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

My Agenda

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Agenda

    General Session

      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 these questions plus the ones you have will be among the issues discussed at this interactive discussion


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      Changes to GNMA/FNMA/FHLMC MSR Rules, Regulations & Policies

        • When we think about servicing, what is most important to us?
        • Non-bank liquidity plans
        • Financing and what is important
        • 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, etc? Does FRTB apply here?
        • GNMA-liquidity of counterparties and changes to the acknowledgment agreement
        • State regulatory developments
        • 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
        • How important is diversification? 



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      C-Level Bank/Non-Bank: What is your Outlook on the Mortgage & MSR Business? How are you Making your Business more Profitable?

        • 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



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      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?



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      MSR Strategy in a Changing Origination Environment

        • What is the current state of the market for MSRs from an investors/servicer’s perspective? How have credit spreads effected the market?
        • Which risks worry you? How are the risks different today than [5] years ago? Can those risks be effectively hedged?
        • Do you distinguish among the agencies?
        • Potential upside vs. downside today?
        • How important is the servicer in evaluating/differentiating the value of MSRs/excess?
        • What is the availability of MSR/excess investments? Will supply increase/decrease in the foreseeable future?



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    Finding/Trading/Financing MSR

      Acquisition/Dispositions & Best Execution

        • Flow Agreements vs. Servicing for Immediate Release vs. Bulk sale: What are the pros, cons, factors and yield differences?
        • Further integration and future volume of Fannie/Freddie run exchanges
        • Sale of MSRs affected by natural disasters
        • Legacy vs. new issue deals
        • Current liquidity, pricing and costs to use of new exchanges
        • What goes into your best execution analysis?
        • Why pools sit around



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      How you Should Gain 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  



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      What are your Best Practice Recommendations for Co-Issue Transactions

        • Default and prepayment protections
        • Transaction management
        • Comparisons vs. other execution methods
        • Pricing trends
        • Role of loan level information
        • Competing with daily mandatory bid programs
        • Is it all about the price or do you consider other factors?
        • The anatomy of a price adjustment
        • Treatment of reps and warranties
        • Delivery and investors reporting requirements



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      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/differentiating the value of MSRs/excess?
        • What is the availability of MSR/excess investments? Will supply increase/decrease in the foreseeable future?  



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      Financing

        • Securitization: An update on deals, structures, agency and rating agency hot buttons
        • Advance fees
        • 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
        • Counterparty evaluation
        • Where’s financing going? 



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      Buyer/Seller Shark Tank

      • Featuring 2 MSR sales pitched to potential buyers followed by a Q&A period for each of the transactions.


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    Operations

      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/servicing strips
        • Pricing level benchmarks 



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      Delinquent Credit Drivers, Loan Projections & Strategies

        • 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
        • Getting the crystal ball out: Will delinquencies continue to fall? 



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      Evaluating The Economics Of MSR Retention

        • 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?
        • Move to ASC 606(new revenue standard) and the impact on retention
        • Planning on the capital side
        • Modeling and shock analysis: What are the key factors you look at?
        • Impact of recapture and other retain vs. release factors



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      Strategies For Recapture: Identifying & Retaining More Customers

        • Recapturing those originated using correspondent channels
        • Agreements with servicing partners: What is changing?
        • The current environment and recapture strategies
        • Jumbos, non-QM vs. agency mortgages
        • The Heloc market
        • Prepayment assumptions and models
        • What are the signs that a customer may be looking for another mortgage: The factors you need to pay attention to 



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      Servicing & Subservicing

        • 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



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      Transaction Management: Purchase & Sales Agreements, Post Acquisition Integration & Trailing Docs

        • Letters of intent
        • What is spelled out in the agreement?
        • Payment status of clients
        • When is seller/buyer responsible for docs?
        • Contract and post-close phase
        • Non-performers and loss mitigation procedure
        • Minimizing unwelcomed surprises post-close
        • Repurchase provisions 



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      Measuring Servicing Costs

        • How much do you expect servicing costs to rise in the coming year? Why?
        • How much do new regulations and their compliance contribute to this equation?
        • How much does it cost to service a loan in default?
        • How much can you save in costs by a merger?
        • The cost of not scaling
        • What is the current cost per loan?
        • Cost to service an e-mortgage
        • Cost of hiring and retaining personnel in a low unemployment environment



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    Hedging

      Pre-Hedging Decisions: Should You? What is the Cost? Performance? Should you Hedge Whole Book? Mortgage Book? MSR?

        • 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?



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      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?



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      Comparing MSR Hedging Instruments, Methodologies & Execution

        • 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



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Sponsors

Register

To register for this conference you must be signed in

  • Independent Mortgage Banker (Sub-Servicers and Warehouse Lenders are not eligible) registration* - Super Early Bird - $995
  • Independent Mortgage Banker (Sub-Servicers and Warehouse Lenders are not eligible) registration* - Early Bird - $1,195
  • Independent Mortgage Banker (Sub-Servicers and Warehouse Lenders are not eligible) registration* - $1,295
  • Super Early Bird registration - $1,795
  • Early Bird registration - $1,895
  • Standard registration - $1,995
  • On-site registration - $2,095
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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. 

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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