Mortgage Servicing Rights (East)
New York, NY
March 19 - 20, 2020

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. Sales of MSR linked to single-family mortgage backed securities hit $613.46 million last year and 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 400 participants at our 2019  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 March 19 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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Agenda

    Thursday, March 19th, 2020

      7:30 AM
      Registration for Pre-Conference Attendees



      7:55 AM
      The ABC’s of Excess Transactions

      • Are you an approved seller/servicer looking to a) increase pricing b) mitigate interest rate risk c) retain borrowers ? Are you an investor looking to source interest rate risk, leverage recapture, and leverage structure to get access to the MSR asset?  This 101 session will set a great groundwork on what excess transactions are the investment opportunities they present, various structures  and the management of the asset.  Other points to be touched on will include: * Steps when running a process and executing a transaction
        * Target returns/risk-adjusted returns
        * The Investor’s vs. Seller’s perspective: What’s in it for each party?
        * Acknowledgement agreement or not?
        * Managing credit and other risk 
        * Flow or Bulk-Which way to go?
        * Managing Prepayment risk
        * What happens if the transaction goes sideways.   Who should attend: Mortgage servicers and Potential Investors

        • Al Qureshi, Managing Director (Blue Water Financial Technologies)
        • Tom Hiner, Partner (Hunton Andrews Kurth LLP)

      8:00 AM
      Registration for all Attendees, Exhibition Opens, Breakfast is Served, Courtesy of:



      8:40 AM
      MSR Economic & Market Overview

      • • QM patch and other regulatory factors you are paying attention to
        • If the CSFB is unconstitutional…
        • Home price, affordability and consumer debt: Any changes you are seeing?
        • Interest rate directions, Fed’s next moves and its impact on refis and MSR
        • Core inflation drivers
        • Credit quality and DTI of new originations and your default predictions
        • New tax laws and their impact on housing and housing affordability
        • LIBOR transition and its impact on the mortgage industry
        • If the government leaves the mortgage market-What will be the impact on mortgages and mortgage servicing?
        • What are the market and external contributors to the recent volatility?

        • Al Qureshi, Managing Director (Blue Water Financial Technologies)
        • Brent Nyitray, Director of Capital Markets (Ark Mortgage)
        • David Sheeler, EVP (Freedom Mortgage)
        • Brandon Story, SVP-Capital Markers (Mr. Cooper)
        • Kevin Barker, Senior Research Analyst (Piper Jaffray)
        • Matthew Maurer, Managing Director, Sales (SitusAMC)

      9:35 AM
      Depository Institution Plenary: How Is Your MSR Strategy Changing?

      • • Non-QM… How are you treating the MSR?
        • Changes in the servicing function
        • Handling regulatory risk within the servicing function
        • Privacy law compliance: Are you adding resources?
        • MSR stress testing: What did you learn from last year’s volatility? How are you preparing for the next wave?
        • What are you considering in the retain/release decision?
        • Acquiring or selling MSR?
        • Market share vs. profits
        • To hedge or not to hedge

        • Robert Losquadro, Senior Vice President (Houlihan Lokey)
        • Viral Shah, Head of Capital Markets (Better.com)
        • Aaron Samples, Chief Executive Officer (First Guaranty Mortgage Corp.)
        • Lee Smith, Executive Vice President/Chief Operating Officer (Flagstar Bank)
        • Simon Aldrich, Executive Vice President (Freedom Mortgage Corporation)

      10:20 AM
      Financing MSR: What’s the Latest

      • • Securitization-An update on deals, structures, agency and rating agency hot buttons
        • Advance fees and agency changes
        • Use of funds
        • Balance sheet management
        • Facilities for acquisitions vs. dry powder
        • Excess spread differences
        • When things go wrong…
        • Stop-loss caps
        • Private label vs. agency & comparing and contrasting agency approaches
        • Evaluating your counterparties 
        • LIBOR decommissioning impact

