Preliminary Agenda

Big Institutional Level Buyer Panel

• What have you been buying/selling?
• Are notes a relative value play? How does the relative value compare to other mortgage- or asset-backed investments?
• When you buy a large pool what do you look to keep/sell?
• How do you value NPLs?
• Funding and acquisition sources
• Experiences of buying from the government and GSEs
• Servicing strategy

• How should smaller players approach you for sales/capital
• Do you look to foreclose then rent?

Economy and the State of the Residential Note Market-Looser Regulations vs. Higher Interest Rates… What will be the Trump Affect?

• Higher rates and the impact on home prices
• Regulatory changes so far… What will be their affect?
• Large institutions in the market… How are they driving prices?
• Private lenders have been benefitting due to the regulatory burdens of banks-Will rolling back regulation raise the level of bank lending, lowering private lending levels?
• Higher interest rates=Higher default rates? Lower Prices? By how much?
• Assessing the ARM market
• Has the Trump’s administration’s policies changed the inning of the real estate cycle?

 

Tax & Regulatory Hot Buttons for Note/NPL Holders, Servicers, Private Lenders or Assignees of Notes

• Tax due diligence on property and client
• Tax-advantaged and tax-free entity transactions: What are the best and newest trades that you are doing?
• Tax liens… What is the opportunity?
• Curing tax problems
• Comparing different types of IRAs and their note investment differences
• Preforming vs. non-performing notes
• Borrowing against a note vs. selling
• What a your biggest regulatory concerns on a local level?

 

Note Default Risk Assessment/Underwriting Criteria

• Coming up with your risk criteria and tolerance
• Credit scores, payment regularity and beyond
• Role of current neighborhood rent
• Dealing with the unknown
• Assessing HAMP/HARP loan risks
• Yield vs. risk
• Laying off the risk through partials and collateral assignments
• Note geography & tenant income sources
• Risk of seconds vs. firsts
• Land vs. home collateral
• Spread the risk… Note asset allocation
• Equity rich vs. underwater note
• How are servicers measuring default risk?
• Balloon payment risk

Securities Laws you Need to Know

• When is a note a security? What are the factors?
• State law considerations
• Preventing securities fraud
• Reg A vs. Reggae
• Private placement regulations
• Marketing your investment

Banks & Mortgage Originators Working Out NPLs/Selling Loans (non-moderator slots-banks/services only)

• Do you look to sell performing or non-performing?
• How much do you sell in a typical year? How do you determine what to sell?
• Year end- Are you more likely to look to trade?
• Re-trades and re-pricing
• Favored disposal method
• Do you provide seller financing or participations?
• If all or some of Dodd-Frank is reversed do you think your institution will be more likely to hold loans?
• Is it a good time to go into hard money lending?

Business Model Strategy Changes

• Getting into/out of notes
• Debt vs. equity: How are you financing your portfolio?
• Changes as you got bigger
• Converting into a performing rental/ lease-to-own portfolio
• Changing your exit-Selling to institutions vs. retail
• Is it a good time to go into hard money lending? Dust off the broker’s license?
• Working with not-for-profits
• Selling partials and joint ventures|
• Changes in the way you service your loans

Foreclosure and Bankruptcy as a Strategy

• What are the first steps?
• State-level considerations, judicial proceedings, reinstated rights and foreclosure time lines
• Modify into performing vs. foreclose and other take back methods vs. gain possession through deed-in lieu then liquidate
• When to negotiate, when to foreclose and considering alternatives
• Junior lien options and senior lien rights
• Predatory practices and laws to watch out for
• Cash for key programs and how to make them successful
• Working with your servicer
• Options investors can take to expedite the liquidation of portfolios: Post Foreclosure Options
• Do you handle your own foreclosures?

