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CREF Servicing 2011
MBAs Commercial/ Multifamily
Servicing and Technology Conference 2011
May 15-18, 2011
Chicago
Conference Sponsors
Monday, May 16, 8:30 a.m.–9:45 a.m.
In this opening session, designed to establish a backdrop for this year’s conference, Servicing Industry Leaders take a deep dive into the servicing component of the commercial/multifamily finance industry. Taking a look back, leaders will explore how the servicing culture developed and how it can differ based on capital source. Join this session to learn how servicing is impacted by the lending and investing environments, how servicing leadership views changes in these environments, and the actions required to identify, develop and advance the servicing leadership of the future.
Welcome:
Gail Cardwell
Senior Vice President, Commercial/Multifamily
Mortgage Bankers Association
Catherine Rodewald
CREF 2011 Distinguished Service Award Recipient
President
Prudential Asset Resources
Facilitator:
David A. Roberts, CMB
President and Chief Operating Officer
Grandbridge Real Estate Capital LLC
Speakers:
Jose R. Becquer
Executive Vice President and Head of Commercial Mortgage Services
Wells Fargo Bank, N.A.
Joseph F. Beggins
Chief Executive Officer
GEMSA Loan Services LP
Michael Heagerty
Principal
Newmark Realty Capital, Inc.
Catherine J. Rodewald
President
Prudential Asset Resources
Monday, May 16, 10:00 a.m.–11:00 a.m.
Providing insights into the state of the economy and commercial/multifamily real estate markets, this session features Jamie Woodwell, MBA’s Vice President of Commercial / Multifamily Research. Attendees will learn how the current economic environment impacts the commercial/multifamily mortgage servicing industry. Join Jamie for the facts – including maturing loan volumes, property markets, origination volumes and loan performance.
Speaker:
Jamie Woodwell
Vice President of Commercial/Multifamily Research
Mortgage Bankers Association
Presentation - Woodwell
Monday, May 16, 11:15 a.m.–12:30 p.m.
Join this panel to learn about the focus of legislators and regulators on the financial services industry and the impact on commercial/multifamily finance. At both the federal and state levels, actions have been taken or proposed, including securitization and disclosure, risk retention, the future of housing finance, the availability of evidence of insurance and risk based capital that directly commercial/multifamily finance. Join this panel to learn how all of this attention is likely to impact servicing.
Moderator:
Keith A. Dunsmore, Esq.
Partner
Bryan Cave LLP
Speakers:
Dennis C. Fisher
Senior Investment Professional
Nationwide Life Insurance Company
Rodrigo Lopez, CMB
President and Chief Executive Officer
AmeriSphere Multifamily Finance, L.L.C
Janice M. Smith
Managing Director
Bank of America
Deborah K. Wright
General Counsel
Prudential Mortgage Capital Company
Monday, May 16, 11:15 a.m.–12:30 p.m.
What ingredients are required for a successful servicing organization? How are businesses organized and tools employed to ensure continued success? Panelists will discuss key factors that directly impact their revenues and expenses. In addition, attendees will learn how managers assess strengths and weaknesses, considerations that impact how improvements or changes are made and how they measure compliance. Panelists will explore how technology is used to enhance efficiency and accuracy and to reduce costs particularly in areas such as compliance, staffing and training and disaster recovery. The panel will also discuss how servicing managers decide what to automate; whether to buy or build; and, how and when to move along the curve from low tech to high tech solutions.
Moderator:
Robert M. Stout
President and Chief Executive Officer
Q10 Capital, LLC
Speakers:
Amy L. Frazey, CPA
Assistant Vice President-Investment Administration
StanCorp Mortgage Investors, LLC
Donald J. Kalescky, CMB
Principal
ZAIS Servicing Asset Management, LLC
Mark E. McCool
Executive Vice President
Berkadia Commercial Mortgage LLC
Laura M. Nigro, CPA
Vice President
Q10|National Mortgage Co.
Monday, May 16, 11:15 a.m.–12:30 p.m.
Technology continues to change rapidly. Cloud computing and new mobile devices are providing opportunities for companies to rethink their business models. This session will provide an opportunity to hear about emerging technologies in the larger technology market.
