Spring Conference & Expo: Independent Mortgage Banks, Secondary Markets, Servicing and Technology

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Wednesday, April 21, 2021

  • Secondary & Capital Markets Track: Moving from the Cash Window to MBS Swaps

    Location: Breakouts


    Speaker(s)

    Seth Sprague, CMB, Principal, STRATMOR Group

    Philip Rasori, Chief Operating Officer, Mortgage Capital Trading, Inc.

    Julie Messina, CMB, Vice President and Secondary Marketing Manager, LHM Financial Corporation dba CNN Mortgage

    Mike Riley, SitusAMC

    Secondary & Capital Markets

    For GSE approved lenders a key decision point is to deliver loans to Fannie Mae or Freddie Mac, through the cash window or through MBS swaps. With the recent changes to the agreements governing GSE conservatorship, lenders are limited to $1.5 billion in annual cash window sales to each GSE beginning next year. For many companies, this will require a shift to greater use of MBS swaps. In this session, capital markets experts provide the new requirements and discuss the steps to take to be ready.

    Speaker(s)

    Seth Sprague, CMB, Principal, STRATMOR Group

    Seth Sprague joined STRATMOR Group as a Principal early in 2019 with more than 20 years of mortgage banking and servicing valuation experience. Seth specializes in mortgage servicing rights (MSRs), servicing, cash flows, liquidity and mortgage profitability strategies.  Prior to joining STRATMOR, Seth served as EVP of Trading & Analytics at PHOENIX, an advisory firm for MSR and whole loan trading, mortgage services and analytics. His primary responsibilities at Phoenix included managing bulk and flow MSR transactions and strategic valuation solutions to meet the needs of PHOENIX clients. Additionally, Seth served as Senior Vice President—Servicing Asset Manager at SunTrust Mortgage for more than 10 years, where he led the servicing rights valuation team.  In 2020/2021, Seth will serve as Chair as the MBA’s Certified Mortgage Banker (CMB) Society and serves on several committees with the Mortgage Bankers Association (MBA) including the Financial Management Steering Committee, MBA’s Servicing Council for the 21st Century, MBA’s BASEL III and the Servicing Compensation Working Group. Seth is a frequent speaker at various MBA and other industry conferences, often speaking on liquidity and the overall challenges present in the mortgage industry. An instructor with the MBA’s School of Mortgage Banking (SOMB) program since 2007, Seth teaches “Servicing/MSR Day” and is an instructor for the MBA School of Mortgage Servicing. Seth also teaches “The Secondary Market” for NAMMBA (The National Association of Minority Mortgage Bankers of America).

    Philip Rasori, Chief Operating Officer, Mortgage Capital Trading, Inc.

    Mr. Rasori is a recognized thought-leader in capital markets operations within the mortgage banking community. His areas of expertise include complex financial modeling, computational dynamics, and linear programming for operational optimization. He developed the ground-breaking mortgage pipeline hedging algorithms that form the foundation of MCT’s HALO Program today. He has also pioneered several metrics that have become standard industry parlance, including “beta pull-through” factors. In addition to banking clients, Mr. Rasori has consulted with GSE agencies and the US Government on hedging best practices for community banks. Mr. Rasori has functionally led MCT operations since 2005 and ascended to his current role as COO in 2007.

    Julie Messina, CMB, Vice President and Secondary Marketing Manager, LHM Financial Corporation dba CNN Mortgage

    Julie Messina is the Secondary Marketing Manager and Vice President at Scottsdale, AZ corporate office. She has over 40 years of industry experience in the pricing, sale, and delivery of mortgages to the Secondary Market. During the first ten years of her career, Julie worked in various Secondary Market and Investor Servicing roles for Banks and Savings Institutions. In 2006 Julie joined LHM Financial Corporation, and is now responsible for leading, managing, and directing its secondary market initiatives. She currently oversees the Hiring, Managing, and Professional Development of Secondary Marketing Department Staff, Product Development, Loan Sales, Hedging, Investor Relations, Pricing strategies, Buy-Sell strategy, and MSR evaluation, and Development and Growth of LHM Financials’ Loan Servicing Portfolio.

    Mike Riley, SitusAMC

    Mike Riley leads the operations of SitusAMC’s Hedge Advisory team. In this capacity, he oversees a team of analysts and Investment Advisor Representatives focused on stochastic rate modeling and hedge analytics. He has 14 years of experience hedging MSRs, whole loans and rate locks. Mike earned a Master’s degree in Mathematics from Tufts University.

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