Net Profit Margins improvement

• Looking at your margins on a loan-by-loan basis vs. monitoring your entire portfolio, as well
• Payment time period and amount paid
• What were the assumptions that you made when you priced and bought your note? What changes have you made along the way? How have these changes impacted your margins?
• Looking at the note owner and your options
• When is a sale the best option?
• More notes… Better margins… Can it be that simple?
• How important is speed
• Partials, selling payment streams and tales
• Working with servicers to improve margins
• The ultra-delinquent
• Partnering and co-bids

Mid-Sized Player… Getting To 50 Notes (Small Group Meeting-open to Note Owners only)

Do you own 25 or 30 notes and you are considering ramping up? Building a portfolio that can take a loss: How many notes does it take? What should be their characteristics?  What are the returns I really should be making? What should be my 1, 3, 5 year plan? Are you wondering who the key hires should be to better operate your portfolio? This closed-door discussion will detail how a small owner can act or be big in their operations and returns.

Non-, RE- & Semi- Performing Note Investing

• Is your strategy to get the tenant to re-perform or foreclose?
• What kind of loss mitigation was done to get the note to re-perform?
• State considerations
• Freddie sales to the small guys
• Are they banks selling? Looking at sources of supply and pricing
• Firsts vs. seconds
• Choosing your NPL vs. performing note servicer
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Buy then Foreclose vs. Seller Foreclose then Buy

• Impact of difficulty of foreclosing in that state
• Trading of foreclosed vs. non-foreclosed
• Firsts vs. seconds; performing vs. non-performing
• Pricing, time needed to foreclose and cost of capital
• Buying portfolios with both foreclosed and non-performing, not foreclosed loans

Note Investment/Acquisition Strategy in a Rising Environment-What kind of Deals are you Cycling into?

• Yields, performance and pricing
• What is attractive about contracts for deeds?
• Secured vs. unsecured
• Why are you looking to increase your holdings of non-performing vs. performing
• Have you seen any good deals on seconds lately?
• Owner financed structures preferred? Why?
• How far below fair market value are you looking?
• Lower vs. higher priced homes Partials-Structuring/Selling
• Changing exit strategies
• Shorter vs. longer duration paper
• Interest rate are rising…
• What makes you change market preferences?
• First vs. seconds; Performing to NPL

Acquisition Sources/Getting Inventory

• Seller financing and creating your own supply
• How reliable are those in the note creation food chain?
• The government channel and those who are buying government paper
• Finding foreclosures • Is the bank spigot open?
• City-owned land banks
• Cash for keys, leasebacks and other non-foreclosure options
• Working with not-for-profits
• Comparing the opportunities today in judicial vs. non-judicial states

Acquisition Due Diligence, Collateral Evaluation & Underwriting Best Practices… How do they Affect Pricing

• What do you do to make sure the paper is clean?
• Collateral evaluation
• Bulk evaluation
• Escrow: When do you use?
• Title review
• Lien priority and assignment issues
• The data & analytics supporting your decision
• Credit… Evaluating a borrower that is improving vs. declining

Large vs. Small Bulk Buying vs. Buying Individually in High Numbers

• Comparing due diligence best practices
• What kind of pricing discounts can you expect on bulk purchases
• Evaluating small vs. large portfolios
• Getting good pricing without big volume
Risk of buying in bulk and effectively managing them
• Managing eviction and turnover costs of big
• Impact of vacant properties
• Valuation and costs
• Financing alternatives
• Personnel & Staffing requirements

Disposition & Exit Strategies Upfront and Now… Determining Time/Capital for Desired ROI, Impact on Pricing and Most Effective Exit Strategy Now

• What factors are important to evaluate during initial due diligence to plan exit strategy per asset?
• Portfolio acquisitions… Flipping some loans; Holding others- What are the complexities that come up
• Comparing Neighborhood; Rural vs. urban settings
• What are potential upfront cost savings ideas investors may implement when looking at the life cycle of the asset?
• Technology and financial modeling assistance in disposition decision making
• Servicing considerations
• Post foreclosure options- Expediting the liquidation of portfolios:
• Time and cost to foreclose… 2016 Update for Judicial vs. non-judicial states
• Rental to sale, fix and flip, or just flip (as is)… When to do what? What is the Impact of rehab and capital needed?
• What might make you change your disposal strategy?
• Modify into performing vs. foreclose and other take back methods vs. gain possession through deed-in lieu then liquidate
• Seeking owners to flip property vs. lease to own/contract for deed
• Loan-by-loan vs. bulk exit; Institutional vs. retail buyers

