Mr. Adler has over 25 years of experience in the mortgage industry. Prior to joining SPM in 2014, Mr. Adler was a Managing Director at Citibank (2009-2014) with responsibility for residential mortgage servicing rights, origination pipeline management and asset disposition initiatives at Citimortgage. Prior to that (1993-2009), Mr. Adler was a Managing Director at Natixis Capital Markets and its predecessors (IXIS Capital Markets and CDC Capital) where he held increasing amounts of responsibility over time for U.S. securitized products, which included proprietary trading, analytic platform development, structured liability issuance and MSR management. From 1990 to 1993, Mr. Adler worked for M&T Bank where responsibilities included fixed income trading, asset and liability management and whole loan mortgage valuations used in the acquisition of various financial institutions. Before this, Mr. Adler was at Bear, Stearns & Company (1987-1989), where he was a manager in the Residential Whole Loan Trading Group with responsibilities for underwriting mortgages used in both Agency and private securitizations. Mr. Adler received his MBA from Columbia Business School (1990), a B.S. from the Wharton School of Business (1986) and is also a CFA Charter holder
Mr. Agarwal is the Acting Assistant Director for Mortgage Markets in the Office of Research, Markets and Regulations at the Consumer Financial Protection Bureau (CFPB). His principal responsibilities in this role include being responsible for developing policy and regulations relating to the mortgage market, overseeing the monitoring of it and liaising with its industry participants.
Prior to this he was the Deputy Assistant Director (Examinations) in the Office of Supervision. His principal responsibilities in that role included overseeing the development & implementation of the Bureau's risk based approach to supervision and its entity monitoring program.
Before joining CFPB, he worked in industry for over thirteen years during which he spent seven years with Deutsche Bank Securities. He was responsible for providing investment banking services to depository institutions and finance companies.
Mr. Agarwal has a MBA from Dartmouth College (Tuck School of Business) and has completed the Executive Course on the Strategic Management of Regulatory and Enforcement Agencies at the Harvard Kennedy School.
He resides in New York City with his wife and daughter.
Navneet Agarwal is an MD with Moody’s Investors Service. He heads the new ratings for US RMBS which includes RMBS, SFR, originator assessment and servicer quality teams. Navneet also devotes a part of his time leading SF methodologies work globally. In past, Navneet has headed surveillance for US ABS and RMBS, served on the structured finance credit committee and acted as the Credit Officer for the asset finance group.
Prior to Moody’s, Navneet headed debt syndication and was a member of the management committee during his seven years with an Indian investment bank. Navneet has also worked as a fund manager with Unit Trust of India and in leveraged finance with Banc of America Securities. Navneet received an MBA with Honors from the Booth School of Business, University of Chicago. Navneet also attended University of Delhi and University of Mumbai for undergraduate and graduate degrees respectively.
Joe Anderson is Chairman and CEO at Caliber Home Loans, Inc. where he leads the company’s business strategy and operations. A well-known leader in the mortgage banking industry with 31 years of experience, his extensive background includes expertise in production, capital markets, operations, finance, technology, credit, and governance. Prior to joining Caliber, Joe was responsible for managing and directing the retail division of a national mortgage lending organization.
Mr. Bailey has been the Chief Mortgage Operations Officer of PennyMac Financial Services, Inc. since June 2013 and has been the Chief Servicing Officer of Private National Mortgage Acceptance Company, LLC since April 2010. Mr. Bailey is responsible for directing our loan servicing and retail origination operation, including the implementation of the methods and programs directed at improving the value of acquired loans, as well as setting and managing performance goals for all aspects of the servicing and loan administration functions. Prior to joining the Company, Mr. Bailey served as a mortgage servicing executive at Countrywide Financial Corporation (and Bank of America Corporation, as its successor) from November 2004 until February 2010. Prior to this role, Mr. Bailey served as Chief Executive Officer of Loan Administration for Countrywide Home Loans following a progressive career in a variety of management and leadership positions in servicing operations from May 1985 until June 2008.
Mr. Bailey holds a B.M. from the University of Southern California.
Alan Boyce is Co-Founder and an active member of the board of directors of Adecoagro(NYSE:AGRO), a food and renewable energy-producing company that owns and operates highly productive land throughout Argentina, Brazil and Uruguay. Adecoagro owns 285,000 hectares of highly productive farmland, leases another 175,000 hectares and has 8,000 employees. Alan is also Executive Chairman and Co-Founder of Materra, LLC, a California and Arizona based agricultural production company. Materra was formed in 2010 and is currently the owner and operator of 25,000 acres of farmland where it grows alfalfa, cannery tomatoes, pistachios, dates, citrus, organic vegetables, jalapenos, melons, cotton and wheat.
Boyce was Senior Managing Director at Countrywide Financial, responsible for management and leadership of the bank’s investment, hedging and funding strategies. He oversaw secondary markets, securities and loan purchase activities, commercial mortgage origination, hedging and managing a large mortgage servicing book, reinsurance, as well compliance with the Community Reinvestment Act. He was at Countrywide from March 2007 to July 2008. Prior to joining Countrywide, Boyce served as Director of Special Situations at Soros Fund Management LLC. During his tenure with Soros, he managed a portfolio of assets of the Quantum Funds with a focus on mortgage backed securities and reinsurance. He also had principal operational responsibilities for the bulk of Soros’ investments in Latin America. Boyce was a full time employee at Soros from August 1999 to March 2007 and has continued as a consultant since then. Before joining Soros Fund Management, Boyce served as Managing Director at Bankers Trust. He was in charge of Fixed Income Arbitrage, the bank’s mortgage portfolio and compliance with the Community Reinvestment Act. He was with Bankers Trust for 14 years. Prior to that, he worked for the Federal Reserve Board in Washington, D.C.
Boyce holds an MBA degree from Stanford University and a Bachelor of Arts degree in Economics from Pomona College, where he graduated magna cum laude.
Jay Bray is Chief Executive Officer for Nationstar Mortgage, and also serves on the company’s Board of Directors. Jay led Nationstar through a successful initial public offering on the New York Stock Exchange in 2012, and oversaw the company’s doubling in size and value in the months to follow. He tirelessly emphasizes quality customer experiences, process improvement and strategic execution. Before his CEO appointment in early 2011, Jay served as Chief Financial Officer for 12 years. Previously, he held key leadership positions with Arthur Andersen and Bank of America. Jay earned his Bachelor’s in Accounting from Auburn University, and is a certified public accountant.
