Stephen Ornstein was a featured panelist during the following sessions at the RiskSummit 2014 sponsored by CoreLogic.
To QM or not to QM—Is Everyone Playing Nicely? / July 28, 2014 / 11:10 a.m. - 12:00 p.m.
The regulator-defined Qualified Mortgage (QM) rules are in place, and audits have begun. Are lenders just going with the flow or are they revisiting their workflows and strategies around collateral, valuation, and borrower risk to gain competitive advantage? As we move through the audit and potential penalty phases, many “what did I miss?” anxieties remain. While some now operate solely within the QM parameters—and industry analysts see no movement to larger scale non-QM production—there is strong evidence that some originators are considering high-margin “nonprime, nonagency” mortgage loans. Will non-QM lending boost nonagency issuance? Who are the non-QM players, and what are they originating? Is there a necessary exit strategy? The panel weighed the pros and cons of current market dynamics—and the likely impact they will have on originators, issuers, servicers and investors.
Lien Perfection and Document Archival—CYA (Covering Your Assets) / July 29 / 10:10 a.m. - 11:00 a.m.
With CFPB audits now a fact and the potential for fines and litigation becoming clear, lenders and servicers face critical challenges to the right to foreclose, the right to process a BK file and the need to have investor documentation prepared for MSR or other asset sales. Add responsibility for satisfying or rebutting repurchase requests based on origination defects many years past the origination date—and risk mitigation becomes critical to success. What are the best practices to implement? What dangerous pitfalls exist in hedging your exposure? Attendees heard from lenders and servicers who understand both these risks and the operational excellence required for compliance while generating growth opportunities.
July 27-29, 2014
St. Regis Monarch Beach / Dana Point, CA
To QM or not to QM—Is Everyone Playing Nicely? / July 28, 2014 / 11:10 a.m. - 12:00 p.m.
The regulator-defined Qualified Mortgage (QM) rules are in place, and audits have begun. Are lenders just going with the flow or are they revisiting their workflows and strategies around collateral, valuation, and borrower risk to gain competitive advantage? As we move through the audit and potential penalty phases, many “what did I miss?” anxieties remain. While some now operate solely within the QM parameters—and industry analysts see no movement to larger scale non-QM production—there is strong evidence that some originators are considering high-margin “nonprime, nonagency” mortgage loans. Will non-QM lending boost nonagency issuance? Who are the non-QM players, and what are they originating? Is there a necessary exit strategy? The panel weighed the pros and cons of current market dynamics—and the likely impact they will have on originators, issuers, servicers and investors.
Lien Perfection and Document Archival—CYA (Covering Your Assets) / July 29 / 10:10 a.m. - 11:00 a.m.
With CFPB audits now a fact and the potential for fines and litigation becoming clear, lenders and servicers face critical challenges to the right to foreclose, the right to process a BK file and the need to have investor documentation prepared for MSR or other asset sales. Add responsibility for satisfying or rebutting repurchase requests based on origination defects many years past the origination date—and risk mitigation becomes critical to success. What are the best practices to implement? What dangerous pitfalls exist in hedging your exposure? Attendees heard from lenders and servicers who understand both these risks and the operational excellence required for compliance while generating growth opportunities.
July 27-29, 2014
St. Regis Monarch Beach / Dana Point, CA