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.