        • Katrina Llanes, Partner (Alston & Bird LLP)
        • Al Qureshi, Managing Director (Blue Water Financial Technologies)
        • Dominic Obaditch, Director (Credit Suisse)
        • Erik Klingenberg, Chair, Capital Markets (Dentons)

      11:05 AM
      Networking Break, Courtesy of:



      11:45 AM
      MSR Strategy in a Changing GSE, Regulatory, & Origination Environment

      • • Servicing: What is most important to the GSEs? Examiners, historical data, regulatory capital and FRTB
        • New policies on financing and advances
        • New processes for adding loans and piggybacking on 629 transfer requests
        • 144(a) securitization structures
        • GNMA-liquidity of counterparties and changes to the acknowledgment agreement
        • State regulatory developments
        • Risk management and capacity
        • Non-bank liquidity plans & Stress testing-“Safety and soundness” of state-chartered, non-depository institutions to hold agency mortgage servicing rights and act as a servicer
        • How important is diversification?
        • SEC no-action letter on MSR

        • Daniel Goodwin, President (Cleveland Park Advisors)
        • Jon Langlois, Partner (Buckley LLP)
        • Kenneth Adler, EVP-Head Of Capital Markets (Caliber Home Loans)
        • Michael Lau, Chief Executive Officer (Pingora Asset Management)
        • Chris Delfs, Senior VP- Capital Markets (SunTrust Mortgage)

      12:30 PM
      Recapture & The Economics Of MSR Retention: What Are The Keys To Retaining More Customers?

      • • What should be your retention goal?
        • Comparing recapture rate difference between conventional and government loans
        • What kind of analytics around retention efforts to reduce propensity of default are you using?
        • Identifying when a consumer is in the market for a new loan or home
        • My mother told me you better shop around… Do mortgage consumers shop terms or refinance with their current mortgage holder?
        • Human vs. automation: Who is more effective when?
         • What kind of pre-emptive outreach is effective?

        • DeAnn O'Donovan, CEO, REIT Division (University Bank)
        • Min Kim, VP, MSR Acquisitions (Freedom Mortgage Corporation)
        • Dick Kazarian, Managing Director, Behavioral Modeling Group (MIAC)
        • Rudy Orman, Director of Correspondent Sales & Product Development (Reliant Bank)
        • Sameh Elamawy, Chief Executive Officer (Scratch)

      1:15 PM
      Lunch is Served

      • Sign up for optional luncheon roundtables at the registration desk
        • Capital Markets
        • Investing
        • Servicing


      2:15 PM
      Excess Servicing Rights & Acknowledge Agreement Update

      • • Comparing vs. other financing
        • Are MSR fund structures being explored to increase liquidity for excess?
        • The latest from the agencies
        • Selling, buying, spreads and liquidity
        • Valuation and factoring in rising servicer costs
        • Market for securitized excess servicing rights
        • Legal and documentation updates
        • The modeling side: How sensitive are excess servicing rights to interest rate moves? 

        • Eric Hagen, Analyst (KBW)
        • Kwaw De Graft Johnson, Director (Credit Suisse)
        • Tricia McKitty, Director (Freddie Mac)
        • Roy Hormuth, Director (Ginnie Mae)
        • Tom Hiner, Partner (Hunton Andrews Kurth LLP)
        • Mark Garland, Managing Director, Sales (SitusAMC)

      3:10 PM
      MSR Hedging Instruments, Methodologies & Execution

      • • Hedging with futures vs. swaps: What do you use swaps and swap futures to hedge? 
        • Hedging volatility and convexity
        • Longer dated exchange hedges vs. OTC
        • Factoring in mortgage option liquidity
        • What you need to trade swaps
        • Credit default swaps vs. CRT Mez
        • In with the old, out with the new: LIBOR vs. SOFR

        • John Coleman, SVP, MD, Fixed Income Group (RJO'Brien)
        • Al Qureshi, Managing Director (Blue Water Financial Technologies)
        • Geoffrey Sharp, Managing Director (Eris Innovations)
        • Bill Berliner, Director of Analytics (MCT Trading)
        • Kevin Rubash, Vice President (Quantitative Risk Management, Inc)

