Updated Generic Servicing Assets Now Available
April14th, 2008
New York, NY – MIAC Senior Vice President, Robert Lee, announced today that MIAC has updated its Generic Servicing Assets (GSAs™)
product with several new asset classes. Mr. Lee observed, “Based upon
input from market participants, we have created GSA assets that will
reflect the characteristics of both newly originated and seasoned
15-year and 30-year Conventional, GNMA, and Jumbo loans that more
accurately reflect the attributes of current servicing portfolio
assets. MIAC recognizes that by adding newly originated loan servicing
asset classes and updating the attributes of all of the GSAs, MIAC will
enhance our overall MSR pricing and reflects the current needs of
market participants.”
The attributes of GSAs have
been carefully assembled by MIAC after an in depth review of servicing
attributes over an extended period. MIAC’s Daily GSA Pricing Service
represents MIAC’s Fair Market Value of representative benchmarks of
mortgage servicing on the largest assets classes within the mortgage
industry. MIAC’s Daily GSA Pricing is not based off of a simple survey
but rather a rigorous price discovery process that includes actual market trade information and the GSA benchmark portfolio monthly auction results.
The GSA servicing participants are some of the largest and most active
buyers of servicing and offer further validation on the MIAC methods of
pricing and bidding of MSR flow and bulk portfolios. Specific
pricing information from these active industry participants are
utilized to calibrate our market pricing assumptions that are
represented in our GSA Pricing.
Mortgage
companies booking newly created MSRs and measuring their Fair Market
Value for FAS 156 will find the updated Version 3.2 GSAs extremely
helpful as representative benchmark assets. In addition, mortgage
companies measuring the Fair Market Value of their MSR for FAS 157 will
also find the necessary empirical support to validate the FMV of their
MSRs. Mr Lee points out, “Mortgage companies who also license MIAC Analytics™
can map their portfolio of MSRs to representative GSAs and use their
OASes or the single-vector yields as the method for relative value.
GSAs are some of the best tools for substantiating and defending a Fair
Market Value of MSRs.”
The MIAC Daily GSA Pricing
Service also includes daily market pricing for 20 Benchmark Trust IOs
and their OASes. By including Trust IOs, GSA enables MSR market
participants to compare the price and OAS behavior of MSR assets to
Trust IOs.
Current subscribers to the Daily GSA Pricing Service should contact support@miacanalytics.com to get the updated GSA Version 3.2 portfolio in order to download the daily MSR pricing.
For further information on GSAs, please visit www.MIACAnalytics.com.
www.MIACAnalytics.com
80 Maiden Lane
14th Floor, Suite 1401
New York, NY 10038
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