Preliminary Agenda

Topics will take place over March 26th and 27th and are subject to change.

General Areas

An Overview of the MSR industry Today, the Changing Drivers and What will be Different During the Next Year?

• Examining industry dynamics-capital, profitability, margins
• Where is liquidity trending?
• Interest rate/yield curve outlook
• Securitization, financial engineering and liquidity impact
• Will looser regulation cause a rebound in bank retention?
• GSEs-What to expect in 2019
• Is capital-light the preferred model going forward?
• Has the transfer from non-banks to bank run its course or will it continue? Will the non-bank market cracks widen?
• Gap in FHA servicing rights vs. market value
• Consumer drivers-any changes
• Impact of the new tax plan and new Basel capital requirements

“C-Level” Plenary- Are you Growing your Book? How are you sourcing MSR? What is your 2018 Strategy?

• How does the interest rate outlook impact your MSR strategy?
• Buying a servicer or originator vs. buying rights- In what situation would you go down this acquisition path?
• Is the value there in scratch and dent pools? Hurricane tainted pools? Whole loan pools? NPLs? Alternative collateral?
• Thinking outside of the continental US?
• What do you think of the co-issue path?
• What is the latest change in your approach to MSR investing, funding, hedging and servicing?

Bank Panel- What is behind your Buy/Sell Decision? Are you Looking to be More/Less Active During the Next Year?

• Will you be a seller or buyer this year?
• Is less origination making it more likely to sell or keep?
• What kind of mortgages are you most likely to keep? Sell?
• What is your preferred method of disposal?
• What kind of mortgages are you on the prowl for? 
• Effect of interest rate view
• Selling the servicing while continuing to sub serv-How much meat on the bone is left?
• How are the new Basel regulations impacting your buy/sell decision?
• How are you viewing the correspondent channel?
• Hedging-Yes or no?

 

Bank/Non-Bank Closed Door Small Group Meeting

Cost and strategy of hedging, new Basel proposals, cost benchmarks are they some of the key issues of your mind? This session, open to only banks and non-bank financial institutions, is a great place to learn about the real best practices from other bank and non-bank executives and how to face the challenges present in this industry

Origination/Consumer Credit Update

 • What are your origination goals this year?
• Which products are becoming more popular in the current environment? Will they continue in popularity?
• What is coming out of the correspondent channel?
• How are you thinking about credit risk?
• Impact on new income tax proposals
• Refinance/New issue mix
• Second lien, non-agency products
• Impact of student loan and auto debt
• Natural disaster and oil-dependent state update

What has been the Impact of Natural Disasters on the Servicing Industry?

• GSE reactions
• Servicer response-forbearance and other loss mitigation strategies
• Consumer support and what has been effective- Late payment deferment, cash to assist mortgage payments
• FEMA map issues-What tools are out there to drill down?
• Natural disaster zones-Impact on valuation
• Effect on labor and construction materials
• Finding inspectors
• What have you been doing for consumers without/ with inadequate insurance?
• Geographic risk going forward

• Removing loans from natural disasters like Irma and Harvey

 

Acquisitions/Dispositions/Financing

Buyer/Seller Shark Tank

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- Will present a portfolio of MSRs for sale- (A presentation is required-The portfolio can be live, already sold or made up)

Flow Agreements vs. Servicing for Immediate Release vs. Bulk Sale-Assessing the Pros and Cons

• Expected impact of Basel rollback of community banks on market
• Ginnie flow co-issue update
• Influence of production numbers, mortgage terms, collateral, balance and who occupies on pricing
• Aged vs. new issue
• Evaluating the options for how often flow transfer parties?
• Associated sub-servicing agreement structures
• What do you look for in a partner? Assessing the co-issuer option
• Tax implications of differing approaches
• Effect of liquidity increase
• Pricing methodologies, bid and counterparty evaluation and agreeing on a price 

Buying Servicing without Origination

• How much is recapture worth?
• Value of non-solicitation clauses
• Self-service vs. outsourcing
• Are you considering/have you bought a servicer? Has this strategy improved your returns?

Creating Leverage-Financing Advances and Borrowing Against your MSR

• How much leverage? Evaluating collateral to leverage
• Valuing & selling excess servicing-What is the pricing like?
• Selling to the bank vs. PE
• Impact of current pricing and different price scenarios of the whole loan vs. MSR sale • Swap structures
• Advance rates
• Working with the FDIC and GSEs
• Leverage, term debt vs. using cash on-hand vs. credit lines and repos
• Keeping the strip… Why would you want to? Why not?
• Accounting & capital issues… How has the equation changed?
• Clean-up calls 

