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Home > Research and Forecasts > Forecasts and Commentary
Secondary 2011
MBA’s National Secondary Market Conference and Expo
May 1-4, 2011
New York, New York
May 1. 2011, 2:45 pm - 4:45 pm
As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, regulators established requirements for securitizers to retain a portion of the credit risk of securitized assets. The regulations include a “Qualified Residential Mortgage” definition that exempts some loans from the risk retention requirement. The impact on the availability of credit inside and outside of the “Qualified Residential Mortgage” eligibility parameters is far reaching. As with any new regulation, the devil is in the details. We invite you to join our panelists — attorneys and capital markets experts — who have been engaged in the debate regarding these new rules, as they provide an in-depth examination of the rules, discuss potential challenges and implications for your business with respect to implementation of these rules and answer your specific questions.
Moderator
Robert Gaither
Senior Vice President
Bank of America Home Loans
Speaker
Michael Fratantoni, Ph.D.
Vice President, Research and Economics
Mortgage Bankers Association
Presentation - Fratantoni
Shawn Krause
Executive Vice President
Quicken Loans, Inc.
Ken Markison
Associate Vice President and Regulatory Counsel
Mortgage Bankers Association
Presentation - Markison
May 2, 2011, 8:30 am - 10:00 am
Hear from top executives from Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Home Loan Bank System as they discuss how the changing business landscape is affecting your business and the industry. Learn what steps are being taken to re-energize the mortgage market and how changing borrower demographics, new products, lower origination volumes and new technologies are altering the roles of these secondary market leaders as you explore the growing opportunities in today’s marketplace.
Speaker
Paul E. Mullings
Senior Vice President-Single Family Sourcing
Freddie Mac
Kevin Neylan
Senior Vice President - Strategy & Business Development
Federal Home Loan Bank of New York
Zach Oppenheimer
Senior Vice President and Chief Acquisition Officer,
Fannie Mae
Theodore Tozer
President
Ginnie Mae
May 2, 2011, 10:30 am - 11:45 am
Today, the mortgage market is heavily dependent upon government guarantees and MBS purchases. But is this sustainable or desirable, from either a public policy or fiscal standpoint? This panel looks at what must occur in order to safely scale back government (and taxpayer) support, restart non-agency MBS, attract new private capital and give private players — banks, investment banks and mortgage insurers — room to compete in the mortgage and secondary markets. The panel examines proposals for either re-focusing or winding down the GSEs and what message Congress sent the market this fall when it didn’t reduce GSE and FHA loan levels, along with the need to quickly reach closure on a number of regulatory changes that have created uncertainty as to what is required of private label issuers and lenders.
Moderator
David A. Hurt
Senior Vice President
CoreLogic
Presentation - Hurt
Speaker
Laurie Goodman
Senior Managing Director
Amherst Holding, LLC
Presentation - Goodman
Michael P. Lau, CMB
Executive Vice President
Phoenix Capital, Inc.
Presentation - Lau
Fred Matera
Managing Director and Head of Residential Investments
Redwood Trust, Inc.
Presentation - Matera
Ted Tozer
President and Chief Executive Officer
Ginnie Mae
Presentation - Tozer
May 2, 2011, 10:30 am - 11:45 am
Distressed loans are a thorny asset to assess. Yet the volume of distressed loan assets increases every month, clogging the housing market with inventory and negatively affecting the economy, housing prices and loan costs. It is critical for companies to be able to help the system flush these assets through the marketplace while adequately analyzing risks and performing valuations to make a profit. Join our panel of industry experts as they discuss how to achieve these business goals with various methods and models. The panel debates what data is most crucial to the evaluation of a distressed property and what new assessment tools are available and explains the best course of action once you acquire a distressed asset. Should it be sold into investment funds; resold to third parties; securitized into bonds for sale to the market; or should you continue to manage it for your investors?
Moderator
Steven Grundleger
Executive Vice President, Capital Markets
FNC
Panel Presentation
Speaker
Jon R. Daurio, Esq.
Chairman and Chief Executive Officer
Kondaur Capital Corporation
Ken Glickstein
Managing Director, Private Equity
Braddock Holdings Company, LLC
Paul Marchese
Senior Vice President
Clayton Holdings, LLC
Jeff Rauland
Director - Valuation Services
Opus Capital Markets Consultants, LLC
May 2, 2011, 1:45 pm - 3:00 pm
Buyback demands, from both GSEs and RMBS investors, will cost issuers and lenders more than $100 billion this year, according to Moody’s. That number could rise, if the foreclosure / MERS crisis creates new claims or significantly stretches foreclosure timelines. This panel examines the red flags in loan files that prompt put-backs or MI rescissions, how lenders and issuers are defending against these demands, whether we are at the beginning, middle or end of this controversy and how much more contentious will it become. Panelists include well-known representatives from both sides of this subject: investors and issuers, as well as leading experts in forensic underwriting.