As head of this office, Meg manages various policy and regulatory initiatives involving single-family and multifamily finance and loss mitigation strategies, as well as insurance-related activities of the government-sponsored enterprises. Meg came to FHFA to lead to Office of Congressional Affairs and Communications, where she was responsible for handling external relations for the agency.
Before joining FHFA, Meg was the Director of the Office of Single Family Program Development for the Federal Housing Administration (FHA). She oversaw all origination policies related to FHA’s single-family programs. Meg managed three divisions, handling valuation, credit policy, and counseling services.
Over the last several years, Meg has been actively involved in industry-wide discussions regarding the role of the federal government in addressing the mortgage crisis. She has presented at numerous national and local events, testified before Congress, and provided information to media outlets on a wide variety of housing finance issues. Meg holds a bachelor’s degree in philosophy from Connecticut College and a master’s degree in philosophy and public policy from The George Washington University.
Robert J. (Bob) Caruso is the Division President, Servicing, for ServiceLink, a Black Knight Financial Services company. In this role, Bob will lead the company's Sales, Strategy, Servicing Solutions and LoanCare divisions.
Previously, Bob was the Executive Managing Director, Transaction Services at Lender Processing Services (LPS). In this role, Bob was focused on enhancing LPS' origination and default relationships with the nation's top mortgage lenders and servicers. In addition, Bob addressed the strategic and tactical operational needs of LPS' appraisal, valuation, title, flood, field services and default service lines.
Bob also served as LPS' Executive Vice President and Managing Director of the Default Management Services division, where he focused on providing the highest quality technology solutions and service to support clients' needs for the evolving default industry.
In addition, Bob was LPS' Executive Vice President of Strategy and Business Development, where he focused on furthering relationships with leading financial institutions nationwide by addressing their strategic and tactical needs with LPS' integrated technology, services and data solutions.
Before joining LPS, Bob was the Servicing and Post-Closing Executive for the Consumer Real Estate and Insurance Services Group at Bank of America. In this role, Bob oversaw Bank of America's mortgage servicing, home equity and non-real estate portfolios. He was responsible for all servicing and post-closing operations, including development of short- and long-term servicing strategy, customer retention and relationship deepening.
At Bank of America, Bob also led Consumer Real Estate's Vendor Management, Business Continuity Planning, Quality Assurance, Compensation Administration, Executive Complaints, Collection Products and other business administration functions. Under Bob's leadership, Bank of America's mortgage and home equity servicing were recognized with top ratings by external agencies such as Moody's Investors Service, J.D. Power and Associates, Fitch Ratings, Freddie Mac and the Federal Housing Administration.
With more than 20 years of experience, Bob is one of the most recognized and respected servicing leaders in the industry. Prior to joining Bank of America in May 2004, he served as Executive Vice President of Servicing Operations at Wells Fargo Home Mortgage, where he was responsible for servicing and post-closing operations supporting Wells Fargo's mortgage servicing portfolio, as well as the company's sub-servicing operations.
Bob has also held senior management positions with Chase and C&S Bank. Bob is a graduate of Barry University in Miami, where he earned a bachelor's degree in Professional Studies. He formerly served as a member of both the Freddie Mac and Fannie Mae advisory boards and is past chairman of the Mortgage Bankers Association Loan Administration Steering Committee. In 2007, Bob earned Direct Servicing News' first annual Lifetime Achievement Award.
Henry Coffey joined Sterne Agee in 2008 after spending 6 years at Ferris Baker Watts. Mr. Coffey has been an analyst for over 25 years. . His major area of focus is on housing finance, mortgage servicing, and on alternative areas of consumer finance such as branch based installment lending and pawn shops. In 2006, 2007, 2010, and 2012 Mr. Coffey was a top ranked analyst in both the Wall Street Journal’s best on the street poll and the StarMine poll for stock picking within the consumer finance sector. Mr. Coffey received his MBA from Tulane University in 1986 and his Chartered Financial Analyst (CFA) designation in 1991.
Amy Crews Cutts joined Equifax as Chief Economist in March, 2011. A recognized industry expert, Cutts brings to her role over 20 years of economic analysis and policy development experience. As Chief Economist, she is responsible for analytics and research relating to the consumer wallet – assets, income, credit, and spending along with macroeconomic factors affecting the consumer. She is also responsible for macroeconomic forecasting and commentary and the economic analysis of employment and small business credit trends.
Prior to joining Equifax, Cutts served for eight years as the as the Deputy Chief Economist at Freddie Mac, where she was responsible for primary and secondary mortgage market analysis and research, macroeconomic analysis and forecasting, and was involved in the analysis of affordable lending activities, fair-housing policy, foreclosure prevention, credit scoring, and other policy issues affecting housing and mortgage markets. Often quoted in national print and broadcast media, Cutts has also published numerous studies in academic journals and books on such topics as the economics of subprime lending, the impact of technology on foreclosure prevention, and drivers of strategic mortgage default.
Prior to joining Freddie Mac in 1997, Cutts was Assistant Professor of Economics and Senior Researcher in the Maxwell School for Citizenship and Public Affairs at Syracuse University, where she did research on housing policy, income distribution and poverty. Cutts has also taught in the McDonough School of Business at Georgetown University, the Institute for Policy Studies at the Johns Hopkins University, and the University of Virginia.
Cutts holds a Master’s and PhD in Economics from the University of Virginia and a Bachelor’s degree in Applied Mathematics from Trinity University in San Antonio, TX.
Danielle DiMartino Booth makes bold predictions based on meticulous research and her years of experience in central banking and on Wall Street. Known for sounding an early warning about the housing bubble in the 2000s, Danielle offers a unique perspective to audiences seeking expertise in the financial markets, the economy, and the intersection of central banking and politics.
Called “The Dallas Fed’s Resident Soothsayer” by D Magazine, Danielle is a well-known speaker who can tailor her message to a myriad of audiences, once spending a week crossing the ocean to present to groups as diverse as the Portfolio Management Institute in Newport Beach, the Global Interdependence Center in London and the Four States Forestry Association in Texarkana. Her success is based on her ability to translate the arcane language of Wall Street thinkers and Fed insiders to the man on the street. Danielle is regularly featured on CNBC and Bloomberg.
