit with some dark clouds on the horizon, the market for MSR sales is starting to shift and MSR sales  continue to rise as mortgage companies are selling portions of their swollen portfolios, meaning there has never been a better time for the industry to reconvene. 

IMN's 8th Annual Residential Mortgage Servicing Rights Forum is excited to be back in New York City for the great networking opportunities and the continued exploration of key industry issues including the housing market, Covid vs. Post Covid Pools, view from the Fed & Regulators, and much, much more.

With more than 450 participants at our NYC event, this is your destination to network with industry leaders from Banks, Non-Bank Originators, Mortgage Investors, Hedge Funds, Private Equity & Other Institutional Investors. This forum is the only opportunity on the calendar that brings together owners and administrators of mortgage servicing rights for 1.5 days of dedicated MSR content.

We look forward to seeing you this November 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

Conference Highlights

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My Agenda

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    Monday, November 14th, 2022

      7:00 AM
      Tier 1 Registration

      • Registration and setup for Exhibitors

      8:00 AM
      Tier 2 Registration

      • Registration for all conference delegates.

      8:30 AM
      The Economy & MSR: What Are Today’s New Risk Factors You Are Evaluating?

      • • Rising rates and the impact on MSR
        • The Fed and its latest actions
        • Oil prices and other consumer staples
        • Is MSR performance equal to expectations?
        • Impact of Non-Bank profitability 
        • 250% risk weightings and its impact

        • Thomas Piercy, President-National Enterprise Business Development (Incenter)
        • Ying Shen, Managing Director, Head of Agency Mortgage (BlackRock, Inc.)
        • Al Qureshi, Managing Partner (Blue Water Financial Technologies)
        • Harris Trifon, Managing Director, Portfolio Manager (Lord Abbett)
        • Nicholas Smith, Managing Partner (Rice Park Capital Management LP)

      9:15 AM
      C-Level Bank/Non-Bank Origination Plenary: How Are You Managing Your MSR Assets Today?

      • • How are you addressing excess business capacity on the origination side of the business?
        • What kind of cross-selling are you doing?
        • Margins and profitability
        • Take on industry consolidation
        • MSR buy/sell/retain strategy
        • Servicing… Keep in-house vs. subservice
        • As rates rise have you altered your hedging plans?
        • What is worrisome on a Federal level? Economic level?

        • Jeffrey Levine, Managing Director/Co-Head of FIG (Houlihan Lokey)
        • Lee Smith, EVP/ President of Mortgage (Flagstar Bank)
        • Bill Greenberg, Chief Executive Officer (Two Harbors Investment Corp.)
        • David Sheeler, President (Freedom Mortgage)

      10:00 AM
      The Economics Of The Retain vs. Release Decision 2023: What Are Your Plans As Interest Rate Increase?

      • • How is value impacting your retain vs. release decision… Is there a magic number?
        •  When one or two basis points can have a huge impact in your retain vs. release decision how are you insuring the magic number is correct
        • What are they key determinants outside of price?
        • Servicing grids vs. broker assumptions vs. cash flow models
        • Incentivizing production of loans you will keep
        • Best execution, getting your price and retain/release
        • Current vs. past mortgage loans held for sale  What are the newest factors you are using in the retain/release decision?
        • What is the size of the portfolio you like to bring to market? What are the additional expenses and risks associated with holding loans longer and in increasing quantity? Pipeline hedging in the current environment
        • Warehouse and other funds availability

        • Bob Dowell, Managing Director, Analytics (Incenter Mortgage Advisors)
        • Mike Vough, Managing Director of Product Development (Black Knight, Inc.)
        • Azad Rafat Rafat, Senior Director MSR Services (MCT Trade)
        • Nitin Dave, Senior VP of Servicing & Agency Relations (Nationwide Mortgage Bankers, Inc)
        • Kevin Carroll, Vice President (Quantitative Risk Management)

      10:45 AM
      Networking Break

      Track A 11:40 AM
      Hedging Challenges As Market Volatility Increases

      • •  Changes in the TBA & Spec pool markets and should you be adjusting your coupon rate?
        • Managing interest rate exposure and are your hedges performing as expected?
        • Hedging low coupon 20-21 vintage vs. current origination
        • Natural hedge performance and current hedging costs
        • Treasury/Mortgage rate spread
        • Best practices when hedging ARMs
        • Earnings management and hedging
        • Changing MSR/RMBS and swaps, futures and options hedge ratios as interest rates increase 
        • Maintaining a duration neutral portfolio

        • Manoj Singh, Managing Director –Model Risk Officer (Bank of America)
        • Travis LaMar, Managing Director, Capital Markets (Blue Water Financial Technologies LLC)
        • Geoffrey Sharp, Managing Director (Eris Innovations)
        • Tom Rettinger, Senior Managing Director-Head of Secondary Marketing & Risk (PennyMac)
        • John Coleman, SVP, MD, Fixed Income Group (RJO'Brien)
        • Richard McRedmond, Director (Two Harbors Investment Corp.)