      3:55 PM
      Networking Break, Courtesy of:



      4:20 PM
      MSR Business Options: Buying a Mortgage Servicer/Originator Vs. Acquiring Rights Vs. Originating Your Own Supply vs. Servicing

      • • What are the current multiples? In which direction are they going?
        • Impact of declining interest rates and refinance activity on the M&A market
        • Would you rather be in the servicing or origination business today?
        • Staffing for the servicer route
        • Relative value of MSR vs. other mortgage paper
         • Comparing post-acquisition cost and integration 

        • Derrick Gruner, General Counsel (Apollo Square Capital)
        • Chris Gavin, Partner (Cadwalader, Wickersham & Taft LLP)
        • Raymond Slater, MSR Portfolio Manager (Cherry Hill Mortgage Investment Corp.)
        • Douglas Harter, Director (Credit Suisse)
        • Doug Luchner, CFO/Head Trader (Seneca Mortgage Servicing LLC)

      5:05 PM
      Servicing & Subservicing: Since Servicer Retention Rates are so Low are MSR Owners Finding what they are Looking for?

      • • Capacity: How can a potential customer judge?
        • Loss mitigation strategies
        • Disaster planning
        • Exception management and ensuring a smooth transfer
        • Is price the determining factor in servicer selection? 
        • Technology updates… What issue(s) did they solve?
        • Servicing different agency paper
        • When does it pay to use an 3rd-party servicer vs. in-house assets
        • What have you changed recently in the borrower communication process?

        • Chris Diamond, Director, Financial Products (Better)
        • Robert Maddox, Partner (Bradley Arant Boult Cummings LLP-Enterprise)
        • Tom Walsh, Managing Partner (Roosevelt Management Company)
        • Sameh Elamawy, Chief Executive Officer (Scratch)

      5:50 PM
      Networking Reception



      6:50 PM
      Day One Concludes



    Friday, March 20th, 2020

      7:30 AM
      Registration for Pre-Conference Attendees



      7:55 AM
      Bank/Non-Bank/Investor Closed Door

      • Whipsawed by the last interest rate change? Wondering how your peers are reacting to the latest regulatory news? Is bulk or flow looking better? These and any questions you might have will be discussed and debated at this forum.

        • Kenneth Adler, EVP-Head Of Capital Markets (Caliber Home Loans)
        • Simon Aldrich, Executive Vice President (Freedom Mortgage Corporation)

      8:20 AM
      Exhibition Opens, Breakfast in Served for all Attendees; Courtesy of:



      8:45 AM
      Co-issue Transactions Vs. Other Routes to Markets: Acquisition/Dispositions & Best Execution

      • • What are the pitfalls you faced on your last deal?
        • Transaction management and purchase and sale agreement developments
        • When to go flow… When to go co-issue… When to go bulk
        • Changing GSE requirements
        • Selecting a co-issue servicing buyer
        • Treatment of reps and warranties
        • Delivery and reporting requirements
        • Mitigating potential delivery and/or settlement errors
        • Large vs. small portfolios

        • Emanuel Santa-Donato, Director of Capital Markets (Better.com)
        • Hakan Beygo, Senior Director (Freddie Mac)
        • Michael Nedzbala, Partner (Hunton Andrews Kurth LLP)
        • William Roehrenbeck, SVP-Managing Director MSR Acquisitions (PNC Bank, A Divsion of PNC Bank, N.A.)
        • John Guy, Director, National Business Development (Recovco Mortgage Management, LLC)
        • Bryan Hill, Director, Business Development & Strategy (Two Harbors Investment Corp.)
        • Larry Goldstone, Executive Vice President (BSI Financial)

      9:30 AM
      Delinquent Loan Projections, Drivers, Loss Mitigation Strategies & Investment

