Mortgage Servicing Rights (West)
Los Angeles, CA
November 12 - 13, 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 return for a second year to California to continue to explore the key industry issues including the origination trends, view from the Regulators, and more.

Last year's conference welcomed attendees 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 November 12 for another great networking and informative event.

Conference Highlights

Networking

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My Agenda

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Agenda

    Tuesday, November 12th, 2019

      7:30 AM
      Registration for Closed Door Discussion: Breakfast is Served




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

      • How are you handling the volatile rate environment? How much leverage are you using? How are you managing your vendors? How are you changing your servicing practices in this new regulatory environment? Stressing from stress testing? All of these questions plus the ones you have will be among the issues discussed at this interactive discussion

        • Simon Aldrich, Executive Vice President (Freedom Mortgage Corporation)
        • Kenneth Adler, EVP-Head Of Capital Markets (Caliber Home Loans)
        • John Britti, Executive Vice President and Chief Investment Officer (Ocwen Financial Corporation)

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      8:15 AM
      Registration for Main Conference: Exhibition Hall Opens, Breakfast is Served




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      8:45 AM
      The Economy, Mortgage Markets & The MSR

        • Expected rate direction and impact on MSR
        • Recent volatility spikes: Do you see a sequel coming soon?
        • Non-QM and MSR: One too many acronyms?
        • Cash-out market predictions
        • What kind of volatility do you expect going forward? What will be the impact on liquidity?
        • Late in the cycle, how would MSR look in a recession?
        • Any regulatory disrupters out there?
        • Impact of the MSR runoff
        • Volker rule changes and what they mean to the market

           


        • Michael McElroy, Partner (Mayer Brown LLP)
        • Al Qureshi, Managing Director (Blue Water Financial Technologies)
        • Domonic Purviance, Senior Financial Specialist (Federal Reserve Bank of Atlanta)
        • Michael Carnes, Managing Director (MIAC)

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      9:30 AM
      C-Level Non-Bank Panel: How Are You Making Your Business More Profitable?

        • What is your outlook on the Mortgage & MSR Business?
        • What have you learned from the largest volatility in the last 5 years?
        • Are you increasing underwriting Non-QM & Non-FHA loans? How are you handling the servicing rights?
        • Servicing-in house vs. external
        • M&A in the mortgage origination market-the best way to grow?
        • CCAR and other regulatory risk issues
        • Are you looking to sell or buy? Is your view on interest rates impacting this? 
        • Latest risk management and hedging updates
        • Funding strategy


        • Steven Eisenberg, Managing Partner, CEO (Stern & Eisenberg, PC)
        • Emanuel Santa-Donato, Director of Capital Markets (Better.com)
        • Mike Fontaine, COO/CFO (Plaza Home Mortgage)
        • Kevin Brungardt, CEO (RoundPoint Mortgage Servicing Corporation)

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      10:15 AM
      Networking Break, Courtesy of:




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      11:00 AM
      Measuring & Stress Testing MSR Volatility & Liquidity Risk: What Are The Challenges?

        • Which scenarios are you stressing that aren’t regulatory-based?
        • Attribution tools and result validation
        • Cost of servicing and performing vs. delinquent mortgages
        • Changing dynamics of house prices and interest rates
        • How does home price impact returns?
        • Back testing, data validation and consolidation
        • Forecasting future business and market values
        • Building an efficient, repeatable process?
        • Picking your model and risk parameters
        • Liquidity considerations
        • Static vs. OAS models
        • What rates of delinquency are you currently stress testing?


        • Richard Cooperstein, Director, Model Risk Management (Andrew Davidson & Co., Inc.)
        • Stanley Middleman, President and Chief Executive Officer (Freedom Mortgage Corporation)
        • Kevin Carroll, Vice President (Quantitative Risk Management)
        • Michael Carnes, Managing Director (MIAC)

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      11:45 AM
      Best Routes to Gaining Exposure to the Mortgage Market?

        • Owning Rights vs. Originating Mortgages vs. Subservicing vs. Servicing
        • 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  


        • Philip Laren, Director MSR Services (MCT Trading Inc)
        • Paul Birkett, Managing Member (Automation Holdings LLC)
        • Michael Wilkinson, VP of Business Development (Dovenmuehle Mortgage)
        • Michael Lau, Chief Executive Officer (Pingora Asset Management)

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      12:30 PM
      Lunch, Courtesy of:

      •  


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      12:30 PM
      Luncheon Roundtables

      • Please sign up for Optional Luncheon Roundtables at the registration desk 
        • Capital markets
        • Servicing/Operations
        • Trading/Investing



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      1:40 PM
      Acquisition/Dispositions & Transaction Management