      Track B 11:40 AM
      Servicing: What Are The Newest Issues As We Go Into The Post-Covid Era?

      • • Servicing transfers… Have the pipes been wide enough to handle all the flow? What have been the clogs?
        • Have all the easy mods been done? What is left?
        • How are you ensuring full datasets of transferred pools? And what else do you need to do before the transfer?
        • Impact of capital regulations
        • Are the factors still in place for subservicing continue to gain volume?
        • How is recapture and cross-selling going?
        • What should you be looking for in a sub-servicer?
        • Are you ready for a flood of non-performing loans?
        • Non-QM and what you need to know
        • And it took a year to iron out all the issues post-transfer… Lesson learned to cut down the time

        • Eric Edwardson, Partner (Mayer Brown LLP)
        • Eric Friedman, Managing Director, Servicing (Acra Lending)
        • Jose Morin, VP, Servicing (Brace)
        • Jon Patterson, Partner (Bradley Arant Boult Cummings LLP-Enterprise)
        • Anna Krogh, Vice President (Dovenmuehle Mortgage, Inc.)
        • Christopher Sabbe, SVP Enterprise Sales (PHH Mortgage)

      Track A 12:25 PM
      Is Cross-Selling The New Recapture… What Are Your Strategies?

      • • What kind of cross-selling are you having success with?
        • Recapture partnership update
        • What are your options with seconds? ARMs
        • What are banks cross-selling and what you can learn
        • Where are current recapture levels?
        • Valuing cross-selling vs. recapture

        • Ken Adler, Managing Director (Annaly Management Company, LLC)
        • Jon Langlois, Partner (Buckley LLP)
        • Debbie Schmidt, Marketing Manager (Computershare Loan Services)
        • Jackie Frommer, COO-Lending (Figure)
        • Jonathan Chao, Co-founder & CEO (Haven)
        • Rodney Moss, EVP Strategy and Business Dev. (LoanCare)

      Track B 12:25 PM
      Opportunities to Acquire MSRs in Distressed and Bankruptcy Situations

      • The rapid increase in mortgage rates in 2022 has caused significant pain at mortgage originators – ranging from massive headcount reductions to bankruptcy.  Many financially stressed originators are looking to raise liquidity by selling MSRs.  Therefore, acquisitions opportunities exist to acquire MSRs for below intrinsic values.  However, these types of transactions carry unique risks and execution considerations.  This session will focus on recent market disruptions.  It will also address unique factors to consider when contemplating distressed purchases / sales of MSRs.

        • Jim Albertelli, CEO (Voxtur)
        • Paul Noring, Managing Director (Berkeley Research Group, LLC)
        • Mark Renzi, Managing Director (Berkley Research Group, LLC)

      1:10 PM

      2:10 PM
      FHA Liquidity, New Capital Regulations And Their Impact On Non-Banks, Servicers & MSR

      • With the new regulations expected to drop this Fall it will be an opportune time to review them and their effect on the MSR market
        • Ginnie proposal on net worth, liquidity and capital ratios and its market impact
        • Recent politics
        • Conference of State Bank Supervisors and how their proposal works in
        • When are these regulations expected to take place?
        • Will small and medium institutions be able to meet the new requirements?

        • Douglas Harter, Director (Credit Suisse)
        • Katrina Llanes, Partner (Alston & Bird LLP)
        • Kevin Byers, Senior Director (Conference of State Bank Supervisors)
        • Taylor Stork, Chief Operating Officer (Developer’s Mortgage Company)
        • Christopher Whalen, Chairman (Whalen Global Advisors LLC)

      2:55 PM
      Mortgage Capital Markets & Financing The MSR

      • • The latest on advance funding
        • Lessons learned from the liquidity problems in the beginning of covid
        • Components of MSR, Ginnie/Fannie /Freddie requirements, retention requirements, transfer, acknowledgement agreements; trading vs. pre-crisis
        • Transitioning to SOFR
        • Financing terms, participants & volumes
        •  FASB & excess strip sales • Securitization vs. sale 
        • Is it a good time to consider unsecured debt?
        • Any securitization wrinkles or innovations out there?