Moderator:
Rick Hill
Associate Vice President for Industry Technology
Mortgage Bankers Association
Panel Presentation
Speakers:
Jeanne Capachin
Research Vice President
IDC Financial Insights
Thomas A. Fink
Senior Vice President
Trepp, LLC
Daniel P. Szparaga
Management Information Specialist
FHA - Office of Lender Activities and Program Compliance
U.S. Department of HUD
Robert P. Vestewig
Senior Managing Director
CBRE Capital Markets, Inc.
Monday, May 16, 2:30 p.m.–3:45 p.m.
We are all being asked to do more with less. How can we be more efficient with our time? How can we manage all of the forms of communication coming at us, including emails, instant messaging, text messages, and social media? How can we take advantage of the built in capability of many desktop tools, such as browsers, search engines and Office software? This session will provide tips for more effectively using communication and desktop tools to manage your increasing workload.
Speaker:
Karen Mitchal
Senior Consultant
McGhee Productivity Solutions
Presentation - Mitchal
Presentation - Mitchal
Monday, May 16, 2:30 p.m.–3:45 p.m.
Panelists take an in depth look at best practices in default management, how these practices have evolved during the course of the recession and the reasons why the best solutions today may differ from those of only a few years ago. Panelists will discuss how the capital source impacts the approach to default management; managing a loan following workout, what they expect when the loans originated during the boom years mature, and the lessons that they’ll take away from this period of high default.
Moderator:
Katherine A. Burroughs
Partner
Dechert LLP
Speakers:
Daryl Hall
Vice President, Multifamily, Asset Management
Freddie Mac
Larry LaGrone
Vice President, Multifamily, Loss Mitigation
Fannie Mae
Dean Roberson
Director
Bank of America
Charles Windham
Vice President
Protective Life Corporation
Monday, May 16, 4:00 p.m.–5:00 p.m.
Join this discussion to talk about issues in insurance. Topics will include confirming insurance compliance; changes in lender insurance requirements; errors and omissions coverage, and more. Bring your questions and concerns for a peer discussion of all things insurance.
Facilitators:
Brad Hauger
Senior Vice President
Midland Loan Services
Jon P. Kemp
Director-Insurance & Risk Management
Wells Fargo Bank, N.A.
Monday, May 16, 4:00 p.m.–5:00 p.m.
In this roundtable discussion, servicers talk about borrower requests and best practices for managing these request now and thoughts for the future. Discussion will include resources, timing, approval and managing the borrower experience by comparing and contrasting the process across product types.
Facilitators:
Faye Friedman
Director - Global Real Estate
TIAA-CREF
Patrick McGeehan
Partner
McKenna Long & Aldridge LLP
Deborah Schiavo
Managing Director
Cohen Financial
Tuesday, May 17, 8:30 a.m.–9:30 a.m.
As our industry changes and projections are for years of constrained production, increased costs and squeezed fees. How will the servicing sector react? This panel of experts will address how the business model will impact success in the new normal. Discussion will include optimum size portfolios, diversification, origination capabilities, special servicing as a hedge, institutional backing and more.
Moderator:
Stacey M. Berger
Executive Vice President
PNC Real Estate
Speakers:
Hugh R. Frater
Chief Executive Officer
Berkadia Commercial Mortgage LLC
Timothy A. Mazzetti, CMB
Partner, Executive Vice President
Cohen Financial
Daniel J. Phelan, CMB, CRI
President & Chief Executive Officer
Pacific Southwest Realty Services
Deborah A. Wilson
Executive Vice President and Chief Financial Officer
Walker & Dunlop
The Servicer – A Rating Agency Perspective
Tuesday, May 17, 9:45 a.m.–11:00 a.m.
The presence of qualified servicers is critical in securitized deals. Join this session to learn how the rating agencies view servicing, the rating process, and the differences in approach for determining how well servicers manage the transaction. Panelists will discuss the criteria for determining servicer quality/rating, how servicer provided information impacts rating agency surveillance and ratings assessment and the key components in achieving top ratings for primary, master and special servicers.
Moderator:
David W. Forti
Partner
Dechert LLP
Speakers:
Richard Carlson
Senior Vice President
DBRS, Inc.
Michael M. Gerdes
Senior Vice President
Moody's Investors Service
Mark Goldberg
Director
Standard & Poor's
Stephanie Petosa
Managing Director
Fitch Ratings
Tuesday, May 17, 9:45 a.m.–11:00 a.m.