      • • What are the variables that best predict a delinquency?
        • Impact of local real estate pricing
        • Stressing delinquencies: What are the factors?
        • Once a loan defaults … What are your first steps?
        • Performance as delinquencies and defaults decline
        • Impact on advances Impact
        • Servicing cost of delinquent vs. performing loans
        • Ginnies and delinquencies
        • Delinquency levels after a natural disaster 

        • Richard Cooperstein, Director, Model Risk Management (Andrew Davidson & Co., Inc.)
        • Paul Birkett, Managing Member (Automation Holdings LLC)
        • Domonic Purviance, Senior Financial Specialist (Federal Reserve Bank of Atlanta)
        • Michael Carnes, Managing Director (MIAC)
        • Owen Sokolof, Managing Partner (Sokolof Remtulla, LLC.)
        • Steven Eisenberg, Managing Partner, CEO (Stern & Eisenberg, PC)

      10:15 AM
      Comparing Fannie vs. Freddie vs. Ginnie Collateral Update

      • • The latest regulatory developments
        • Cash flow comparisons
        • P&I and T&I custodial bank accounts
        • Data management during transfers
        • Pool prepayment speeds
        • Flow/co-issue update
        • FHA and VA servicing… the latest Developments
        • Relative value of FHA vs. Ginnie

        • Bose George, Managing Director (Keefe, Bruyette & Woods)
        • Marty Young, Vice President (Goldman Sachs)
        • Tom Hiner, Partner (Hunton Andrews Kurth LLP)
        • Nitin Dave, Senior VP of Servicing & Agency Relations (Nationwide Mortgage Bankers, Inc)

      11:00 AM
      Networking Break, Courtesy of:



      11:15 AM
      Measuring & Stress Testing MSR Volatility & Liquidity Risk

      • • How are the key risk factors changing: How are these changes being reflected in your models?
        • Ginnie vs. risk of other agency MSR
        • Risk mitigation strategy
        • How do you capture non-numeric impacts and market factors into your modeling (ex: Climate Risks, Regulatory Risks, Litigation Risks, etc.)?
        • Assessing the impact of a stress scenario on the full balance sheet and income statement
        • Moving beyond risk assessment to consider what you plan to do in times of stress
        • Attribution analysis: Where do you think the stress will be coming from this summer and beyond? 

        • Leon Tatevossian, Adjunct Professor, Financial Mathematics and Engineering (NYU Courant and NYU Tandon)
        • Michael Drayne, Senior Vice President-Office of Issuer and Portfolio (Ginnie Mae)
        • Brian Ye, Managing Director (JP Morgan Securities LLC)
        • Kevin Carroll, Vice President (Quantitative Risk Management)

      12:00 PM
      MSR, Mortgage- & Asset-Backed Relative Value

      • • Flow vs. bulk-Where is the value?
        • Coupon and realistic yield
        • Ginnie vs. other GSE credit risk and risk management
        • Recent prepayment activity and speeds
        • Where is the risk?
        • Packaging loans for sale
        • QM Patch expiration effects on Ginnie MSR composition
        • Oiling the gears… What are the GSEs doing to increase liquidity?
        • Acknowledgement agreement update

        • Eric Hagen, Analyst (KBW)
        • Anatoly Burman, CIO, CTO (Alesia Re)
        • Philip Laren, Director MSR Services (MCT Trading Inc)
        • Chris Said, SVP-Portfolio Investments (Mr. Cooper)
        • Jason Vinar, Managing Director (Two Harbors Investment Corp.)
        • Manish Kapoor, CFA, Managing Principal (West Wheelock Capital)

      12:45 PM
      The 7th Annual Residential Mortgage Servicing Rights Forum Concludes



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  • Mortgage Originator/Investor/Government Employee registration* - Early Bird - $1,295
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  • Early Bird Registration - $1,995
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  • On-Site Registration Rate - $2,195
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Contact Us

Venue

  • Conference Venue

  • Marriott New York Downtown


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

    Additional Info:

    Please use the link above to book a room in IMN's room block, pending availability, until our cutoff date of Wednesday, February 26, 2020. 

    IMPORTANT NOTE: IMN has not retained a 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. 

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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