      • • Due Diligence, Best Execution, Purchase & Sales Agreements, Post Acquisition Integration & Trailing Docs​​​​​​
        •  Flow agreements vs. servicing for immediate release vs. bulk sale: What are the pros, cons, factors and yield differences?
        • Current liquidity, pricing and costs to use of new exchanges vs. further integration and future volume of Fannie/Freddie run exchanges
        • Sale of MSRs affected by natural disasters
        • Legacy vs. new issue deals
        • What goes into your best execution analysis?
        • Why pools sit around?
        • When is seller/buyer responsible for docs?
        • What are the surprises that come up post-close? Minimizing unwelcomed surprises in the contract phase
        • Special consideration for non-performers
        • Repurchase provisions

        • Gregory Sanda, Partner (Schiller, Knapp, Lefkowitz & Hertzel LLP)
        • Hakan Beygo, Senior Director (Freddie Mac)
        • Jaclyn Carey, VP, Transaction Management (Incenter Mortgage Advisors)
        • John Crane, Managing Partner-Bankruptcy (RAS Legal Group PLLC)
        • John Guy, Director, National Business Development (Recovco Mortgage Management, LLC)

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      2:25 PM
      Servicing & Subservicing: Measuring Costs, Transfer & Loss Mitigation Best Practices

        • Measuring capacity risk with servicing and sub-servicing
        • Managing expectations
        • Cost of servicing and compliance
        • Staffing during low unemployment
        • Issues surrounding MSR transfers impacted by natural disasters 
        • Picking/Managing your servicer, fee trends, key transfer issues and managing misconceptions and how you have improved the process
        • How much of a factor is compliance cost of in-house servicing a factor in outsourcing?
        • Best practices in making the transition from servicing in-house to subservicing
        • GSE approval process and subservicer oversight
        • Pricing pressures as competition increases
        • What is the current cost per loan for performing vs. non-performing vs. e-loans? How much do you expect costs to rise in the coming year? How much do new regulations and their compliance contribute to this equation?
        • What is the cost of not scaling? How much can you save in costs by a merger?  
        • Cost of hiring and retaining personnel in a low unemployment 


        • January Taylor, Attorney (McMichael Taylor Gray, LLC)
        • Toby Wells, President of Servicing and Capital Markets (Computershare Loan Services)
        • Michael Wilkinson, VP of Business Development (Dovenmuehle Mortgage)
        • Alex Gonzalez, President & CEO (Express Capital Services, LLC)
        • Marissa Yaker, Managing Attorney- Foreclosure (Padgett Law Group)
        • Thomas Walsh, Executive Vice President (Rushmore Loan Management Services, LLC)

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      3:20 PM
      Networking Break, Courtesy of:




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      3:45 PM
      MSR Strategy in a Changing GSE, Regulatory, & Origination Environment

      • • Non-bank liquidity plans
        • Financing, advances and new policies
        • New processes for adding loans and piggybacking on 629 transfer requests
        • 144(a) securitization structures
        • Current state of how examiners view the servicing portfolio: Are they requiring a deeper foundation of historical data when the holder requests favorable treatment for regulatory capital? Does FRTB apply here?
        • GNMA developments-liquidity of counterparties and changes to the acknowledgment agreement
        • State regulatory changes to be aware of
        • Risk management and capacity
        • Stress testing: Safety and soundness of state-chartered, non-depositories to hold agency mortgage servicing rights and act as a servicer
        • SEC no-action letter on MSR
        • Impact of ending Fannie Mae and Freddie Mac extending lines of credit to seller/servicers that pledge agency mortgage servicing rights as collateral
        • Do you distinguish among the agencies? 

        • Al Qureshi, Managing Director (Blue Water Financial Technologies)
        • Wade Pyun, Chief Legal Officer (Altura Credit Union)
        • Kenneth Adler, EVP-Head Of Capital Markets (Caliber Home Loans)
        • Stanley Middleman, President and Chief Executive Officer (Freedom Mortgage Corporation)

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      4:30 PM
      Pre-Hedging Decisions

        • What costs are involved?
        • Best practices on evaluating performance
        • Should you hedge your whole book? 
        • Natural hedge: myth or fact?
        • Does volatility make this product a must hedge?
        • What is the time period for updating and changing your models?
        • Which risks do you need to assess prior to making the hedge decision?
        • What are factors that are changing that could impact your pre-hedging decisions?