Join this panel of lenders and their correspondents as they discuss the impact of changing regulation and market conditions on the lender correspondent relationship. Panelists will address the factors that influence a lenders need for additional information and how correspondents are coping with increased demands within existing agreements. Discussion will include volumes and types of increased information, the impact of reporting form changes on correspondents, as well as the potential for consistency between lenders.
Moderator:
Joseph F. Beggins
Chief Executive Officer
GEMSA Loan Services LP
Speakers:
Paul J. Edgar
Senior Investment Professional
Nationwide Life Insurance Company
Gary N. Otten
Director, Real Estate Portfolio Management
MetLife, Inc.
Jane Panzella
Senior Vice President, Commercial Mortgage Servicing
Draper & Kramer, Inc.
Karen L. Pribnow
Senior Vice President & Managing Director
NorthMarq Capital, LLC
Tuesday, May 17, 11:15 a.m.–12:30 p.m.
Is the CMBS market rebounding? What changes do servicers expect to see in new CMBS transactions? Join this panel to explore ways in which the past year has affected the securitization industry, what we’ve learned and how we will use the lessons of the past to emerge stronger in the future. Topics will include considerations for standardization of servicing terms, new roles, and the effect of regulation and other external forces on servicers of securitized transactions.
Moderator:
Katie Schwarting, Esq.
Counsel
Bryan Cave LLP
Speakers:
Brian Hanson
Managing Director
CW Capital
Russell Richardson, CMB
Senior Vice President Head of Asset Mgmt
Grandbridge Real Estate Capital LLC
Timothy S. Ryan
Managing Director
Wells Fargo Bank, N.A.
Greg Winchester
Managing Director
TriMont Real Estate Advisors, Inc.
Tuesday, May 17, 11:15 a.m.–12:30 p.m.
Join this panel of portfolio lenders and mortgage bankers to learn about how they approach servicing as they compare and contrast the inner workings of their organizations. Topics include – Who is on the team? What is outsourced? Who handles what types of transactions? How are servicing functions coordinated and how does communication flow? Panelists will also discuss their experiences across product lines and explore current practices, what works and what goes wrong and how servicing roles vary with the capital source.
Moderator:
Rachelle Hasskamp
Senior Vice President
Q10 Capital, LLC
Speakers:
David M. Croskery
Senior Managing Director
Holliday Fenoglio Fowler, L.P.
Melanie L. Doyle
Vice President, Loan Administration and Accounting
AEGON USA Realty Advisors, LLC
Crystal N. Kalinowski
Vice President
Bernard Financial Servicing Group
David Spearman
Vice President-Managing Director
Lincoln Financial Group
Tuesday, May 17, 2:30 p.m.–3:45 p.m.
The loan file is more than a paper binder or electronic file. It is an essential part of servicing and risk management. Information is communicated between many parties throughout the life of the loan. Understanding how to effectively manage the loan file through imaging, storage, encryption, and disaster recovery is critical to meeting the increasing needs of all parties. This panel will discuss current operational and technological practices including the advantages of digitizing the loan file. Panelists will talk about lessons learned and will take a frank look at how file management systems enhance the business.
Moderator:
Robert G. Wright, CMB
Senior Vice President-Loan Servicing
PNC Real Estate
Panel Presentation
Speakers:
Steven Bean
Managing Director
Situs Outsourcing Solutions
Hal Collett
Vice President
Prudential Asset Resources
Nancy R. Hughes
Vice President
RiverSource Investments LLC
Tony Nemec, CPA
Senior Vice President Loan Servicing and Asset Management
KeyBank Real Estate Capital
Tuesday, May 17, 2:30 p.m.–3:45 p.m.
Borrowers provide regular property reports to servicers. When taken together with inspections and general market knowledge, what are they saying? Join this session for a holistic view of borrower and property reports to learn how the operating statements, rent rolls and inspection reports might provide an early warning of trouble.
Moderator:
Chase Belew, CMB
President
AMS Real Estate Services
Panel Presentation
Speakers:
Eric C. Frisk
Director-Commercial Loan Asset Management
Allianz Real Estate of America
Thomas Ruffin
Director - Special Servicing
Greystone Servicing Corporation, Inc.
Christine A. Wojcik
VP Portfolio Manager, Situs Asset Management
The Situs Companies
Ted Wright
Managing Director
Cohen Financial
Tuesday, May 17, 2:30 p.m.–3:45 p.m.