Securitization & Cash Execution

• The GSEs and what you need to know about acknowledgement agreements
• Bonds vs. term loans
• Impact of the 15- and 30- year rate
• Removing loans from natural disasters like Irma & Harvey
• Investor perspective-investing in MSR-backed loans
• Programmatic-like MSR securitization
• Private vs. public structures
• Servicer termination
• Obstacles to overcome through documentation
• Rating agency role
• The IO strip

Hedge Fund/REIT/Private Equity Plenary on Mortgage Relative Value

• Looking to work with private capital… What should you know?
• Quantifying different risk and capturing them in a relative value framework
• Agency relative value
• View of the direction of the credit curve and its impact
• 15- and 30-year fixed rate vs. ARMS
• Mortgage vs. credit relative value and corporate bonds
• Benchmarks,  performance attribution and excess returns

Best Execution & Trading

• Market liquidity-Looking back and ahead
• When is co-issue the best option?
• Selling to agencies vs. aggregators
• Acquisition due diligence
• Agency vs. non-agency; performing vs. scratch and dent vs. non-performing with servicing retained vs. separated correspondent vs. self-originated pricing
• As liquidity is increasing is transparency following?
• Impact of acknowledgement agreement changes and new regulatory requirements
• Documentation, reps, warranties and due diligence 
•  Trading models  
•  Influence of recapture/prepayment concerns,  non-solicitation clauses and portfolio interest rate sensitivity  
•  Portfolio LTV

Mergers & Acquisitions

• Joint Ventures on Pool Purchases vs. Entity M&A/Buying an Originator vs. Servicing/Subservicing
• Joint venture vs. merger… When do you go for a partnership vs. ownership?
• Impact of MSR valuation on mergers-When is it necessary to liquidate your portfolio to get the deal done?
• Bifurcated transaction update
• Synthetic applications
• Which products correlate with mortgage servicing?
• Accounting and tax considerations

Legal/Accounting

The Latest Regulations, Picking and Managing your Servicer and Transfer Issues

• Basel, Basel, Basel-An in-depth examination of what is next
• The CSFB under Trump-Anything new?
• Looking for the latest efficiencies
• Using FinTech
• Credit union proposals
• Regulatory cost, preparation, implementation and compliance
• Which regulatory proposals are most likely to come to fruition?
• What are the regulators focusing on that can get you in lots of trouble?
• Holding structure update-New thoughts under the new tax proposal
• IRS safe harbors
• FDIC call reports

Entity-Level Bankruptcies and their Impact on MSR

• What are the agencies’ positions?
• Recent court cases
• Bifurcated transactions
• Who makes good if one party disappears?
• Transfers within preference period
• Escrow accounts
• Looking to the docs for answers- Do they conflict with the courts?
• Bankruptcy-remote entities
• Consent and approval
• Impact on servicing agreements
• Individual bankrupt loans within bankrupt entities
• Indemnification
• Sale while in bankruptcy

MSR Purchase & Sale Agreements

• Flow vs. One-off agreements
• Co-issue complexities
• The servicing/subservicing part
• Corrections of errors
• Negotiable points
• Selling advances and excess
• Special considerations for non- and re-performing pools
• What the GSEs are looking to change
• Latest alterations you’ve been seeing
• Any changes on hazard/flood issues?

Financial Reporting for MSRs

• Changing regulations to be aware of
• Fair value, write downs and inherent volatility
• Hedge reporting
• Basle impact
• Corporate tax rate changes and its effect

Modeling/Risk Management

Valuation-What are the Key Factors in Determining a Price and Forecasting Future Revenue?

• Impact of interest rate changes on performance
• Fair market vs. mark-to-market pricing
• OAS models
• MSR volatility
• Rate shock analysis
• Role of the 10 year
• is it all about the prepay?
• How has the increase in liquidity impacted prices?
• Changes when valuing mortgages in natural disaster zones
• How much is recapture and its rate worth?
• Quarter-end issues
• Involuntary transfer impact
• Newly originated Fannie/Freddie vs. Ginnie paper
• Impact of Fed wind down
• Early payoffs and defaults

Prepayments

• Are you building into your models favorable speeds?
• Historical speeds in times of decreasing defaults and delinquencies
• Impact on MSR vs. excess
• Effect of aggressive recapture and streamlined refinancing programs
• Comparisons of different agency paper
• Impact on value
• Hedging issues
• Impact of prepayment levels on sales
• Why speeds increase in a rising environment?

Correlation of MSR with Other Mortgage/Fixed Income Products

What has been the historical numbers? Current relationship? Do you expect them to change? What are the largest drivers? These questions and more will be answered.

