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• Less MSR is being created 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?
• 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
• 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
• 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
• 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
Featuring 2 MSR sales pitched to potential buyers followed by a Q&A period for each of the transactions.
Tank Leader- Will moderate the discussion
Buyer- Will review the seller presentation with the purpose of buying the portfolio
Seller- Presents a portfolio of MSRs for sale
• 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?
• 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?
• Value of different customers and the banks relationship
• Impact of cost of carry and financing
• Already recaptured the refinance or HELOC-How valuable is the customer now?
• Are higher interest rates making the customer relationship less profitable?
• Impact of capital treatment
• How much can successful borrower retention efforts increase the servicing value of a new mortgage?
•How many borrowers choose a lender because of prior experience?
• How important is mobile technology in capturing the recapture?
• HELOCs- How long do you retain the servicing income?
• How much equity do mortgage borrowers possess in their homes now vs. historic levels?
• Cash-out refinancing trends
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?
• How much of a factor is compliance cost of in-house servicing a factor in outsourcing?
• What are some of the misconceptions MSR investors have in both pricing out and bringing on a new subservicer? • Risk management and capacity
• Issues surrounding the transfer of MSRs affected by natural disasters
• How much is your cost of servicing?
• How have you improved the transfer process?
• GSE approval process hiccups
• What are some of the best practices in making the transition from servicing in-house to subservicing?
• What are some of the newest methodologies around subservicer oversight?
• Are prices coming down as the market becomes increasingly crowded?
• Are you seeing an increase in defaults?
• How are you staffing up in this full employment environment?
• Trends in mortgage restructuring
• 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
• 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?
• 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
• 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
• Rate increases impact
• Nuances over time
• Bond price/yield relationship direction
• What turns MSR convexity from negative to positive?
• Getting pricing and prepayment models accurate-What are some of the assumptions you need to make
• Impact of high coupons
• OAS vs. static models
• Risk management and capacity of servicers and non-depository institutions
• Delinquent loan projections
• Private label and jumbo markets
• Pools that are in natural disaster-prone areas
• Servicing liquidity in a decreasing origination environment
• Leverage evaluation
• Servicer fixed compensation, variable expenses
• New origination credit quality and its impact on servicing rights
• Are we relying on technology too much?
• Finding the needle of key information in the haystack of data
• What kind of original underwriting information is needed?
• The move towards a uniform servicing data standard and its impact on servicing transfers
• Incomplete data and its impact on pricing
• Data quality and the regulators and auditors
• Appetite for historic data
• MSR assumptions and pricing
• How do you insure data accuracy from multiple internal and external systems?
• Origination loan quality
• 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-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
• 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
• Comparing Sources of MSR Volatility- Regulatory vs. economic/market vs. underlying assets
• Measuring MSR volatilities
• MSR volatility correlation vs. other assets
• Measuring methodologies
• Comparing yesterday’s, today’s and tomorrow’s MSR volatility
• Impact of regulatory risk
• Does it make sense to hedge volatility today?
• 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
• 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
- Risk Management/Reporting
- Capital Markets/Trading
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This Privacy Notice was updated on 23 May 2018
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- 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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