Moderator
Arthur J. Prieston, CMB
Chairman
The Prieston Group
Speaker
Brendan Keane
Senior Vice President/Valuation Group
CoreLogic
Clifford Rossi, Ph.D.
Executive-In-Residence Center for Financial Policy
Robert H. Smith School of Business
Presentation - Rossi
May 2, 2011, 1:45 pm - 3:00 pm
There are four main concerns that institutional investors have regarding the RMBS market: 1. The impact of moving to a single security structure on Fannie Mae and Freddie Mac securities, 2. If the “foreign bid” will remain strong for the foreseeable future, 3. The future pace of refinancing, new mortgage creation and supply, and 4. Maintaining liquidity for old and new MBS. These concerns lead to the ultimate question for investors: What is the proper role for RMBS in the portfolio? This presentation offers a proper framework for contemplating these important trends and will be especially useful in identifying “guide posts” that investors and originators can look for to conceptualize the most probable outcomes. It is designed to be brief and lead to open discussion.
Moderator
Peter J. Taglia, CMB, AMP
Vice President
FTN Financial Capital Assets Corporation
Speaker
Shawn Miller
President
Arch Bay Capital, LLC
Presentation - Miller
Alex Santos
President
Digital Risk, LLC
Walter N. Schmidt, CFA
Senior Vice President and Manager, Structured Product
FTN Financial Capital Markets
Presentation - Schmidt
May 2, 2011, 3:30 pm - 4:45 pm
As the secondary mortgage market continues its transition from a market dominated by private-label securitizations to a market relying heavily on government-backed securitizations, Ginnie Mae has options for lenders who are considering growing their business through securitization. Join us for this panel detailing these opportunities as they relate specifically to secondary market strategies. Explore the differences between Ginnie Mae, Fannie Mae and Freddie Mac, the advantages and the disadvantages of issuing directly with Ginnie Mae and securities pricing of Ginnie Mae versus Fannie Mae and Freddie Mac. Learn about the Ginnie Mae application process, issuer monitoring practices and recent program changes that impact lenders. Ginnie Mae staff, an MBS pricing expert and large and small issuers will take part in the panel to provide a real-world view of how government securitization can help you meet business needs.
Speaker
Donald G. Calcaterra, Jr., CMB, AMP
Chief Executive Officer
Towne Mortgage Company
Michael Drayne
Director, Single Family Division of the Office of
Ginnie Mae
Christopher Haspel
Director - Monitoring, Office of Mortgage-Backed
Ginnie Mae
Presentation - Haspel
May 2, 2011, 3:30 pm - 4:45 pm
Unprecedented empowerment of mortgage borrowers is making the case for consumers to do their own loan processing. Business models that were pioneered in other industries, such as travel or retail sales, have strong relevance in mortgage lending and servicing. What are the implications for loan officers and processors? Will their roles get redefined? How will these changes impact the way things like credit reports, appraisals, mortgage insurance and title insurance get sold and what are the likely impacts on the secondary market? Come hear how some of the leading firms in mortgage banking, business services and technology are working to cast the vision of the future.
Moderator
Larry Walker, CMB
Vice President
Genpact Mortgage Services
Speaker
Garth Graham
President
Financial Literacy Solutions
Shawn Krause
Executive Vice President
Quicken Loans, Inc.
Lisa Zakrajsek
Executive Vice President
Wells Fargo & Company
May 3, 2011, 8:30 am - 10:00 am
MBA Chief Economist and Senior Vice President, Research and Economics, Jay Brinkmann, Ph.D., and Vice President, Research and Economics, Michael Fratantoni, Ph.D., talk about the status of the economy and the direction of the mortgage industry. Attend this session to hear a regional and national breakdown of mortgage markets and ways to position yourself for the future. After completion of their presentation, Brinkmann and Fratantoni take your questions.
Speaker
Panel Presentation
Jay Brinkmann, Ph.D.
Chief Economist and Senior Vice President, Research and
Mortgage Bankers Association
Michael Fratantoni, Ph.D.
Vice President, Research and Economics
Mortgage Bankers Association
May 3, 2011, 10:30 am - 11:45 am
The Dodd-Frank Act includes Title XIV, the Mortgage Reform and Anti-Predatory Lending Act. This act makes broad changes to U.S. mortgage originations, including prohibiting originators from receiving compensation that varies based on loan terms other than the amount of principal and will prohibit yield-spread premiums and other forms of compensation. Additionally, the act includes changes to underwriting and appraisals that will impact how you conduct your business. Join us for a deep dive on the resulting market and business implications.
Speaker
Ken Markison
Associate Vice President and Regulatory Counsel
Mortgage Bankers Association
Presentation - Markison
Laurence E. Platt, Esq.
Partner
K&L Gates
Paul H. Schieber
Shareholder
Stevens & Lee P.C.
