Home mortgage rates tend to move in the same direction as U.S. Treasuries but as-is traditionally the case, seldom is there a one-for-one relationship. Such was the case on Friday, June 24, 2016, when the U.S. Market awakened to the knowledge that the British electorate voted to leave the European Union which meant the beginning… Read more »
Perspectives
CECL – Current Expected Credit Loss: A CORE Competency?
Current Expected Credit Loss (“CECL”, ASC 825-15) is the Financial Accounting Standards Board’s (FASB) new model for calculation of loan loss reserves, which requires consideration of multiple scenarios looking out over the lifetime of the instrument. These standards replace those now in use for preparing Allowance for Loan & Lease Losses, (“ALLL”), purchased credit-deteriorated assets,… Read more »
MIAC Perspectives Summer 2016
In this issue… CECL – Current Expected Credit Loss: A CORE Competency? Dean Hurley, Director, Capital Markets Group Jeffrey Zuckerman, Vice President, Capital Markets Group Current Expected Credit Loss (“CECL”, ASC 825-15) is the Financial Accounting Standards Board’s (FASB) new model for calculation of loan loss reserves, which requires consideration of multiple scenarios looking out over… Read more »
MIAC Perspectives – Summer 2015
In this issue… MIAC CORE ™ : Non-Agency Loss Model Dr. Glenn Mandigo, SVP, Borrower Analytics Joseph Furlong, SVP, Borrower Analytics The MIAC CORE™ is the name of MIAC’s new class of behavioral models for all asset classes including residential non-agency whole loans/MSRs, residential agency whole loans/MSRs, commercial whole loans, auto loans, credit cards, unsecured consumer… Read more »
MIAC CORE ™ : Non-Agency Loss Model
Introduction The MIAC CORE™ is the name of MIAC’s new class of behavioral models for all asset classes including residential non-agency whole loans/MSRs, residential agency whole loans/MSRs, commercial whole loans, auto loans, credit cards, unsecured consumer loans, etc. Each of these models has two components – a Voluntary Prepayment Model and a Loss Model. Each… Read more »
Is the UK Buy-To-Let Sector Resilient to Interest Rate Rise?
The following article was first published in the Mortgage Finance Gazette in January 2015 and has been brought up to date for MIAC Perspectives. Introduction The Buy-To-Let (BTL) sector has demonstrated material growth as a sub-market of the mortgage industry in the UK. For potential home owners, buying homes has become a serious challenge from… Read more »
Winter Update 2014 – The Winter of Data Discontent
As regulatory standards tighten and the enforcement environment frosts, data integrity becomes even more of a critical focus for the participants in the mortgage industry. Of particular importance is the need by lending institutions to complete a successful regulatory or compliance audit. Complete and accurate data can be difficult to maintain and validate. Yet in… Read more »
Fall Update 2014 – MIAC Pipeline Management and Hedge Advisory Solutions
With the change of seasons comes the realization that one should not get too comfortable with the prevailing market environment. Things change! Yet with comfort in mind, particularly that which accompanies an effectively hedged, well priced and critically reported pipeline, we have some satisfying news for you. For the past 25 years, MIAC has been… Read more »
Summer’s Close 2014 – MSR Hedging and Risk Management Update
We at MIAC Analytics™ hope that you have enjoyed a relaxing yet, productive and prosperous summer. MIAC is celebrating its 25th anniversary this month. Over the years, we’ve learned that much like the seasons change, so too do the markets, the operating environment and ultimately the value of your enterprise. The MSR market has enjoyed… Read more »
A Brief Introduction to the Student Markets of the U.K. & U.S.
Introduction There are some core differences in the student loan markets across the United Kingdom (UK) and United States (US), most of which are product and origination related and the differing timing and conditions of repayment obligations. The US market also includes a private origination element that, as yet, doesn’t exist in the same way… Read more »