MIAC's Mortgage Risk Management Tools
MIAC Analytics™ is the most analytically advanced and market accepted mortgage pricing and risk management software system commercially available today. From loan origination to balance sheet risk management to pricing illiquid subordinate CMOs, MIAC Analytics is an integrated and comprehensive analytical solution for mortgage originators, servicing hedgers, and mortgage portfolio managers.
No other analytical software provides the SOX compliance, validated pricing models, integrated risk management and comprehensive GAAP accounting solutions that MIAC Analytics provides today. MIAC Analytics fully supports accounting and regulatory compliance including FAS 140, FAS 156, FAS 157, FAS 159, FAS 167 and SEC SAB 109.
Nine of the ten largest mortgage companies in the nation license MIAC Analytics today.
In January 2008, one of the nation’s largest mortgage companies identified the successful implementation of MIAC’s ALM/VAST™ product as one of the most successful projects in the history of their company. MIAC Analytics is a completely integrated mortgage banking company risk management system with the most advanced term structure models, prepayment models, and mortgage spread models with user controlled risk management processes.
DataRaptor®
Simply the most powerful tool in the industry for loan level data audit, reporting, and stratification of mortgage servicing rights (MSRs), Whole Loans, and Hedge Assets. As the most experienced mortgage analysts can attest, data quality is essential to successful mortgage pricing and risk management. DataRaptor provides not only the most comprehensive data auditing features but also the best data visualization tools including advanced OLAP technologies and advanced reporting features.
MarketShield™
MarketShield™ is an integral part of MIAC’s mortgage industry leading secondary marketing risk management software solution. MarketShield provides FAS 157 – Level 1 best execution price discovery for interest rate lock commitments and closed pipeline loans and their allocated hedges. MarketShield seamlessly integrates the SEC SAB 109 compliant WinOAS MSR (Mortgage Servicing Rights) values in the loan pricing procedures (MSR Valuation). MarketShield offers extremely comprehensive best execution analysis, the most accurate measurement of the price sensitivity of pipeline loans, OAS (Option-Adjusted Spread) risk measurements, and mortgage industry leading profitability loan attribution analysis. MarketShield is fully compliant with FAS 140, FAS 156, FAS 157 and SEC SAB 109.
MIAC|DS™
MIAC|DS™ continues the successful history of the DecisionServ product line as a widely utilized and extremely easy to use solution for valuing Mortgage Servicing Rights (MSRs) and Whole Loans. MIAC|DS™ supports integration with leading third-party prepayment model vendors and Option-Adjusted Spread pricing analytics. MIAC|DS™ has been enhanced to integrate with DataRaptor so that monthly file conversion is no longer necessary. MIAC|DS™ is also in full compliance with FAS 107, FAS 140, FAS 156, FAS 157 and SEC SAB 109.
WinOAS™
The most analytically advanced and market accepted Mortgage Servicing Rights and Whole Loan Option-Adjusted Spread pricing model available. WinOAS allows users to configure the level of flexibility and control over the pricing methods and pricing assumptions. WinOAS provides Sarbanes-Oxley compliant advanced Assumption Tracking and User Level Permissions tools. WinOAS can be run on a laptop or in a dedicated network with hundreds of computers running in a distributed processing mode. From modeling clean up calls to retention behavior to advanced prepayment modeling and foreclosure simulations, WinOAS is the industry standard for modeling illiquid mortgage assets including Interest Only and Principal Only Strips. WinOAS is also in full compliance with FAS 107, FAS 140, FAS 156, FAS 157 and SEC SAB 109.
ALM/VAST™
The most comprehensive hedging and asset/liability model for mortgage banks. VAST – Variable Assumption Set Tool allows user both to measure prospective market value risk with complete control over the exogenous model parameters including term structure shape, basis spreads, forward time periods, volatility surfaces, prepayment models, foreclosure loss simulation and many more. VAST is the industry standard for Retrospective and Prospective Attribution Analysis of mortgage assets and hedge instrument. ALM/VAST is also used by MIAC Capital Markets Group experts to provide independent, third-party valuations of interest rate derivative products including swaps, swaptions, amortizing swaps, caps, floors, and mortgage derivative products.
Bond Agent™
Senior/Subordinate structure is an increasingly popular form of mortgage-backed security. It involves creating different classes of securities so that investors in the more senior classes of securities have priority over the investors in the subordinate classes. Losses on the loans would first affect investors in the lower priority subordinate securities, and typically senior securities receive prepaid principal sooner. Reflecting their respective credit risk, the senior securities would usually receive the highest credit ratings and offer the lowest yields to investors, while the subordinate classes would be rated below that and offer higher yields to investors. The result is a variety of products with a total value greater than you would see in a single-class mortgage pass-through security. In compliance with SFAS 140, SFAS 157, SFAS 159 and SEC SAB 109.
AnT – FAS 140™
The Accounting, Tax, and Hedge Loan Level Tracking Database and Analytic Programs allow for loan level GAAP basis tracking, sophisticated loan level and risk strata level tax and accounting reporting, as well as detailed risk analysis of the mortgage portfolio. Loan level market valuations are performed using actual loan level cash flows based on either current discount rates or option-adjusted spread valuations in WinOAS™ . Amortization of individual loans or risk strata can be updated and re-forecasted automatically using vectored prepayment forecasts and detailed reporting. By integrating impairment measurement with analysis of hedge impact, book impact, and tax impact, AnT – Pipeline FAS 140™ provides the mortgage servicer with the necessary tools for accurately quantifying and successfully reducing the interest rate and prepayment risk inherent in the servicing portfolio.