Measuring Servicing & Compliance Cost

• Expense benchmarks
• P&L attribution
• Have costs more recently leveled off?
• Cost/Recovery time of default vs. performing servicing; Judicial vs. non-judicial state
• Are you working towards an uniform cost metric?
• Why can costs increase in a rising environment?
• What are you doing to lessen your operating complexity and cost?
• Fixed- vs. variable costs
• Costs of implementing the latest regulations
• Costs of onboarding
• Monitoring early payoffs and defaults
• Latest cost-saving technology

Recapture Modeling

• Evaluating different retention strategies, their costs and effectiveness
• Stable vs. rising rate environment
• Effectiveness for VA paper
• Capacity constraints, churning and call centers
• Impact on valuation
• How much customer contact is too much?
• When do you think a new loan is inevitable?
• Return impact
• Variability by product type and issuer
• Coming up with a portfolio-wide recapture rate
• Agency vs. non-agency products

Data Quality

• Separating the wheat from the chaff
• Handling cyber and consumer risk
• How did you go about getting data from the recent natural disasters?
• Agency data accuracy
• What can be gleamed from the publics? The MBA?
• What to do if you have holes in your data?
• Technology you use to assist
• Data transparency and frequency
• Servicing data-What is being done to improve the time lag?
• Predictive analysis

Should you Hedge MSR Risk? What is the Performance and Cost of both Approaches? If so should you Hedge just your MSR Exposure vs. Total Mortgage vs. Total Fixed Income Book?

• What is your hedging goal? What risk are you trying to minimize?
• Performance evaluation of hedged vs. non-hedged portfolios
• Natural hedges/Origination hedges-How effective?
• Basis risk of mortgages vs. treasuries
• Cost of convexity hedges
• Income recognition with/without hedges
• Performance of 10 year treasuries vs. swaptions
• P&L risk vs. financial risk
• Should you hedge servicing outright or net asset/portfolio risk?
• Should correlated credit be hedged?
• How long should you leave hedges on the books for?

Hedging/Modeling Balance Sheet Management Tools and Best Execution Practices

• For which applications are swaptions worth the $$?
• Hedging event risk vs. dynamic hedging
• Strategies of hedging with complimentary assets
• Hedging the excess servicing
• What causes hedge ineffectiveness?
• Impact of interest rate outlook
• Non-QM hedges •Strategies to minimize hedge ineffectiveness
• Applications to minimize losses

Putting it all Together… Financial Forecasting with MSR

All mortgage operations run financial forecasts of their balance sheet and income statements to inform their business strategy.  The dynamics of the MSR provide unique challenges when forecasting.  This session will discuss techniques for modeling income, growth of the MSR, recapture, advances, liquidity, etc. under various stress scenarios (including regulatory stress scenarios).

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    • to enable our journalists to contact and interact with you online in connection with any content you may post to our Sites.

Please see paragraph 5 below for more information on cookies and similar technologies and a link to a page where you can turn them on or off.

  1. Marketing:

Some of your personal data collected under paragraphs 1 and 2 above may be used by us and/or our other group companies and third party service providers to contact you by email, fax, telephone and/or post for sending information or promotional material on our products and/or services and/or those of our other group companies.
We give you the opportunity to opt-out of receiving marketing communications and will in certain circumstances need to obtain your consent before sending such communications to you. Further detail can be found on the applicable Site and in each marketing communication sent by us, our group companies or service providers. See also "Consents and opt-outs" section below.

  1. Trading in Personal Data:

Some of your personal data may be collected and processed with the intention of selling it to other organisations, but this will not be done unless you have given your consent (separately to this privacy statement).

  1. Cookies and similar technologies

All our Sites use cookies and similar technical tools to collect information about your access to the Site and the services we provide.

Cookies are pieces of information which include a unique reference code that a website transfers to your device to store and sometimes track information about you. A number of cookies we use last only for the duration of your web session and expire when you close your browser. Other cookies are used to remember you when you return to the Site and will last for longer. Cookies cannot be used to run programs or deliver viruses to your computer. They are uniquely assigned to you and can only be read by a Web server in the domain that issued the cookie.

We may use cookies to:

  • remember that you have used the Site before; this means we can identify the number of unique visitors we receive to different parts of the Site. This allows us to make sure we have enough capacity for the number of users that we get and make sure that the Site runs fast enough;
  • remember your login session so you can move from one page to another within the Site;
  • store your preferences or your user name and password so that you do not need to input these every time you visit the Site;
  • customise elements of the layout and/or content of the pages of Site for you;
  • record activity on our Sites so that we understand how you use our Sites enabling us to better tailor our content, services and marketing to your needs;
  • collect statistical information about how you use the Site so that we can improve the Site; and
  • gather information about the pages on the Site that you visit, and also other information about other websites that you visit, so as to place you in a “market segment”. This information is only collected by reference to the IP address that you are using, but does include information about the county and city you are in, together with the name of your internet service provider. This information is then used to place interest-based advertisements on the Site which it is believed will be relevant to your market segment. For more information about this type of interest based advertising, and about how to turn this feature off please visit www.youronlinechoices.co.uk. (Please email us at cookies@euromoneyplc.com if you have any queries about cookies)

Some of the cookies used by our Sites are set by us, and some are set by third parties who are delivering services (such as interest based advertising directed at your market segment) on our behalf.

