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How is your MSR strategy changing as rates rise and product becomes more rare? How are you reacting to the newest regulations and GSE standards out there? How are you changing your valuation models in this new rate environment?
• Less MSR is being created which means?
• Rising delinquencies and the impact on servicing cash flow
•. NPL servicing compensation
• Gaps in FHA and VA contracts
• Changes to the investor base
• What's the big picture of how three QE programs and now the sell-down of the Fed portfolio affected the "normal" relationship between collateral and MSRs? Is there a notion of a well-recognized correlation that broke down?
• What are the headlines & macro factors expected to drive rates, HPA & employment
• Liquidity, valuation and performance of the MSR asset
• The rush to merger and its impact
• New origination credit quality and its impact on servicing rights
• Are fewer originators keeping servicing?
• How much upside is their left in the MSR market? How is that impacting your MSR and mortgage origination strategy?
• Your investor base and what do they need to learn about the MSR market
• How are you keeping up/improving your margins?
• What are you doing to replace new origination and refi activity income?
• Industry M&A activity: Which areas of your institution are you looking to bulk up? Get leaner?
• Fixing operational inefficiencies and countering rising costs
• What is your outlook on interest rates and how does this impact your strategy for MSRs?
• Servicing liquidity in a decreasing origination environment
• REO loss exposure
• CCAR, CCEL and other regulatory stress testing
• When the regulators come in-What are they looking at?
• What kind of market conditions do you stress for?
• Different pools type sensitivities
• Stress testing analysis and capital planning
• In house vs. using as vendor
• Model validation
• Reporting and what you look at
• Geographic concentrations and home pricing data
• Bankruptcy post acquisition, pre-transfer: Who bears the risk?
• Authority, responsibility and timeline of data and trailing docs during transfer period
• Agency vs. private label securities
• Servicer termination and repurchase provisions
• First call and hello/goodbye communication
• E-docs and MERS
• Missing trailing docs and the impact on a sale
• Reps & warranties: What’s new? Negotiable?
• Entity-level acquisition and the associated post-acquisition MSR integration issues
• Where were you tripped up on your last transaction? What did you change so that it didn’t happen again?
• Comparing natural hedges vs. other hedging instruments
• Should you be hedging in a rising rate environment?
• Benchmarking: Finding and using a curve native to risk management with your business/asset mix with the needed level of integrity
• Impact of capital and conduct regulations
• What is your economic/business model and its impact
• Are you an OAS shop?
• How many factors are optimal?
• Preventing over-hedging
• Hedging run-off policy
- Risk Management/Reporting
- Capital Markets/Trading
• Creating leverage: Financing advances and acquisitions
• Agency vs. non-agency financing
• Securitization/cash execution
• Warehouse Lines/LOC, Repo financing and other short term financing options
• Bank vs. non-bank financing
• Equity vs. debt and the role of CCAR and non-bank stress testing
• Evaluating the ways and structures available to sell excess servicing
• How the agencies think of financing
• Financing servicing advance receivables and comparing the GSEs
• Stop-loss caps on liabilities for qualified portfolios
• NPL investment strategies
• Impact of natural disasters
• Judicial vs. non-judicial states
• Using a subservicer?
• What types of mortgage vintages are seeing rising delinquencies?
• Factoring in current delinquency and foreclosure costs
• Forecasting models for early-stage delinquencies
• Pricing pools with high levels of delinquent loans
• Are FICO scores a good projection of delinquency rates
• Has value risen as much as your models predicted?
• Prepayments expectations and expected duration increases
• Cost/Revenue components
• Indirect Benefits impact: Cross-selling & recapture
• Current Demand and supply conditions
• Evaluating fundamentals: Float earnings, Cost of funds/discount rates and Technology
• Is demand sensitive to rates/supply?
• Curtailments and the weak function of rates
• Cash out drivers: Turnover and defaults
• Factoring in rate increases, trade wars/inflation, regulatory change risk, fed action along with a flat yield curve point
• Valuation of loans in forbearance or receiving disaster modifications
• Emerging valuation technology out there
• Where’s the risk?
• How valuable are mortgage origination as rates rise?
• What are buyers paying for mortgage-related businesses?
• Comparing the costs of an entity acquisition vs a pool of rights
• Valuation comparisons
• Is all that is involved with owning an entity worth it vs. just buying rights?
• Picking/Managing your servicer, fee trends, key transfer issues and managing misconceptions and how the process has improved
• How much of a factor is compliance cost of in-house servicing a factor in outsourcing?
• What are some of the best practices in making the transition from servicing in-house to subservicing?
• GSE approval process and subservicer oversight?
• Are prices coming down as the market becomes increasingly crowded?
• Are you seeing an increase in defaults? Trends in mortgage restructuring
• How are you staffing up in this full employment environment?
• Risk management and capacity
• Issues surrounding the transfer of MSRs affected by natural disasters
• How much is your cost of servicing?
With 95% of consumers going online first to research mortgage options for their next home purchase, portfolio recapture rates have hit a 10-year low as existing lenders are losing more loans to online-based lenders and local brokers referred by their realtor. Lenders can no longer rely on the same old "late-stage" strategies to identify customers at-risk of leaving the portfolio and expect to recapture them successfully. In this session, you will learn what the consumer shopping journey looks like today from the moment they think about getting a mortgage, through to funding 171 days later. You will also gain an understanding of how to acquire and leverage that knowledge to dramatically increase your recapture rates.
• Looking for and finding a good co-issue partner
• Pricing the deals-What are the factors?
