Michael Carnes
Managing Director

Michael Carnes – joined MIAC in September 2009 and is the Managing Director of the Capital Markets Group. Michael chairs the residential and commercial Mortgage Servicing Rights Valuation Committee’s and is responsible for all MSR valuation, modeling, and brokerage services at MIAC. He is a seasoned industry expert regarding mortgage banking and mortgage servicing rights with 25 years of diverse mortgage banking experience. In addition to MIAC, he has a proven track record of advising companies, including Wells Fargo, Wachovia, Irwin Mortgage, and Bank One Mortgage (now Chase Mortgage) on servicing valuation and overall corporate growth. Michael is experienced in both Static and Option Adjusted Spread valuation techniques and has experience in valuing a wide array of diverse product types. He has extensive valuation, deal making and negotiation experience with practical business savvy that has dramatically increased the bottom line results of the companies and clients he has served. Michael’s latest published work can be found in Volume III of the Mortgage Professionals Handbook.
At Wells Fargo, the nation's leading Mortgage Lender, he played a key role in the success of the merger by providing merger and acquisition support before, during, and after the acquisition of Wachovia by Wells Fargo. Michael provided Mortgage Valuation and Portfolio support throughout the negotiation stage. Post merger, Michael managed the transition of Wachovia's Asset Valuation responsibilities to Wells Servicing Portfolio Management team thereby ensuring a successful and seamless conversion.
Prior to the Wells acquisition, from 2006 to 2009 Michael served as Vice President and head of Wachovia Mortgage's MSR Valuation department. During his 3 plus year tenure at Wachovia, Michael oversaw over 400% growth in the size of the servicing portfolio. Additionally, he was responsible for valuing a wide array of servicing including certain esoteric products such as Pay-Option-Arm's, Daily Simple Interest and Alternative Document servicing rights. Michael was instrumental in converting Wachovia from a Static based risk profiling approach to Option Adjusted Spread (OAS) thereby increasing the reliability of risk profiles and hedge effectiveness.
From 2000 to 2006 Michael served as Vice President and head of the MSR Valuation team at Irwin Mortgage where he was responsible for the valuation of a $30 billion servicing portfolio. At Irwin, Michael was instrumental in the development of corporate policies while also serving as the caretaker, negotiator, and evaluator for all servicing contracts.
Prior to Irwin Mortgage, Michael served as Assistant Vice President at Bank One Mortgage from 1993 to 2000. In addition to being responsible for performing the monthly valuation of Bank One's $20 billion servicing portfolio, Michael played a key role in the preparation and coordination of periodic MSR sales.
Michael is a 1993 graduate of Indiana University with a degree in Finance-Real Estate.