Presentation - Schieber
May 3, 2011, 10:30 am - 11:45 am
Options for warehouse funding have improved somewhat this year, but access to timely liquidity remains a challenge for many mortgage lenders. Which programs and pilots are working? What advances and lessons have been achieved in warehouse and early-funding options? What role are the GSEs playing in warehouse lending today? This panel highlights the bright spots in warehouse lending and discusses the options that are currently available and the outlook for the future.
Moderator
Ken D. Logan, CMB
Managing Director
Wells Fargo Securities, LLC
Speaker
Paul Anselmo
Chief Executive Officer
SigniaDocs, Inc.
Presentation - Anselmo
Elaine W. Batlis
Senior Vice President
Silvergate Bank
Presentation - Batis
Jack Nunnery
Senior Vice President
Texas Capital Bank, N.A.
Presentation - Nunnery
Renee R. Schultz
Vice President - Capital Markets
Fannie Mae
Presentation - Schultz
May 3, 2011, 2:00 pm - 3:15 pm
In today’s market environment, leveraging technology advances in combination with good, old-fashioned underwriting may be the key to effectively managing lender risk. There are a number of technology-enabled business processes available in the marketplace that can help reduce the key drivers of loan defects — data flaws, processing flaws and fraud. Today’s technology enables the efficient capture, processing and validation of loan data. And yet, underwriting is more important than ever in putting it all together. This session explores the roles of underwriting and technology, with a focus on key topics such as verifying borrower income, assets and debts.
Moderator
Terri Davis
Senior Vice President - Marketing
Fannie Mae
Presentation - Davis
Speaker
Noel McGarvey
Vice President
Pulte Mortgage LLC
Presentation - McGarvey
Avi Nader
Chief Executive Officer
ACES Risk Management Corp.
Presentation - Nader
Christine Rhea
President
Mortgage Investors Group
Presentation - Rhea
James Ronan, CFE, CFCI
Vice President, Business Relations
Interthinx
Presentation - Ronan
May 3, 2011, 2:00 pm - 3:15 pm
In today’s highly regulated mortgage marketplace, investors are acutely aware of the risks associated with the origination of loans that do not meet strict compliance standards; specifically, the exposure to repurchase risk, viable defenses in a foreclosure and federal and state regulatory inquiries and audits, as well as the ever-present potential for civil litigation. The obvious requirements of loan data transparency and total loan quality will drive the successful return of the private label securitization market, especially as it applies to trustees, insurers, rating agencies and investors. Traditionally, investors have had little control over the quality of third-party originations and were faced with the conundrum of purchasing quantity versus quality. That is no longer acceptable. This panel focuses on the necessary shift in the traditional whole-loan acquisition paradigm, and incentives for those originators that create a loan origination process that will produce loans that meet all investor quality delivery obligations, while adhering to best practices and all federal, state and local regulatory requirements. The goal is to create a culture of quality, integrity and transparency in loan origination and acquisition that will inherently restore the world’s faith in the private label securitization model.
Moderator
Stephen F.J. Ornstein
Partner
SNR Denton
Panel Presentation
Speaker
Kathryn Kelbaugh
Vice President and Senior Analyst
Moody
John Levonick
Chief Legal Officer and Compliance Officer
Mortgage Cadence, Inc.
Dennis P. Ryan
General Counsel and Senior Vice President, Compliance
American Mortgage Consultants, Inc.
Adam Yarnold
Managing Director
Barclays Capital
May 3, 2011, 3:30 pm - 4:45 pm
Although there is still a great deal of uncertainty as to how non-agency securitization will look in the future, due diligence is one piece of the process that is now coming into focus. In addition to new SEC regulations, all of the major rating agencies have issued new guidelines on what they will require in terms of due diligence in order to rate deals. This panel examines what the new rules are, how they’ll bring greater transparency and uniformity to the pre-purchase due diligence process, what sellers can expect and how they will affect the selection of due diligence providers.
Moderator
Vicki Beal
Senior Vice President
Clayton Holdings LLC
Panel Presentation
Speaker
Kathryn Kelbaugh
Vice President, Senior Analyst
Moody
Stephen S. Kudenholdt
Partner
SNR Denton
Diane Pendley, CMB
Managing Director
Fitch Ratings
Peter Sack
Managing Director
Credit Suisse Securities (USA) LLC
May 4, 2011, 9:30 am - 11:00 am
In recognition of the continuing changes taking place in the industry, this session is designed to address the latest issues and challenges as they unfold. Issues to be discussed include, but are not limited to, QRM / risk retention, pre-pay speeds / extension of risk in a rising rate environment, the impact of a potential decline in loan limits, foreign demand for U.S. mortgage assets, covered bonds and many more. This panel also covers subjects which are not addressed by other sessions and is subject to change as new developments occur.
Moderator
Steve O'Connor
Senior Vice President, Public Policy and Industry
Mortgage Bankers Association
Speaker
Thomas Deutsch
Executive Director
American Securitization Forum
Tom Donatacci
Executive Vice President of Sales and Marketing
Clayton
Jeff Foster
Senior Policy Advisor - Capital Markets
U.S. Department of the Treasury
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