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

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Thursday, April 22, 2021

  • Secondary & Capital Markets Track: Valuations and Liquidity in the MSR Market

    Location: Breakouts


    Speaker(s)

    Tom Piercy, President, National Enterprise Business Development, Incenter, LLC

    Alan Qureshi, Managing Partner, Blue Water Financial Technologies

    John Britti, Chief Investment Officer and Executive Vice President, Ocwen Financial Corporation

    John Sullivan, Executive Vice President, MorVest Capital, LLC

    Secondary & Capital Markets

    Following a year of declining interest rates and a massive refinancing wave, the first few months of 2021 have reversed course with rising interest rates and a slowdown in refinances. Meanwhile, servicing challenges remain as millions of borrowers extend forbearance or work through loss mitigation options. Where does that leave the MSR market? Experts share the latest on valuations, liquidity and market dynamics, as well as perspectives on what to expect in the months ahead.

    Speaker(s)

    Tom Piercy, President, National Enterprise Business Development, Incenter, LLC

    Tom leads Incenter Mortgage Advisors, the MSR component of Incenter's integrated mortgage services platform. He has dedicated his professional career to the secondary markets with a specialty in providing mark to market valuations and trading of mortgage servicing rights and whole loans. More than 30 years of active trading have earned Tom first-call status from literally hundreds of industry buyers and sellers seeking secondary market MSR expertise to support their risk and liquidity strategies. Tom also heads the team that introduces the Incenter mission to C-level mortgage executives. He earned his BS in Finance and Accounting from DePaul University.

    Alan Qureshi, Managing Partner, Blue Water Financial Technologies

    Alan P. Qureshi serves as Managing Partner of Blue Water Financial Technologies, with a primary focus on MSR hedge strategies, transaction management and FinTech Integration. With over 20 years of experience in the Capital Markets and Mortgage Industry, Alan oversees both the SEC Registered Investment Advisor and the FinTech subsidiaries of Blue Water. Prior to co-founding Blue Water with a like-minded team of innovators and capital markets experts in 2018, Alan served as the President of Incenter Portfolio Advisors, and as the Head of Mortgage Servicing Hedging and Hedging Analytics at U.S. Bank. Earlier in his career, Alan also held MSR, analytic, hedging and trading appointments for JP Morgan, Merrill Lynch and Diamondback Capital.  Al graduated from the University of Toronto with a bachelors degree in Applied Science and Engineering. Al also obtained his Master of Business Administration from New York University’s Stern School with a specialization in Finance and Economics.

    John Britti, Chief Investment Officer and Executive Vice President, Ocwen Financial Corporation

    Mr. Britti joined Ocwen in 2011 and has previously served as Chief Financial Officer prior to becoming Chief Investment Officer in June 2014. Mr. Britti has served in interim roles as Chief Risk Officer and as Chief Executive officer.  Mr. Britti has over 30 years of mortgage and financial services experience.  Prior to joining Ocwen, Mr. Britti was Chief Operating Officer for mortgage insurer RMIC. Mr. Britti held two positions at Freddie Mac as a Vice President running Field Sales and Pricing & Structured Transactions.  Mr. Britti has also been a Vice President at Capital One running Thrift and Mortgage Operations.  Mr. Britti has investment experience raising a venture capital fund and working with buy-out firms.  After business school, Mr. Britti worked at McKinsey & Company in their financial services industry group.  Prior to business school, Mr. Britti was an analyst for the Central Intelligence Agency.  He holds a BA in Economics from the University of Maryland and a Masters of Business Administration from Dartmouth’s Amos Tuck School.

    John Sullivan, Executive Vice President, MorVest Capital, LLC

    John Sullivan is the Founding shareholder and Executive Vice President of both MorVest Capital and MorVest Analytics.  He has over 25 years of deep experience in MSR analytics, deal analysis and fund management. He created FAST, now part of MorVest, with 20 years of specialization in independent MSR valuation analysis and related analytics. John is widely regarded as an industry expert in MSR analytics and advisory. He is a licensed Texas CPA and a former CFO within the industry.

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