From Wall Street to respected columnist to Fed Advisor, Danielle spent nine years as a Senior Financial Analyst with the Federal Reserve of Dallas and served as an Advisor on monetary policy to Dallas Federal Reserve President Richard W. Fisher until his retirement. Fisher called on Danielle to serve at the Fed after becoming a loyal reader of her financial column in the Dallas Morning News. She began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette where she worked in the fixed income, public equity and private equity markets. Danielle earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University.
Sean Dobson is Chief Executive Officer and Chair¬man of the Board of Amherst Holdings, an invest¬ment services holding company which controls several companies dedicated to the U.S. real estate finance industry. Amherst is widely known for their data and analytics and one of the few residential mortgage specialists to anticipate the 2008 mortgage crisis. Mr. Dobson has over 25 years of experience in the mortgage industry, including origination, banking, brokerage, and asset management. Mr. Dobson served as a board member of the Structured Finance Industry Group, is a Co-Founder of CapCityKids in Austin, Texas and serves as a Gov¬erning Trustee for the Dana-Farber Cancer Institute in Boston. He lives with his wife and two children in Austin, Texas
As Senior Vice President of Ginnie Mae’s Office of Issuer and Portfolio Management, Michael Drayne is responsible for the management of Ginnie Mae’s relationships with the mortgage lenders who issue securities under the Ginnie Mae mortgage-backed securities program. In this capacity he oversees the Single Family and Multi-family Program Divisions, as well as the Monitoring & Asset Management Division, the latter of which is responsible for the oversight of the Ginnie Mae servicing assets owned by issuers or Ginnie Mae itself.
A 25-year veteran of the housing finance industry, Mr. Drayne began his career at Chevy Chase Bank, where he served as Vice President and Director of Secondary Marketing. In addition, he was responsible for managing several other operational units for the bank’s nationwide mortgage lending subsidiary. He has also held management positions with the residential lending divisions of two other banks. At one of these banks, he co-founded a reverse mortgage lending unit.
Mr. Drayne has spoken at numerous industry conferences about the U. S. secondary mortgage markets, and in particular the evolution of the post-crisis housing finance industry and its relation to government-insured lending and the capital markets.
Mr. Drayne has a Bachelor of Science Degree in Business Administration and a Master’s Degree in Public Management, both from the University of Maryland. He resides in Washington, D.C.
James Egan is a Vice President on the Securitized Products Strategy team at Morgan Stanley. He is the head of US Non-Agency RMBS Strategy, focusing on legacy, RMBS 2.0 and Credit Risk Transfer and the co-head of US Housing Strategy. In addition, James co-covers Single Family Rental securitizations. Prior to working in research, James worked as a trader in Morgan Stanley’s Securitized Products group.
James joined Morgan Stanley in 2008. He holds a BA in Commerce from the University of Virginia.
Ed Fay founded Fay Servicing in 2008, literally out of his house, since then it has grown into the premier Special Servicer in the Industry with about $10 Billion in loans under management.
Prior to founding the company, Ed launched Countrywide’s Midwest national sales and operations center and was the National manager of the Direct lending group at Household and HSBC. Ed received a B.A. in Economics and History from Duke University and a MBA from Clarkson University.
Mr. Fiorillo is a founding member of DoubleLine. He is the head of Global Sales. Prior to joining DoubleLine in 2009, Mr. Fiorillo was previously a Managing Director at TCW for the previous four years, where he oversaw ABS and CMBS trading. Mr. Fiorillo was an Executive Director with Morgan Stanley. Responsibilities at Morgan Stanley included developing mortgage origination providers into the Morgan Stanley Conduit and expanding the Firm's activity in both the Asset-Backed and Commercial Mortgage Backed securities markets. Prior to joining Morgan Stanley, Mr. Fiorillo was the Co-Head, Managing Director of the Mortgage-Backed Securities Group at Smith Barney. Before being recruited to Smith Barney, he was the head of marketing and sales of the Mortgage-Backed Securities Group at Merrill Lynch. He brings over thirty years of mortgage, asset-backed and commercial mortgage experience to our team. Mr. Fiorillo attended the City University of New York and Marist College.
Joseph Firschein leads the Board’s community development and policy analysis teams that are responsible for analyzing emerging consumer and community development policies and practices in order to understand their implications for the economic and supervisory policies that are core to the central bank's functions. These teams also promote economic growth and financial stability for low- and moderate-income communities and individuals through a range of activities, including convening stakeholders for discussions on issues, conducting applied research, and gathering information on financial conditions and emerging issues.
Prior to joining the Federal Reserve Board, Joseph served as a Director in Fannie Mae’s Housing and Community Development Division where he managed the business segment responsible for financing community development financial institutions and led the company’s efforts to sell foreclosed single family homes to public entities and nonprofits.Prior to joining Fannie Mae, Joseph managed lending to community development financial institutions at the U.S. Treasury Department Community Development Financial Institutions Fund and served as lead community development analyst at the U.S. Office of Management and Budget. Joseph is an adjunct professor at Georgetown University and George Washington University, where he teaches courses on community development finance and policy. Joseph has an MBA in Finance from the University of Maryland, Robert H. Smith School of Business; a Masters in Public Policy from the University of California, Berkeley, Goldman School of Public Policy; and a B.A. in Psychology from Stanford University.
Mark Fleming serves as the chief economist for First American Financial Corporation, a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. In his role, he leads an economics team responsible for analysis, commentary and forecasting trends in the real estate and mortgage markets.
Fleming's research interests primarily include real estate and urban economics, applied econometrics and mortgage risk. He has published research in the American Journal of Agricultural Economics and Geographic Information Sciences. His research has also been published in the book, "Advances in Spatial Econometrics," and is a U.S. patent author.
As a trusted and influential voice with 20 years of experience in the mortgage and property information business, Fleming is frequently quoted by national news outlets and industry trade publications such as The Wall Street Journal, The New York Times, and Housing Wire and he is a regular guest on high-profile broadcast news channels, including CBS, CNBC, Fox Business News and NPR.
Before joining First American, he developed insights and analytical products for CoreLogic, and property valuation models at Fannie Mae. Fleming graduated from the University of Maryland with a Master of Science and a doctorate in agricultural and resource economics and holds a Bachelor of Arts in economics from Swarthmore College. He lives and works in the Washington, D.C. area.