• Pros and cons of co-issue vs. other acquisition methods
• Using e-platforms
• Pooling tools
• Allocation between co-issue & aggregator
• Transaction management-What needs to be done to insure a smooth process?
• Agency involvement and what they look for
• Using pure rate instruments vs. TBAs. Is it instructive to think of two levels of basis risk: MSRs vs TBAs plus the fundamental mortgage basis? In today's environment which one exhibits (or should exhibit) more variability? Which variability is better controllable?
• Managing interest rate exposure & counterparty risk
• Interest rates, volatility, and non-QM risk: What are you looking to hedge?
• With the rate-driven slowdown in production what's the outlook for MSR valuations? What would this mean for hedging?
• When to use Euro, Swaptions
Featuring 2 MSR sales pitched to potential buyers followed by a Q&A period for each of the transactions.
Tank Leader- Alan (“Al”) Qureshi, Managing Partner, Blue Water Financial Technologies
Buyer- Will review the seller presentation with the purpose of buying the portfolio
Chris King, Senior VP, Mr Cooper
Thomas Walsh, Executive Vice President Rushmore Loan Management Services;
Jason Vinar, Managing Director, Two Harbors Investment Corp
Tom Millon, CEO, US Computershare Loan Services
Seller- Presents a portfolio of MSRs for sale
Patrick Begg, SVP, Capital Markets and Risk Management, M/I Financial, LLC
Allen Sampson, Director, Wells Fargo Securities
• Are you looking to buy more of less MSR? Why?
• Do you invest in MSR for the return or for hedging reasons?
• What are some of the other mortgage and fixed income instruments that are looking cheap?
• Do you do leverage? Financing the purchase & entity structural considerations
• To hedge or not: Impact of interest rate and recession view
• Legal, regulatory and accounting considerations
• Unique deal sourcing sources
• Has MSR value increased as much as you thought it would?
• Credit widening out and what it means to the MSR market
• Quantitative vs. qualitative analysis
• Comparisons among the different agency paper
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Euromoney Institutional Investor PLC (“Euromoney”, “we”, “us” or “our”) is an international business-information group covering asset management, price discovery, data and market intelligence, and banking and finance. The group also runs an extensive portfolio of events for the telecoms, financial and commodities markets.
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This Privacy Notice was updated on 23 May 2018
This Privacy Notice outlines the information we may collect about you in relation to your use of our products and services (“personal data”). It also explains the legal rights that you have in relation to your data and how you may exercise these rights.
Some of our group companies may collect and use personal data for different purposes; those companies have their own websites and privacy notices.
We will process your data for the following lawful purposes: with your consent; to fulfil our obligations to you; and where there is a legitimate interest to do so.
When possible, we rely on your consent to use your data for the purposes described in this Privacy Notice. We also process personal data to fulfil our contractual obligations to you, for example, when you register for any of our services, subscribe to a publication, sign-up for an event or purchase a product from us, we will need to process some of your personal data. This will also include details of the person/people responsible for payment (if different).
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Our primary goal in collecting personal data from you is to give you a relevant customised experience of our products and services.
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This information is necessary so that we can complete your registration for the event and provide you with relevant event materials.
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Advertising & Marketing
We use the personal data you provide us and which we collect from you to inform you about similar products and services which we provide. We may send you marketing communications that are sponsored by our partners and which are targeted to your interests based on information you have provided us such as job title, employer and/or industry. If you have consented to receive information from other Euromoney group companies, we may share your personal data with these companies so that they can fulfil your request to receive marketing materials in accordance with your preferences. We will not share your personal data with any third parties for their own marketing purposes unless you have provided your consent.
Each of the Euromoney group companies that may contact you is a data controller in relation to the personal data that you have agreed to share with them. If you have any questions or concerns, you may contact the individual company, or us – using the contact details set out in the “Who We Are” section.
You can opt out from receiving such materials at any time.
The personal data we may use for advertising and marketing purposes includes your name, email address, job title, phone number, company name/employer, geo location, postal address and data collected using cookies and other similar technology (Please read our separate Cookies Policy to find out more about which cookies we use, how they work and how you can control your cookie options).
Marketing materials are sent electronically, by post and we may occasionally call you.
Online Targeted Advertising
We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.
We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.
Lead Generation and Scoring
We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.
We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.
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We want to understand the needs of our readers and customers. We may therefore use the information you provide us – including your name and contact details – to contact you to request your feedback, or to participate in our customer and market research.
Public forums, message boards and blogs
Some of the pages on our group websites may include message boards, blogs or other facilities for generating content from users. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to post any personal data. User generated content is also subject to our site Terms & Conditions.
Business or Asset Sale
If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.
If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.
Additional Third Party Disclosures
We may disclose your personal data to other third parties in the following situations:
- To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
- Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
- If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).
Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.
We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.
We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:
- Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
- The business rationale for collection and expiry of the purpose for which personal data was collected;
- Our ongoing ability to ensure the accuracy of the data; and
- Legal and regulatory requirements.
We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.
You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.
You have certain rights in relation to your personal data which include the following:
Access & Portability
You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.
You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.
If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.
Rectification, Restriction, Objection
You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.
How to Exercise Your Rights
To exercise any of these rights, please contact us by post or email at the following addresses:
Euromoney Institutional Investor PLC
8 Bouverie Street
London, EC4Y 8AX
Web form: Complete Subject Data Request Form
We may need to check your identity prior to processing a request.
Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.
Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.
All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.
Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.
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