To see a list of the cookies and similar technologies used on this Site and instructions on how to turn them on and off click here. (Please email us at cookies@euromoneyplc.com if you have any queries about cookies)

Most web browsers automatically accept cookies but, if you prefer, you can change your browser to prevent that or to notify you each time a cookie is set. You can also learn more about cookies in general by visiting www.allaboutcookies.org which includes additional useful information on cookies and how to block cookies using different types of browser. Please note however, that by blocking, deleting or turning off cookies used on the Site you may not be able to take full advantage of the Site.

Email tracking: So that we can better understand our users' needs, we track responses to our emails - for example, to see which links are the most popular in newsletters, and to log and follow up responses to our marketing messages. To do this, we use pixel GIFs, also known as "pixel tags" - these are small image files that are placed within the body of our email messages. They enable us to tell if a message has been opened and to track click-throughs on links within the message.
Any other purposes for which Euromoney wishes to use your personal data will be notified to you and your personal data will not be used for any such purpose without obtaining your prior consent.

Consents and opt-outs

You can give your consent to or opt out of particular uses of your data as indicated above by:

  • Indicating at the point on the relevant Site where personal data is collected;
  • Informing us by email, post or phone; or
  • Updating your preferences on the applicable Site;

For turning cookies and similar technologies on and off, see the information in paragraph 5 above.

Disclosures

Information collected at one Site may be shared between Euromoney Institutional Investor plc, Institutional Investor Inc. and other group companies for the purposes listed above.

Your personal data may also be sold to other companies in the form of lists and directories, but only after permission from you in accordance with the provisions above.

We may also disclose your personal data to other third parties, including, without limitation, professional advisers, or governmental or State institutions or regulatory authorities, where necessary in order to exercise or defend legal rights or where required by law.

We may transfer, sell or assign any of the information described in this policy to third parties as a result of a sale, merger, consolidation, change of control, transfer of assets or reorganisation of our business.

Public forums, message boards and blogs

Some of our Sites make message boards, blogs or other facilities for user generated content available and users can participate in these facilities. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to disclose your personal information.

Transfers outside the EEA

Services on the Internet are accessible globally so collection and transmission of personal data is not always limited to one country. Euromoney Institutional Investor plc may transfer your personal data, for the purposes listed above, to other group companies, service providers or other third parties which may be located in countries outside the European Economic Area, whose laws may not give the level of protection to personal data as within the UK. This will include transfers to Institutional Investor Inc. in the US (and Institutional Investor Inc. will collect some data directly from you, in relation to the Sites which it operates) and to third parties who provide us with email and marketing services. Where we conduct any transfers we will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Statement.

Confidentiality and Security of Your Personal Data

We are committed to keeping the data you provide us secure and will take reasonable precautions to protect your personal data from loss, misuse or alteration.

The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features described above to try to prevent unauthorised access.

We have implemented information security policies, rules and technical measures to protect the personal data that we have under our control from:

  • unauthorised access
  • improper use or disclosure
  • unauthorised modification
  • unlawful destruction or accidental loss

All our employees, contractors and data processors (i.e. those who process your personal data on our behalf, for the purposes listed above), who have access to, and are associated with the processing of your personal data, are obliged to keep the information confidential and not use it for any other purpose than to carry out the services they are performing for us.

We also give you the option of using a secure transmission method to send us personal data identifiers, such as credit card details and bank account number.

How to Access, Update and Erase your Personal Information

If you wish to know whether we are keeping personal data about you, or if you have an enquiry about our privacy policy or your personal data held by us, in relation to any of the Sites, you can contact the Data Protection Officer via:

  • Postal mail to this address: Data Protection Officer, Euromoney Institutional Investor plc, Nestor House, Playhouse Yard, London EC4V 5EX, UK
  • Telephone: +44 (0)20 7779 8600
  • Email: dataprotectionofficer@euromoneyplc.com

Upon request, we will provide you with a readable copy of the personal data which we keep about you. We may require proof of your identity and may charge a small fee (not exceeding the statutory maximum fee that can be charged) to cover administration and postage.

Euromoney allows you to challenge the data that we hold about you and, where appropriate in accordance with applicable laws, you may have your personal information:

  • erased
  • rectified or amended
  • completed

Changes to this Privacy Statement

We will occasionally update this Privacy Statement to reflect new legislation or industry practice, group company changes and customer feedback. We encourage you to review this Privacy Statement periodically to be informed of how we are protecting your personal data.

This Privacy Statement was last updated in April 2012.

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