The Future of MSRs

The Future of MSRs

Mortgage servicing rights are one of the most complex assets in the market, and one of the most misunderstood.  What does it actually take to value and trade MSRs at scale? Joe Furlong sits down with Mike Carnes, who leads the MSR team at MIAC, to break down how the MSR market really works. Mike's team handles over $52 trillion in annual MSR valuations across residential and commercial, and he's been doing this for 33 years. He walks through what drives MSR pricing today, why buyers are still chasing 2020–2021 originations at mid-six multiples, and where the market is heading. * How interest rate swings create a natural hedge in MSR portfolios and why that matters for servicers watching their production volume drop * Why a low note rate product (3% mortgages) can sit in your portfolio for 10–15 years, and what that means for cross-sell and recapture strategy * The pending FASB change on recapture value, and why Mike calls it a game changer for transparency in fair value reporting * Why non-QM and DSCR products are gaining serious attention from servicers and what makes the margins so attractive right now The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making.

Whole Loan Trading

Whole loan trading is the market where mortgage loans are bought and sold between lenders and investors. What happens when a loan can’t be sold through a traditional agency channel? In this episode of The AiCR Exchange, Joe Furlong speaks with Nick Dorn, who leads MIAC’s whole loan trading desk. Nick explains how scratch and dent, non-QM, and non-performing loan sales work, what investors are looking for, and how deals actually get executed behind the scenes. * What scratch and dent loans are and why lenders need to move them quickly * How non-QM products like bank statement and DSCR loans differ from agency lending * Why investor demand for non-QM remains strong despite higher rates * How MIAC manages the loan sale and diligence process from start to finish The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making.

Working with Historical Documents

Historical document research depends on organizing large amounts of handwritten records, archived files, and disconnected information. How do historians and researchers actually work through decades of documents to find what matters? In this episode of The AiCR Exchange, Joe Furlong sits down with Dr. Jonathan DeCoster, Kathleen Miller, and Miles Gabrielli-Burke from the University of New England to talk about historical document research, community-based learning, and the challenges of working through archived materials. The conversation breaks down how researchers approach historical records, how students participate in real-world projects, and why organizing information is often one of the hardest parts of the process. *  How historians approach document research and archives  *  The challenges of working with handwritten and historical records  *  Community-based research projects and student involvement  *  What historical document workflows actually look like day to day The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making.

Details Behind Behavioral Modeling

This episode breaks down how behavioral models are built and used in mortgage and capital markets. How do you actually turn loan data into something you can trust for decision-making? In this conversation, the focus is on what goes into behavioral modeling beyond the surface level. It walks through how teams think about prepayment and default behavior, what data matters, and where models can break down if assumptions are off. The discussion stays grounded in how this work is done day to day, not just how it looks in theory. *  What “behavioral modeling” really means in practice  *  How prepayment and default assumptions are formed  *  Where data quality impacts outcomes  *  How teams use models to support real decisions The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making.

From Classroom to Capital Markets

In this episode of The AiCR Exchange, Joe Furlong sits down with Patrick Zoro, Professor and MFE Program Lead at Lehigh University, to discuss how students move from the classroom into real careers in capital markets. Patrick brings a unique perspective, having worked on Wall Street before transitioning into academia. The conversation focuses on what actually matters for students trying to break into finance today and how that has changed with AI. They cover: *  Why coursework alone is no longer enough to get hired *  How AI is changing resumes, applications, and hiring dynamics *  The growing importance of networking, relationships, and soft skills *  How real-world projects and internships drive better outcomes than traditional learning *  What employers actually look for beyond technical ability One of the key takeaways: AI can help build the perfect resume, but if everyone has the same tools, the difference is still the individual. This episode is a practical look at how hiring really works today, and what students need to do differently to stand out in an increasingly automated world. The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making.