Government Note/NPL Buying/Selling

• What do you like about government notes?
• Buying from the buyers
• Chasing tight yields
• Role of securitization
• Small player strategies
• Judicial states… Do you like the locations of the latest pools?
• Evaluating the quality of HUD assets
• Working with servicers financing

 

Buying, Selling & Structuring Partials

• What are you motivations for selling a partial vs. an individual contract?
• Warranties against non-performance
• First vs. second lien partials
• If the borrower stops performing…
• Risk assessment
• Financing

Seconds

• The foreclosure and eviction process
• Comparing non-performing vs. re-performing secured vs. unsecured
• Finding enough paper
• Servicing complexities
• Acquisition & exit strategies
• Default assessment
• Is leverage available?

 

Equity Fundraising & Joint Ventures with Other Investors & Servicers

• Comparing institutional vs. family equity
• What kind investors do you have in your pool of investors? What are their risk/return expectations?
• Structures and waterfalls
• Equity vs. leverage in a rising rate environment
• When does equity become too much equity?
• Fees, fees, fees
• Defining how each partner will operate
• Using personal property trusts with co-beneficiary agreements

 

Securitizing Loans

• What types of loans are suitable/not suitable for securitization?
• How much “dirty” pool assets can you put in a securitization?
• Current spreads and what impacts them
• What does the bond investor look for?
• Rating agency hot buttons
• Historical/expected performance in different rate/economic scenarios
• New treasury regulations
• Credit risk management
• Trustee allocation of proceeds

Adding Portfolio Leverage… Short Term Financing Structures Available Today

HELOCs, bridge financing, letters of credit & repos: When do you use?
• What kind of financing are you providing for this market?
• Financing from a securitization shop vs. fund vs. investment or local bank
• Licensing needs
• Trading secondary loans
• Impact of valuation
• LTV, leverage and current terms
• Collateral preferences
• Asset pledges and loans against the collateral
• Financing rehab to rental

Regulatory Changes under Trump & Compliance Issues Surrounding Buying, Operating and Servicing Notes and NPLs

• What is your biggest regulatory concern?
• Lender laws for seller finance
• Impact of Dodd-Frank deregulation
• State-level concerns including licensing
• CFPB and FHFA collection, modification and servicing laws to be concerned about and their impact on everything you do
• Forced-place insurance

Non-Performer To Re-Perform-Workout, Modification & Rehabilitation Strategies

• Default initiation time frame and procedure
• Mandated modification-how effective?
• Using technology to assist the process
• How do you employ your servicer?
• How do you come up with a debt forgiveness number? Monthly payment and loan length?
• Your latest success story
• What is a fair reinstatement fee?
• Dealing with bankruptcy filings
• Landlord workouts and associated issues
• Issues surrounding immigrants non-performers
• Getting the owner outside financing
• What to watch out for on the new regulation side

Servicer-Due Diligence, Choosing, On-Boarding, Communication & Monitoring

Servicer-Due Diligence, Choosing, On-Boarding, Communication & Monitoring
• Asset Manager/servicer relationship best practices

• Servicing allocation, how many servicers do you use and why

• Servicing joint ventures and partnerships

• Component servicing and platform unbundling

• Pricing short- vs. long-term dispositions 

• Collateral considerations…  Class “A” vs. “C”

• Effect of servicing requirements, CFPB and FHFA compliance on planning and disposition

• Modification Payment structures

• Curative and Lien Negotiation before Foreclosure, DIL and Short Sale

• Servicing transfers

• How handles loss mitigation?

• Servicer/Note buyer purchase collaborations

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