        • Tom Rettinger, MD, Portfolio Risk Management (PennyMac)
        • Raymond Slater, MSR Portfolio Manager (Cherry Hill Mortgage Investment Corp.)
        • Emily Potrykus, Director (Incenter Mortgage Advisors)
        • John Britti, Executive Vice President and Chief Investment Officer (Ocwen Financial Corporation)
        • John Coleman, SVP, MD, Fixed Income Group (RJO'Brien)
        • Bill Greenberg, Co-Deputy CIO (Two Harbors)

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      5:15 PM
      Networking Reception




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      6:15 PM
      Day One Concludes




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    Wednesday, November 13th, 2019

      8:25 AM
      Registration & Breakfast




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      8:45 AM
      Evaluating The Economics Of MSR Retention & Strategies for Identifying & Recapturing More Customers

      • • Determining fundamental economic value: Do you retain if the fundamental value is greater than the market price?  What kind of models and analytics do you use to assist this decision?
        • Planning on the capital side and the impact of the move to ASC 606 (new revenue standard)
        • Impact of recapture vs. other retain vs. release factors
        • Future valuation volatility considerations - Do you have an expectation for rates and what if you’re wrong? Is recapture really a natural hedge and why?
        • What are your considerations for borrower retention? How does the non-solicit terms affect your loan officers?
        • The value of retaining an existing customer
        • Recapturing those originated using alternative channels
        • The roles of servicers, sub-servicers and customer retention specialists: What is changing? 
        • Prepayment assumptions, modeling & shock analysis: What do you look at and what changes for different assets liker Jumbos, Non-QM, Helocs vs. agency mortgages
        • What are the signs that a customer is looking for another mortgage: What are the factors you need to pay attention to? How do you get in front of other lenders that are targeting your customers? How to proactively communicate with customers?   

        • Tim Allen, CMB® Founder & CEO (aboutMYmortgage.com)
        • Chao Cong, VP, Product Management (Black Knight)
        • Bob Dowell, Managing Director, Analytics (Incenter Mortgage Advisors)
        • Jason Vinar, Managing Director (Two Harbors Investment Corp.)

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      9:30 AM
      Challenges of a Daily Valuation Framework

        • Static, OAS or hybrid?
        • Forward yield curve considerations on borrower pricing
        • Escrow component as you look at forward rates
        • Managing conflicts: lower valuations may trigger write downs and margin payments
        • Impact of delinquencies and prepayments
        • Daily vs. monthly vs. quarterly: What impacts your decision?
        • Valuing excess servicing and servicing strips
        • Pricing level benchmarks 


        • Bill Greenberg, Co-Deputy CIO (Two Harbors)
        • Hank Mol, VP, Analytics (Incenter Mortgage Advisors)
        • Tom Rettinger, MD, Portfolio Risk Management (PennyMac)
        • Mike Riley, Managing Director,Analytics (SitusAMC)

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      10:15 AM
      Networking Break, Courtesy of:




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      10:30 AM
      Comparing MSR Hedging Instruments, Methodologies & Execution

      • Many think that hedging is too expensive and the ups and downs will balance out, but after the recent MSR volatility can you really still go unhedged?
        • Addressing market structure and strategy options in today’s yield curve environment?
        • What is the best strategy for small & mid-sized players? Is there a one-fit-all strategy?
        • Drilling down on your hedging process
        • What are a hedge strategies for unique risks to manage and policies to adhere to?
        • Rebalancing policy
        • Managing capital and hedging
        • TBAs and swaps


        • Bill Berliner, Director of Analytics (MCT Trading)
        • Al Qureshi, Managing Director (Blue Water Financial Technologies)
        • Achal Shah, Vice President (MUFG Union Bank)
        • Wade Pyun, Chief Legal Officer (Altura Credit Union)

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      11:15 AM
      MSR Relative Value

        • How have credit spreads effected the market?
        • How are the risks different today? Can those risks be effectively hedged?
        • Do you distinguish among the agencies?
        • What is the potential upside and downside in today’s market?
        • How important is the servicer in evaluating and differentiating the value of MSRs/excess?
        • What is the availability of MSR/excess investments? Will supply increase or decrease in the foreseeable future?  


        • Ron Mass, Managing Principal (Almitas Capital)
        • Richard Cooperstein, Director, Model Risk Management (Andrew Davidson & Co., Inc.)
        • Raymond Slater, MSR Portfolio Manager (Cherry Hill Mortgage Investment Corp.)
        • Simon Aldrich, Executive Vice President (Freedom Mortgage Corporation)

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      12:00 PM
      The 2nd Annual Residential Mortgage Servicing Rights Forum (West) Concludes




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Contact Us

Venue

  • Conference Venue
  • Sofitel Los Angeles at Beverly Hills


    8555 Beverly Blvd
    Los Angeles, CA, 90048
    USA

    Additional Info:

    Please use the link above to make a hotel room reservation in IMN's room block, pending availability, until our cutoff date of Monday, October 21. 

    IMPORTANT NOTE: IMN has not retained a third party booking company to assist with reservations. If you are interested in making reservations at the Sofitel Los Angeles at Beverly Hills, you must book those rooms directly with the venue. 

Speakers

Content/Audio Files

  • Only sessions that contain published presentations or audio files are shown here. To view full agenda please expand "Agenda" tab.

    Also please do not forget that if you are playing audio files on the mobile device (without being connected to WiFi), your Mobile/Cellural Internet data will be spent to play these audio files.
  • Tuesday, November 12th, 2019
  • Wednesday, November 13th, 2019

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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