James K. Galbraith holds the Lloyd M. Bentsen Jr. Chair in Government/Business Relations and a professorship of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin. He holds degrees from Harvard and Yale (Ph.D. in economics, 1981). He studied as a Marshall Scholar at King's College, Cambridge in 1974-1975, and then served in several positions on the staff of the U.S. Congress, including executive director of the Joint Economic Committee. He directs the University of Texas Inequality Project, an informal research group based at the LBJ School.
Galbraith's new book is Inequality and Instability: A Study of the World Economy Just Before the Great Crisis (Oxford University Press, 2012). Galbraith is a member of the Lincean Academy, the oldest honorary scientific society in the world; a senior scholar of the Levy Economics Institute; and chair of the Board of Economists for Peace and Security.
Michelle Co-heads the Structured Finance business in the Americas Financing Group. She joined Goldman Sachs in 2003 and was named managing director in 2005 and partner in 2010.
Prior to joining the firm, Michelle was a vice president at Lehman Brothers, focusing on the residential mortgage finance effort. She also worked as an attorney at Cadwalader, Wickersham and Taft in the mortgage securitization business. Michelle is a member of the Board of Directors of the JCC in Manhattan. Michelle earned a BA in English from UCLA in 1994 and a JD from Cornell Law School in 1998.
Bill joined Newbold Advisors in May 2014 as Managing Director and specializes in providing experienced- based strategic advice and managing projects that deliver tangible value to our Clients. In addition, Bill is the President and CEO of Glasgow Mortgage Advisors and maintains an exclusive business development relationship with one of the leading National property preservation companies.
Previously, Bill served as Executive Vice President for OneWest Bank and directed the Mortgage Servicing Operations in Austin Texas, Kalamazoo, Michigan and Pasadena, California.
Mr. Glasgow has spent his career directing mortgage operations for Lomas & Nettleton, Citi, BancBoston Mortage, Homeside Lending, Washington Mutual, Goldman Sachs, Bear Stearns and OneWest Bank.
He has served as the Chairman of the Loan Administration Committee for the National MBA, Chair person for the LPS User Group and been a member of several steering committees for the GSE’s.
Bill also served with Accenture consulting as their mortgage advisor covering assignments in the U.S., Canada, India and Europe.
Mr. Glasgow holds a BA in business and marketing from Wharton Business School, an MBA in finance from University of Dallas. He also holds a designation of Certified Mortgage Banker from the national Mortgage Bankers Association.
Laurie Goodman is the director of the Housing Finance Policy Center at the Urban Institute. The center is dedicated to providing policymakers with data-driven analyses of housing finance policy issues that they can depend on for relevance, accuracy, and independence. Before joining Urban in 2013, Goodman spent 30 years as an analyst and research department manager at a number of Wall Street firms. From 2008 to 2013, she was a senior managing director at Amherst Securities Group, LP, a boutique broker/dealer specializing in securitized products, where her strategy effort became known for its analysis of housing policy issues. From 1993 to 2008, Goodman was head of global fixed income research and manager of US securitized products research at UBS and predecessor firms, which were ranked first by Institutional Investor for 11 straight years. Before that, she was a senior fixed income analyst, a mortgage portfolio manager, and a senior economist at the Federal Reserve Bank of New York. Goodman was inducted into the Fixed Income Analysts Hall of Fame in 2009.
Laurie currently serves on the board of directors of MFA Financial, a Real Estate Investment Trust, is an advisor to Amherst Capital Management (ACaM), and is a member of the Bipartisan Policy Center’s Housing Commission, the Federal Reserve Bank of New York’s Financial Advisory Roundtable, and the New York State Mortgage Relief Incentive Fund Advisory Committee. She has published more than 200 journal articles and has co-authored and co-edited five books.
Goodman has a BA in mathematics from the University of Pennsylvania and an MA and PhD in economics from Stanford University.
Chris is a Partner and the Head of Capital Markets at Fenway Summer. He also serves as Head of Capital Markets for Ethos Lending, Fenway Summer’s mortgage venture.
Chris joined Fenway Summer from the U.S. Consumer Financial Protection Bureau (CFPB), where he served on the Mortgage Markets team as the CFPB’s senior expert in residential mortgage servicing and securitization. Chris managed many of the CFPB’s efforts in developing and executing mortgage policy and led Mortgage Markets’ efforts in developing the CFPB’s mortgage servicing rules.
Prior to joining the CFPB, Chris was the Director of Asset Management and Servicer Monitoring at Ginnie Mae, where he was responsible for surveillance of 220+ servicers for GNMA’s portfolio of 7.1 million loans. In addition, Chris oversaw servicing and asset management of Ginnie Mae’s $25+ billion defaulted issuer portfolio.
Before joining Ginnie Mae, Chris was a Senior Director at Capital One where he managed Capital One’s $13+ billion held-for-investment whole loan mortgage portfolio. Prior to that, he has held senior positions in structured finance, servicing and capital markets at BlackRock Financial Management, GE Capital Mortgage, Fannie Mae and the National Consumer Cooperative Bank. He has over 20 years of experience in the mortgage industry and holds a B.S. from Georgetown University and a M.B.A. from the University of Michigan.
As Founder, CEO and President of Wingspan Portfolio Advisors, Steven Horne brings a wealth of mortgage servicing experience to clients. Under his leadership, Wingspan has partnered with many of the top 5 financial institutions in the U.S., and the company was recently named #23 on the Inc. 500 list of fastest-growing private companies. Horne is a career-long expert in creating and executing strategies to mitigate losses in real estate portfolios of all types. Previously, he was director of servicing risk strategy with Fannie Mae where he restructured the National Servicing Organization and redesigned servicer performance reporting and legal services management. Prior to Fannie, he was with Sherman Financial Group and Resurgent Capital Services. Horne holds a JD from George Washington University and bachelor degrees in English and Economics from Emory University.