        • Eric Hagen, Director (BTIG)
        • Jay Lown, President & Chief Executive Officer (Cherry Hill Mortgage Investment Corp.)
        • Dominic Obaditch, Director (Credit Suisse)
        • Erik Klingenberg, Chair, Capital Markets (Dentons)
        • Tom Hiner, Partner (Hunton Andrews Kurth LLP)

      3:40 PM
      Networking Break

      4:05 PM
      MSR Transactions… Examining Current Transaction Volume, Pricing & Best Execution For Flow Agreements, Sale For Immediate Release And Bulk Sales

      • • How much supply is still out there? How is liquidity being impacted by interest rate rises? How are prices and net servicing fees trending?
        • Evaluating the volume of Ginnie
        • How do we get sellers of servicing to ensure full datasets from LOS is delivered?
        • What is being done to expedite appraisals and reduce stipulations?
        • What is your retention rate? Where is it going?
        • What kind of products are popular right now?
        • FICO scores you are seeing
        • Margins of direct-to-consumer vs. other roads to market  
        • On the Bulk side… PSAs, Due diligence, agency approval and building out settlement and post settlement work flows and processes
        • How do you figure out if someone who is refinancing will continue to be a performing asset?

        • Jay Patel, Managing Director (Blue Water Financial Technologies)
        • Allen Price, Senior Vice President- Sales, Marketing and Client Management (BSI Financial Services)
        • Shujaat Ali, Partner (Dentons)
        • David Sheeler, President (Freedom Mortgage)
        • Michael Carnes, Managing Director-MSR Valuations Group (MIAC)
        • John Bosley, President, Mortgage Lending (Planet Home Lending)

      4:50 PM
      Size, Scale & Exposure… Private Equity vs. Servicing vs. Origination vs. Buying Loans And Securitized Pools: Comparing Different Avenues Of MSR Market Participation As Interest Rates Rise

      • • Impact of investment size and how much you need to be profitable
        • Comparing Cusips vs. certificates
        • How much leverage?
        • Evaluating risks of different approaches as the economic scenario changes: The advantages and disadvantages of being a direct buyer vs. partnering with a seller
        • Are you looking to own, take on operational risk or be a financial investor?
        • How are smaller banks participating?
        • Fund structuring and equity raising
        • The ins and outs of the JV structure 
        • What is in your buy box? What is out?

        • Haukur Gudmundsson, Partner (Mayer Brown LLP)
        • Raymond Slater, MSR Portfolio Manager (Cherry Hill Mortgage Investment Corp.)
        • Nikhil Malik, CEO, MSR Asset Vehicle (MAV) (MSR Asset Vehicle (MAV))
        • Craig Freel, Portfolio Manager (Rice Park Capital)

      5:35 PM
      Networking Reception

    Tuesday, November 15th, 2022

      8:00 AM
      Exhibitions Open...Breakfast is Served

      8:25 AM
      The Housing Market & Mortgage Origination Trends: Are We Seeing Any Bubbles Forming?

      • • Is there still room for home price appreciation or are we looking at the opposite?
        • Will defaults happen after such a run up in equity and values?
        • Will sales slide back to pre-pandemic levels?
        • What is the mortgage rate that causes housing prices to cool?
        • Increased regulation from FHA
        • Delinquent loan strategies and projections
        • As moratoriums expire…
        • Mortgage origination trends… Will there be an ARMS race?
        • The Non-QM market and other new products
        • What is mortgage demand looking like?
        • How resilient are homebuyers to high interest rates?

        • Derrick Gruner, Chief Investment Officer/General Counsel (Aureus Finance Group)
        • Pratik Gupta, Head of CLO and RMBS Strategy (Bank of America)
        • Gunnar Blix, Director, Housing Market Research (Black Knight)
        • Domonic Purviance, Subject Matter Expert (Federal Reserve Bank of Atlanta)
        • Nik Shah, CEO (

      9:10 AM
      MSR Strategy, Earning Management, Leverage & Hedging Practices

      • • Balancing MSR sales and origination
        • Hedging vs. natural hedges
        • Earnings in different economic scenarios
        • Selling MSR once vs. a little at a time
        • Leverage and its impact
        • Has the SEC taken notice?
        • MSR valuation, markups & earnings
        • How high can MSR values go?
        • Markups vs. sales
        • Impact of servicing in-house vs. 3rd-party

