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11 "We have a lot of different capital market initiatives, many of them focused on the customer—not just in the traditional sense of seller-servicers, but also investors. We're trying to build out some capabilities for the entire customer base." GET YOUR DAILY DOSE OF DEFAULT SERVICING NEWS Start your day with the most current and critical news on the mortgage default servicing industry from DSNews.com. Sign up for our e-mail newsletter and get the top stories delivered direct to your inbox every day. Register to receive your Daily Dose at DSNews.com GET YOUR DAILY DOSE OF DEFAULT SERVICING NEWS Start your day with the most current and critical news on the mortgage default servicing industry from DSNews.com. Sign up for our email newsletter and get the top stories delivered direct to your inbox every day. Register to receive your Daily Dose at DSNews.com is process of seeking feedback from customers really helps, because everything we do is in an Agile build. It helps us compartmentalize. What are our objectives? What is most important? e nice thing about being agile is you can go back and tweak a concept fairly easily without the need for a long timeframe and testing and progression. We've seen that there's a kind of vested ownership in the process, and people like to solve problems and help drive innovation. We're a company that is continuously innovating. It is not just in technology. It is also in the manner in which we're trying to reduce our risk exposure and share our risk in the marketplace. In November of 2018, we issued the first REMIC structure for Connecticut Avenue Securities, and that was an important transaction for a number of different reasons. One, for us, it helped align the accounting treatment, the recognition of the loss and the benefit. Also, it opened up the investor base. Fast-forward to 2019 and looking ahead to 2020, one of our big initiatives is capital: capital management and capital optimization. With the Connecticut Avenue Securities program, we changed a couple of features of the security to help with capital management and optimization. We extended the term of the security from 12-and-a-half years to 20 years. We also changed the call option, shortening it from 10 years to seven years. Finally, we started to sell a greater percentage of the first loss of the risk. ose changes are part of what we're trying to do to make sure that we're really optimizing these structures to help with our capital framework and our risk management. One of the benefits of our technology has been evident in the credit risk transfer space. Collateral Underwriter has been received by investors in a very positive way. ey had no idea the depth of data that we have around the valuations of the collateral. When they see that and they see SMDU, our servicing loss mitigation tool, they realize that technology can help insulate them from losses. at technology has been a huge benefit to our credit risk transfer program from its inception. is technology was built to help lenders in their origination process, but it also helps our investors. ey're investing in our credit risk, and they're investing in our risk management. We are the largest mortgage risk manager in the industry. is technology has really helped drive confidence with investors.