Eric Kaplan joined Shellpoint in September 2011 as head of Mortgage Finance, with a primary focus on building and managing Shellpoint’s securitization program. Eric came to Shellpoint from Morgan Stanley, where he had spent the previous 8-1/2 years developing its distressed mortgage business and covering a variety of residential mortgage whole loan, structured and advisory transactions. Eric began his career in 1993 practicing structured finance law and moved to securitization and whole loan banking in 1998, working as issuer and underwriter across a wide range of proprietary and agented deals. Mr. Kaplan holds an A.B. in Politics from Princeton University, and a J.D. from Boston University School of Law. Active within the Structured Finance Industry Group (SFIG), Eric is Chairperson of Project RMBS 3.0, Co-Chairperson of the Residential Mortgage Representation, Warranty and Repurchase Enforcement Subcommittee, an active participant in other committees including GSE Reform, and an alternate Board member.
Michael Lau, currently CEO of Pingora Asset Management, has over 25 years of expertise in loan servicing, underwriting, quality control, IT, accounting, finance, capital markets, and business development. Throughout his career, Michael’s understanding of MSRs aided numerous companies through negotiating the sale of servicing rights on a flow and bulk basis.
Prior to Pingora, Michael spent 12 years on the senior management team at Phoenix Capital, a leading firm managing the sales and valuation of mortgage servicing rights. His management of new business development, as well as existing client bases, mergers and acquisition, whole loan brokerage, and strategic planning helped to significantly expand the firm.
In the six years prior to joining Phoenix, he was Executive Vice President and Chief Operating Officer at First Colorado Mortgage Corporation, an independent mortgage banker. He directed its expansion of secondary marketing, underwriting, information systems, and accounting, and was instrumental in the acquisition of four independent mortgage companies, taking the company from a $350-million a-year retail lender to a $2 billion-a-year full-service mortgage banker.
Michael began his career with Criterion Financial Corporation, a dynamic independent full-service mortgage company, working first in loan servicing and then secondary marketing. Subsequently he held positions at Spies Homes and Benchmark Mortgage (1989-1991) and Rocky Mountain National Bank (1991-1993).
Michael has a B.S. in accounting from Gonzaga University and is a Certified Public Accountant and Certified Mortgage Banker.
Kyle is the President of IndustryVault, and has experience managing diverse cross-functional teams at data and analytics firms such as Black Knight, Andrew Davidson & Co, and LoanPerformance. He co-founded the analytics firm VaRisk, and has worked with C-level executives at many Fortune 500 public companies. Kyle combines a Ph.D. in finance with a strong track record managing both the top- and bottom-lines in data & analytics businesses. He speaks frequently at industry conferences such as ASF, the Housing Policy Council, and MBA Annual, and on news shows such as CNBC and Fox Business.
Mr. Macintosh is a Managing Director at FirstKey. Mr. Macintosh has run Capital Markets for Thornburg Mortgage and has also worked as an investment banker with Credit Suisse First Boston in New York and London. He graduated from Middlebury College in 1999.
Dan is the founder of Center Creek Capital Group, which he formed as an investment fund investing in the REO-to-rental space and to provide strategic advisory services to private investment funds and mortgage finance companies. He also serves as a Senior Advisor at the Collingwood Group, a business development advisory firm in Washington DC. Previously, as Director of Investments for Lone Star Funds, a $40B private equity fund specializing in distressed debt, he opened the fund's Washington DC office to focus on public-private partnerships. Dan has worked as an investment banker and a Director of Corporate Development at Capital One, where his deals included the $14B acquisition of North Fork Bank. Dan has published research papers on economics and business policy, and spoken at Harvard Business School, George Washington University School of Business, and industry conferences. He serves on the Board of Directors and as Chairman of the Finance Committee for Friends of Choice in Urban Schools (FOCUS), as well as on the Board of Directors for DC Scholars, a start-up public charter school in Washington DC. Dan has a BA from Yale and an MBA from the Wharton School of Business.
Patrick McEnerney is a Managing Director of Deutsche Bank’s Non Core Operations Unit with responsibility for legacy RMBS and related mortgage risk in the US and UK. Pat joined Deutsche Bank in 2007 and has held multiple roles in the firm as part of DB Americas Regional Management team and within Global Markets.
Over his 30 year banking career, Pat has held multiple senior management roles in the mortgage banking and banking industries including as President of The Bank of New York Mortgage Company, Executive Vice President of EverBank and Chief Credit Officer of Participants Trust Company (currently part of DTC).
Pat has also been active in numerous industry boards and not-for-profit organizations. He is an Executive Committee member of the Financial Services Roundtable’s Housing Policy Council. He also serves on the Advisory Board for Neighborhood Housing Services of New York City and as an Advisory Board Member of The Institute for Affordable Housing Policy at New York University’s Furman Center.
Stanley C. Middleman is the founder and Chief Executive Officer of Freedom Mortgage Corporation, a national, full-service mortgage banker headquartered in Mount Laurel, NJ. The company is ranked in the top 10 mortgage originators nationally. In addition to his role leading Freedom Mortgage, Mr. Middleman is a prominent business strategist within the industry and an active member of the Mortgage Bankers Association. He is also a member of the Housing Policy Executive Council (HPEC), an affiliate of the Financial Services Roundtable. The Council advocates for the benefits of a fully competitive and integrated housing market and represents dozens of leading national mortgage finance companies. Mr. Middleman has served on numerous advisory boards, including Freddie Mac, Ellie Mae, Inc., and Fannie Mae and has over 30 years' experience in the financial services industry. Mr. Middleman is also Chairman of the Board of Directors of Cherry Hill Mortgage Investment Corporation (“Cherry Hill”), a real estate investment trust. The stock is listed and traded on the New York Stock Exchange under the symbol “CHMI.” Cherry Hill raised approximately $150 million in its initial public offering in October 2013. Cherry Hill acquires, invests in, and manages, residential mortgage-related assets in the United States. It is externally managed and advised by Cherry Hill Mortgage Management, LLC, which is an affiliate of Freedom Mortgage Corporation. Mr. Middleman is a graduate of Temple University with a BS in Accounting. He currently resides in Cherry Hill.
Managing Director and Head of Financial Services/Real Estate Research Paul Miller is well known in the investment community for providing in-depth, fundamental analysis and investment recommendations on money center, regional, and community banks, as well as on mortgage finance companies. Mr. Miller’s coverage includes Wells Fargo & Co., JPMorgan Chase & Co., Bank of America, and U.S. Bancorp.