        • Garrett Jimenez, Senior Vice President of Trading (Phoenix)
        • Michael Lau, Chief Executive Officer (Pingora Asset Management)
        • Kevin Carroll, Vice President (Quantitative Risk Management)
        • Daniel Fleishman, Managing Director (RiskSpan)
        • DeAnn O'Donovan, CEO-Asset Management Division (University Bank (Midwest Loan Solutions))

      9:55 AM
      Modeling & Valuation As Credit Comes Back Into The Equation & Consumer Data Explodes

      • During the past few years MSR holders and investors have not had to worry much about credit in their models as forbearance ruled.  Now with the expiration of forbearance coupled with higher home prices, interest rates and increased odds of a recession should we dusting off the credit part of our models?
        • Modeling covid vs. post-covid MSR
        • As interest rates rise… 
        • Changing assumptions and estimates
        • What are the major components of MSR value today?
        • Using cash flow models vs. broker assumptions
        • As interest rates increase is escrow becoming a bigger part of your earnings?
        • Modeling and valuing AMRs
        • What is the value of the customer and how much is cross-selling worth as interest rates rise? 

        • Richard Cooperstein, Director, Alliances and Policy (Andrew Davidson & Co., Inc.)
        • Sophia Su, Director (BlackRock)
        • William Aubrey, President (Pacific Mortgage Capital)
        • Joe Makepeace, Director (RiskSpan)

      10:40 AM
      Networking Break

      10:55 AM
      Mortgage Relative Value

      • • Supply/Demand of MSR: Where is it going? What is the market impact?
        • Comparing 20-21 vintage vs. off-the-run paper
        • Below rate seconds vs. cash out refis
        • Impact of Fed actions
        • TBA vs. bank pool relative value
        •  Relative value between mortgages and MSR
         • Where is the value on securitized MSR pools?
        • How are you treating pools with increasing amounts of ARMs?
        • As the value of the refi fades
        • What are your duration goals?

        • Brian Luitjohan, Mtg IPV & Market Risk Officer (Truist Financial)
        • Jeana Curro, Managing Director, Head of Agency MBS Research (Bank of America)
        • Simon Aldrich, Senior Executive Vice President (Freedom Mortgage Corporation)
        • Anatoly Burman, Founder, CIO & CTO (Varda Re)

      11:40 AM
      The Fed, What They Are Doing And How That Will Impact the MSR Market?

      • • Is the Fed going to sell or run-off their mortgage holdings? What are the long-term impacts of the Federal Reserve’s retreat from buying MBS
        • Is the Fed trying to cool of the housing market?  Push down prices?
        • Will the Fed continue to aggressively fight inflation?
        • How high will mortgage rates get? How will rates at these levels impact the mortgage markets?
        • Impact on credit cards, auto loans and other consumer credit- How will this impact on consumer credit effect the mortgage market?
        • How large will the next interest rate rise be?  Will mortgage rates go up or down as a result?

        • Bose George, Managing Director (Keefe, Bruyette & Woods)
        • Brent Nyitray, Chief Financial Officer (Ark Mortgage)
        • Scott Buchta, Senior Managing Director - Head of Fixed Income Strategy (Brean Capital)
        • Nicholas Maciunas, Executive Director-Head of Agency MBS Research (J.P. Morgan)
        • Michael Fratantoni, Chief Economist, Senior VP, Research & Industry Tech (Mortgage Bankers Association)

      12:25 PM
      Conference Concludes



To register for this conference you must be signed in

  • Mortgage Originator (Sub-Servicers and Warehouse Lenders are not eligible) Registration* - Early Bird - $1,495
  • Mortgage Originators (Sub-Servicers and Warehouse Lenders are not eligible) Registration - $1,695
  • Early Bird Registration - $2,195
  • Standard Registration - $2,295

Contact Us


  • Conference Venue
  • Marriott New York Downtown

    85 West Street at Albany Street
    New York, NY, 10006

    Additional Info:

    Please use the link above to book a room in IMN's room block for the conference, pending availability, until our cutoff date of Monday, October 24. IMPORTANT NOTE: There is a two-night room minimum for booking in the room block. Please note IMN has not retained any third party booking company to assist with reservations. If you are interested in making reservations at The New York Marriott Downtown, you must book those rooms directly with the venue. 


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