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The Journal of Structured Finance

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Lessons Learned from the Crisis and Thoughts on a New Non-Agency Mortgage Target Operating Model

Anthony Sepci, Peter Heim and Arsen Babayan
The Journal of Structured Finance Summer 2014, 20 (2) 19-27; DOI: https://doi.org/10.3905/jsf.2014.20.2.019
Anthony Sepci
is a partner at KPMG LLP National Mortgage and Consumer Lending Practice in Los Angeles, CA.
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  • For correspondence: asepci@kpmg.com
Peter Heim
is a director at KPMG LLP National Mortgage and Consumer Lending Practice in Irvine, CA.
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  • For correspondence: pheim@kpmg.com
Arsen Babayan
is a director at KPMG LLP National Mortgage and Consumer Lending Practice in Los Angeles, CA.
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  • For correspondence: agbabayan@kpmg.com
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Abstract

Lenders and investors have not been able to put forth a non-agency residential mortgage-backed securities (RMBS) business model, citing such plausible reasons as regulation impacting both originations and servicing operations, Basel III capital rules, rating agency challenges, lack of clarity around rules governing representations and warranties, credit-crisis legal precedents still evolving, and to some degree, the non-financial costs of reputation, perception, and negative publicity. Successful architects of a new non-agency mortgage platform/targeted operating model will need to pay close attention to lessons learned from the credit crisis, converting those lessons into a business model and risk-mitigating enhancements. In this article, the authors examine the current struggles of the non-agency RMBS market, factors that contributed to the breakdown of this market, and possible lessons learned that could play a part in the reemergence of this industry. They focus on lessons learned and opportunities for improvement in underwriting procedures, servicing operations, securitization structures, and related business practices.

TOPICS: MBS and residential mortgage loans, legal/regulatory/public policy

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The Journal of Structured Finance: 20 (2)
The Journal of Structured Finance
Vol. 20, Issue 2
Summer 2014
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Lessons Learned from the Crisis and Thoughts on a New Non-Agency Mortgage Target Operating Model
Anthony Sepci, Peter Heim, Arsen Babayan
The Journal of Structured Finance Jul 2014, 20 (2) 19-27; DOI: 10.3905/jsf.2014.20.2.019

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Lessons Learned from the Crisis and Thoughts on a New Non-Agency Mortgage Target Operating Model
Anthony Sepci, Peter Heim, Arsen Babayan
The Journal of Structured Finance Jul 2014, 20 (2) 19-27; DOI: 10.3905/jsf.2014.20.2.019
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  • Article
    • Abstract
    • CURRENT MARKET
    • A LOOK BACK
    • A NON-AGENCY MORTGAGE TARGET OPERATING MODEL
    • CONCLUSION
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