In 2010, Mr. Miller was named the top overall stock analyst among 2,700 analysts by Forbes.com. He also received the Forbes.com Blue Chip Analyst Award as the leading analyst covering banks & thrifts in 2008, 2009, and 2010; he received the same award for coverage of finance companies in 2009. Mr. Miller was recognized by the Financial Times/StarMine in 2008 and 2009 as the leading earnings estimator in thrifts & mortgage finance. He was also named The Wall Street Journal’s “Best on the Street” in 2006 and 2007 for coverage of thrifts. In 2008, Bloomberg Markets ranked Mr. Miller No. 1 for Bearish Best Calls from among more than 3,000 analysts worldwide.
Mr. Miller is a former bank examiner for the Federal Reserve Bank of Philadelphia, where he worked for five years. As a bank examiner, Mr. Miller conducted financial analysis for more than 30 community banking institutions in the Philadelphia and Harrisburg market areas. Mr. Miller earned his B.S. in economics, his B.A. in international relations, and his M.S. in economics from the University of Delaware. He received the chartered financial analyst designation in 1997.
Toni Moss is the founder and CEO of AmeriCatalyst LLC and EuroCatalyst BV, “sister” advisory firms with specialized services for investors and companies engaged in housing finance and Single Family Rental (SFR). She is also Chairman of the Board of The AmeriCatalyst Idea Lab, a non-profit which generates viable ideas to stabilize and sustain the housing market. Toni is a unique force in housing and real estate; with an entrepreneurial background in corporate intelligence, strategy, market positioning and trend forecasting, she is both a catalyst and connector to move agendas forward. With hands-on operational and senior management experience in 21 national mortgage markets around the world, Toni is one of few experts with a truly global perspective on the industry.
Frequently among the first to identify significant trends and articulate their impact, she is known for calling a series of international government meetings and giving industry-wide presentations and interviews (beginning in 2001) to draw attention to the role of international housing finance and investment as “the epicenter of the global economic fault line”. She believed that this role, in combination with over-leverage and the accelerating forces of globalization were likely to cause an unprecedented global economic fracture.
To amplify her efforts, the following year (in 2002) Toni launched the revolutionary annual EuroCatalyst conference series to share research, observations and ideas among the most respected peers in global housing finance. Today, the series continues as the AmeriCatalyst conference in Austin (Texas), which acts as a collaborative think tank to discuss current issues in housing finance and SFR in the context of globalization and generate innovative ideas across the housing finance and rental lifecycle. Renowned for its unparalleled content and powerhouse of participants, the event is considered the most influential and intellectually challenging conference experience in the industry.
Dowell Myers is a professor in the Sol Price School of Public Policy at the University of Southern California. He is an urban demographer specializing in housing who integrates demographic and economic data from censuses, surveys, opinion polls, and projections. Myers has directed a series of projections on the changing generational futures of the United States and California. These highlight the surging number of seniors, the slackening growth of middle-aged consumers, the rising millennials, and the growing contributions of immigrant generations. Myers recently completed a major study (with John Pitkin) for the Mortgage Bankers Association of the growing immigrant contribution in the housing market. He also is the co-author of “Aging Baby Boomers and the Generational Housing Bubble” and “Demographic Forces and Turning Points in the American City.” Myers holds graduate degrees from UC-Berkeley and M.I.T.
His website can be found at www-bcf.usc.edu/~dowell/home.html.
Professor Porter specializes in commercial and consumer law, including bankruptcy, mortgage foreclosure, and credit cards. Her research focuses on empirical studies of consumer bankruptcy. She is a co-author of textbook, The Law of Debtors and Creditors (Wolters Kluwer 2014), and the editor of Broke: How Debt Bankrupts the Middle Class (Stanford Press 2012).
In March 2012, Professor Porter was appointed by California Attorney General Kamala Harris to be the state's independent monitor of banks in a nationwide $25 billion mortgage settlement. The Monitor Program, with a staff of a dozen professionals, has reviewed and responded to over 5,000 complaints and has intervened with the banks in hundreds of situations. Professor Porter founded a Consumer Protection Clinic at UCI Law to involve students in the Monitor's work.
Professor Porter has received awards for her academic and service work, including selection as one of the Top 100 Lawyers in California in 2012 and Champion of Consumer Rights Award from the National Association of Consumer Bankruptcy Attorneys. She earned her J.D. from Harvard Law School.
Joshua is a Partner at independent research consultancy Graham Fisher & Co. and advises regulators, policymakers and institutional investors on housing and mortgage finance issues. Previously he was the Managing Director of financial services research for Medley Global Advisors and was an Executive Vice President at CIBC World Markets. Josh was among the first analysts to identify operational and accounting problems at the government-sponsored enterprises and one of the earliest in identifying the peak in the housing market, the likelihood of contagion in credit markets and the weaknesses in the credit rating agencies CDO assumptions.
David Schneider is Executive Vice President of Business Development for Green Tree. Mr. Schneider has held multiple executive leadership positions in mortgage lending, consumer lending, retail banking and corporate finance during his 25-year career. Prior to joining Green Tree, Mr. Schneider held positions as President and COO of Citigroup Mortgage, CFO of the Consumer Assets Division of Citigroup, President of Washington Mutual Home Loans, Head of Servicing and Default at JP Morgan Chase Mortgage post 2008 and most recently CEO of Vericrest Financial. Mr. Schneider began his career at KPMG and later at Old Kent Financial where he was both the CFO for Old Kent Mortgage Company and Head of the Retail Bank for Old Kent Bank (now part of Fifth Third). Mr. Schneider has his CPA designation from the States of Connecticut and Michigan, and earned an MBA in Finance from Indiana University and a BSBA in Accounting from Babson College.
Amy Schumacher is the President of Originations and Corporate Technology at New Penn Financial.
Prior to New Penn Financial, Mrs. Schumacher was the Chief Operating Officer of Prospect Mortgage, the second-largest FHA 203K lender in the nation. In this role, Amy oversaw all aspects of the company’s operations, including Information Technology, Operations, Credit, Capital Markets, Training, Project Management, Analytics, Post Closing/Funding and Servicing. Prior to this position, Amy served as President of Correspondent Lending and Servicing.
Prior to Prospect Mortgage, Mrs. Schumacher formed Vantium Capital, Inc. and Vantium Capital Management with Apollo L.P., a leading private equity firm. As the CEO of Vantium Capital, whose primary focus was to assist Vantium Capital Management and third party asset owners realize value in distressed asset portfolios, Mrs. Brandt-Schumacher led the acquisition of special servicer, Acqura Loan Services and third party asset recovery firm, Strategic Recovery Group, both based in Dallas, TX.