After back-to-back years of extraordinary growth in FHA’s multifamily programs, this panel will discuss the impact of the portfolio growth on servicing and asset management tasks and responsibilities. Map lenders and servicers will roll up their sleeves to talk with FHA’s Senior servicing and asset management staff about performing the additional duties that stem from portfolio expansion during the housing recovery. Hear these FHA representatives describe how the changes impact your business, including changes related to the new Multifamily Closing Documents.
Moderator:
William F. Lamey
Managing Director
Red Mortgage Capital, LLC
Panel Presentation
Speakers:
Marilyn Edge
Acting Director, Office of Asset Management
U.S. Department of Housing and Urban Development
Jose A. Perez
Senior Vice President
Berkadia Commercial Mortgage LLC
John E. Vihstadt, Esq.
Partner
Krooth & Altman
Tuesday, May 17, 4:00 p.m.–5:00 p.m.
In addition to ongoing monthly reporting, servicers, particularly in a down economy or when a loan takes a sideways turn, are faced with multiple requests for additional asset or borrower specific information. Join this roundtable to discuss how servicers are managing the volume of requests from ratings agencies, portfolio lenders, equity investors and other servicers in the chain, the type of additional information being requested and how they manage issues such as confidentiality.
Facilitators:
Steven R. Johnson
Managing Director-Commercial Mortgage Servicing
Principal Real Estate Investors
Helene Principato
Vice President-Loan Servicing
PPM Finance, Inc.
Tuesday, May 17, 4:00 p.m.–5:00 p.m.
Join this roundtable, facilitated by experienced operational managers, to share your thoughts about and experiences with some of the backbone issues impacting servicing operations. Participants will discuss topics related to boarding loans to the servicing system, management of routine and more complex real estate tax payments, insurance administration and issues surrounding UCCs. This will be an in the weeds discussion of some of the most routine aspects of servicing.
Facilitators:
Kathleen Dufraine, CPCU
Vice President
ZENTA
Kirk White
Managing Director
GEMSA Loan Services LP
Tuesday, May 17, 4:00 p.m.–5:00 p.m.
Panelists discuss the current market for independent living, assisted-living facilities, skilled nursing homes and hospitals, and the effects the tightening of mortgage credit has had on FHA’s Healthcare Programs. Lenders and servicers discuss short- and long-term views of this business and the unique challenges and opportunities that servicing these operator-centric loans offer. You won’t want to miss hearing about the fastest growing segment of FHA’s programs.
Moderator:
William F. Lamey
Managing Director, Loan Servicing and
Asset Management
Red Mortgage Capital, LLC
Panel Presentation
Speakers:
Kelly Haines
Acting 232 Asset Management Director
U.S. Department of Housing and Urban Development
John M. Hartung
Acting Director, Policy and Risk Analysis
U.S. Department of Housing and Urban Development
Sharon Walker
Director, FHA Asset Management
Prudential Asset Resources
Wednesday, May 18, 8:30 a.m.–10:00 a.m.
Understanding how actions taken by servicers can result in liability is one of the components of a servicer’s risk management plan. In this session, legal experts expose some common traps that can result in servicer liability. From the contents of e-mail communication and non-compliance with loan documents terms to failure to respond to requests, panelists will highlight practices to be avoided as well as how routine servicing practices and/or communication can be misinterpreted in litigation. Join this panel of experts to enhance your awareness pitfalls and to learn how to avoid them.
Moderator:
Paul S. Donohue, Esq.
Partner
Alston & Bird, LLP
Panel Presentation
Speakers:
John P. Doherty
Regional Manager
Alston & Bird, LLP
Tom Miraglia
General Counsel
Berkadia Commercial Mortgage LLC
Wednesday, May 18, 10:00 a.m.–10:45 a.m.
The Future of Servicing Roundtable Discussion Grab your coffee and suitcase and join this discussion to share your thoughts regarding the key themes and issues that servicers are dealing with today, how these issues will shape the servicing operations of tomorrow and your view of the future. This capstone discussion will recap issues of the day and highlight opportunities and challenges as you look ahead 2-5 years. Bring your questions, concerns and recommendations to help shape the servicing priorities to be addressed in the next year.
Facilitators:
Daniel K. Olsen
Senior Vice President
KeyBank Real Estate Capital
Thomas Ruffin
Director - Special Servicing
Greystone Servicing Corporation, Inc.
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