Prior to Vantium Capital, Mrs. Schumacher was the President and CEO of WMC Mortgage, a GE Money Company. During her tenure at WMC, she led the reorganization of the business into one of the largest non-traditional mortgage companies with originations exceeding $3 billion per month. She also led the sale of the organization from Apollo L.P. to GE Money. Mrs. Schumacher is an expert in the mortgage and secondary market industry with diverse experience in origination, servicing and capital markets. She has led both turn-around efforts and start-ups to profitability, has spearheaded the sale of two companies and has participated in numerous capital markets transactions, creating tremendous shareholder value.
Mrs. Schumacher is the founder of the Residential Servicing Coalition and has served on numerous industry committees and panels including Housing Policy Council, Mortgage Bankers Association and Source Media. She also serves on the Board of Directors as Co-Chair of the Women’s Committee for the Institute of International Education’s Scholar Rescue Fund and she sits on the Board of Directors of the AmeriCatalyst Idea Lab. She has served on the boards of SourceCorp, Inc., Bluebeam Software, Inc. and other privately held companies.
Mrs. Schumacher is a graduate of the University of Southern California with a Degree in Political Science and Spanish and holds a Law Degree from Arizona State University.
Auction.com is the leading online real estate marketplace with over $25B in transactions. The company is backed by Stone Point Capital and Google Capital.
Jake oversees overall company operations at Auction.com and in 2014 was named to HousingWire's inaugural list of Rising Stars. Prior to joining Auction.com in 2011, Jake was a Managing Director at Lightspeed Venture Partners. While there, he was an active board member and investor in private growth companies in the U.S. and abroad. Jake also served on the firm’s Investment Committee.
Prior to Lightspeed, he was an early employee in Cisco Systems’ Broadband Internet Cable Operator Business Unit. He participated in its growth from an annualized revenue run rate of $1 million to $1 billion and from 0% to over 90% market share.
Jake earned both his M.Eng in Electrical Engineering and Computer Science and his B.S. in Electrical Engineering from MIT. At MIT he was awarded the Karl Taylor Compton Prize, the highest honor given to an MIT student. In 2009, he was honored by the World Economic Forum as one of its Young Global Leaders.
Before entering the technology world, Jake grew up learning about real estate including construction, property management and transactions as part of his family’s business and was excited to combine his tech and real estate experience at Auction.com.
Rick became CMO of Ten-X in January, 2016, after spending two years with Auction.com as an Executive Vice President. One of the country’s most frequently-quoted sources on real estate, mortgage and foreclosure trends, Rick has appeared on the CBS Evening News, NBC Nightly News, CNN, ABC World News, CNBC, FOX, Bloomberg and NPR; briefed government organizations such as the Federal Reserve and Senate Banking Committee; and corporations like JPMorgan Chase, Citibank and Deutsche Bank.
Prior to joining Auction.com, Rick was an Executive Vice President for Carrington Mortgage Holdings, which owns and operates multiple businesses in the mortgage, real estate and securities industries. Rick also spent eight years at RealtyTrac, where as senior vice president he was responsible for marketing, business development and data operations, and won the Stevie® Award for National Marketing Executive of the Year. Before RealtyTrac, Rick developed and executed sales and marketing programs for technology companies such as Fujitsu, JD Edwards, Toshiba, and Hitachi; start-ups like Tickets.com; and consumer brands including Pizza Hut, Acura and Cox Communications.
Rick is a member of the Corporate Board of Governors of the National Association of Hispanic Real Estate Professionals, and was included in Inman News’ Inman 100, an annual list of the most influential leaders in real estate in both 2013 and 2014.
Until recently, Scott was a managing director in the Newport Beach office, a senior member of PIMCO's portfolio management and strategy groups and head of the mortgage- and asset-backed securities teams. Prior to joining PIMCO in 2000, he was a Senior Managing Director and co-head of MBS pass-through trading at Bear Stearns. He also authored The Daily MBS Commentary there. Scott was named to positions on the Institutional Investor All-America Fixed-Income Research Team, seven times, including first place in MBS pass-throughs and overall MBS strategies. He has 30 years of investment experience and holds both master's and undergraduate degrees in industrial engineering from Stanford University.
Tim Skeet has worked in the City of London for over three decades and has specialised in the funding of financial institutions and mortgages. He is a frequent contributor to the media and a speaker at conferences and industry events. Over the past year Tim has published a number of articles on subjects such as trading and market liquidity, the impact of the bail-in regime as a solution for failing banks, hiring humanities graduates into the banking industry and the future of banking following the crisis.
Tim has spent over half his career working for Wall Street banks and played a role in trying to introduce covered bond finance to the United States. His current employment is as a Managing Director at RBS with responsibility for covered bonds and Northern Europe debt capital markets origination. He is also a board member of the International Capital Market Association, a global trade association that promotes the smooth running of the debt markets in Europe and elsewhere.
As chairman of the Investor Working Group on Bail-in, Tim works closely with investors and regulators in Europe examining the mechanisms for dealing with bank failures in future.
Mr. Smith has served as a Managing Director at Two Harbors since 2012 and is responsible for the Mortgage Servicing Rights (“MSR”) and Loan Conduit platforms. Before joining Two Harbors, Mr. Smith was the Chief Investment Officer of Green Tree Investment Management (a wholly-owned subsidiary of Green Tree Servicing and Walter Investment Management) and the Senior Portfolio Manager of a $1.45 billion private mortgage fund that invested in performing and non-performing loans, non-Agency securities and MSR. During his time at Green Tree Mr. Smith also held various other senior Capital Markets, Corporate Development and Treasury roles. Prior to joining Green Tree in 2004, Mr. Smith spent six years with GMAC-RFC (the predecessor company to GMAC-ResCap), most recently in the Principal Investment Activities business; RFC’s scratch-and-dent mortgage investment business. Prior to that, Mr. Smith served in RFC’s Corporate Development group where he was responsible for valuation and due diligence of strategic enterprise and asset portfolio investments in Asia, Europe and the United States. Mr. Smith studied economics as an undergraduate at the University of Minnesota. Mr. Smith is also a member of the CFA Institute and CFA Society of Minnesota.
Seth D. Sprague CMB, Senior Vice President of Phoenix Capital, Inc., joined Phoenix in 2013 after more than ten years with SunTrust Mortgage managing their mortgage servicing rights portfolio valuation process as well as their periodic MSR transaction activity. Seth’s primary duties at Phoenix include managing bulk and flow MSR transactions, advising on analytic and valuation strategies, and participating in strategic business development activities as the MSR market continues to evolve. Seth has a total of over 18 years of mortgage banking and servicing valuation experience at a variety of firms including SunTrust Mortgage, Bank of America Mortgage, United Financial / Matrix Financial and KPMG LLP.
Seth is frequent speaker with the MBA’s School of Mortgage Banking Program and holds a MBA from the University of Colorado – Denver and an undergraduate degree from the University of Richmond with a concentration in Accounting.
As the Spring EQ Chief Operating Officer, Rebecca is responsible for exceptional customer service, sales and operations results. Additionally, she will oversee the manufacturing process to ensure consistent, fully compliant, and high quality loans for sale to all Spring EQ investors. Rebecca brings over 20 years of mortgage sales, operations and servicing experience, with some of the largest and most complex national mortgage businesses in the industry. Rebecca has a passion for developing highly talented and diverse teams, and looks forward to making innovative changes in the consumer lending industry for both consumers and Spring EQ employees. Rebecca received her BS in Chemical Engineering from Drexel University and an MBA from Villanova University. She has 2 children, and lives in South Jersey with her daughter and Bernese mountain dog. She enjoys spending time with her family, outdoor activities, and traveling.
Theodore W. Tozer was sworn in as President of Ginnie Mae on February 24, 2010, bringing with him more than 30 years of experience in the mortgage, banking, and securities industries. As President of Ginnie Mae, Mr. Tozer operates a multi-billion dollar corporation, administer the mortgage-backed securities program, and oversee enterprise-wide risk management initiatives including capital market activity.
Prior to his appointment as President, Mr. Tozer served as Senior Vice President of Capital Markets at the National City Mortgage Company (NCM) for over 20 years. There, his responsibilities included pipeline hedging, pricing, loan sales, loan delivery, and credit guideline exceptions. While at NCM, the company’s annual loan sales grew from $1 billion in 1989 to $106 billion in 2003. During his tenure, NCM never experienced a loss.
Previously, Mr. Tozer served as Vice President and Investment Operations Manager at the BancOhio National Bank from 1979 to 1986. In this capacity, he was responsible for all operational support functions of the bank's bond portfolio and securities dealer. From 1986 to 1989, he was Vice President and Chief Financial Officer of BancOhio Mortgage Company - which later became National City Mortgage - where he was in charge of overseeing loan delivery, pipeline hedging, pricing, corporate accounting, servicing investor reporting, and product development. In this role, Mr. Tozer was instrumental in transforming National City from an "originate and hold" lender to an "originate and sell" lender. In 1988, under his leadership, BancOhio Mortgage originated about $200 million in residential mortgages eligible for sale in the secondary market.
Mr. Tozer has also served as a charter member of Fannie Mae’s National Lender Advisory Board since 2008. Since 2002, Tozer has been a member of Freddie Mac’s National Lender Advisory Board. From 2002 to 2004, he was Chairman of the Capital Markets committee of the Mortgage Bankers Association of America (MBA). While Chairman, Mr. Tozer successfully worked with Ginnie Mae to change the structure of the Ginnie Mae II security. He also significantly influenced MBA’s decision to advocate for the Federal Home Loan Banks, as an effective alternative to Fannie Mae and Freddie Mac. Mr. Tozer also served as a member of the MBA’s Board of Governors from 2002 to 2004, as trustee of the Ohio Mortgage Bankers Association from 1999 to 2001, and as part of the Fannie Mae Midwest Secondary Advisory Group from 1994 to 1999.
Mr. Tozer received his Bachelor of Science Degree in Accounting and Finance from Indiana University. He became a Certified Public Accountant in 1980 and a Certified Management Accountant in 1984.
Christopher is an investment banker and author who lives in New York City. He is Senior Managing Director and Head of Research at Kroll Bond Rating Agency, where he is responsible for financial institutions, corporate and sovereign ratings. Over the past three decades, he has worked for financial firms such as Bear, Stearns & Co., Prudential Securities, Tangent Capital Partners and Carrington. He was a cofounder and principal of Institutional Risk Analytics from 2003 through 2013. Christopher is the author of the December 2010 book, "Inflated: How Money and Debt Built the American Dream," now in a second printing from John Wiley & Sons. He is co-author with Frederick Feldkamp of the 2014 book “Financial Stability: Fraud, Confidence & the Wealth of Nations” published by John Wiley & Sons. Christopher is a member of the advisory boards of Weiss Residential Research in Natick, MA. He previously served as a fellow of Networks Financial Institute at Indiana State University (2008-2014). Christopher is a member of the Finance Department Advisory Council at the Villanova School of Business and a member of the Economic Advisory Committee of the Financial Industry Regulatory Authority (FINRA). Christopher is a member of the National Association of Business Economists. He is a member of Professional Risk Managers International Association (www.prmia.org) and was regional director of PRMIA’s Washington DC chapter from 2006 through January 2010. Christopher contributes articles to Zero Hedge, American Banker, Housing Wire and The National Interest. Christopher has testified before Congress, the Securities and Exchange Commission and Federal Deposit Insurance Corporation on a range of financial, economic and political issues. He appears regularly in such media outlets as CNBC, Bloomberg, Fox News and Business News Network. He is active in social media under the Twitter handle “rcwhalen”. Christopher has a conversational command of Spanish. A partial listing of his speeches, articles and interviews is available online at www.rcwhalen.com.
Dean Williams is Chairman of Williams, Williams & McKissick, parent company to Williams & Williams® Worldwide Real Estate Auction. From a legacy begun in 1910, Williams & Williams has sold billions of dollars of all types of real property via live, on-site and online real estate auctions in partnership with sister company Auction Network®. Williams is a graduate of Western Illinois University (B.A., M.A. Political Science), Georgetown University (J.D. Law), Stanford University (Executive Program, Graduate School of Business) and has earned the Certified Mortgage Banker (CMB) designation.