MReport July 2018

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 39 SPECIAL ADVERTISING SECTION: DATA & ANALYTICS SERVICE PROVIDERS MIAC Analytics KEY PERSONNEL Brad Eskridge Director, Secondary Solutions Group Joe Furlong Managing Director, Due Diligence and Borrower Analytics Group Steve Harris Managing Director, Whole Loan Brokerage Services Sachit Kumar Managing Director, Software Sales Dan Thomas Managing Director, MSR Brokerage Services CONTACT INFORMATION 521 5th Ave. 9th Floor, New York, NY 10175 Phone: 212.233.1250 Email: Web: COMPANY DESCRIPTION For over 28 years, MIAC has been the preferred pro- vider of mortgage asset analytical software, (MIAC Analytics TM ), MSR and whole loan valuation and brokerage services, secondary market, and MSR hedge advisory solutions to the financial community. COMPANY HISTORY Since 1989, MIAC has built mortgage-pricing mod- els for whole loans and MSRs. In the early 1990s; MIAC pioneered the hedging of MSRs by leveraging Option-Adjusted Spread risk models. In the early 2000s, MIAC became the market leader in secondary market hedge advisory services and analytical software. After the financial crisis, MIAC utilized historical loan performance data to build behavioral models (Core TM ) that are integrated into Vision TM Balance Sheet/Income Statement simulation suite. MIAC Analytics TM also offers residential, commercial, and consumer loan due diligence services, using the VeriFi TM due diligence management solution in tandem with MSR and whole loan brokerage activities. GEOGRAPHICAL SCOPE AND COVERAGE AREA USA, Puerto Rico, and Europe REGULATORY COMPLIANCE MIAC Analytics offers Current Expected Credit Loss (CECL) solutions and Comprehensive Capital Analysis and Review (CCAR) stress testing. BUSINESS LINES, SERVICES, AND PRODUCTS • MIAC Analytics is a comprehensive suite of software solutions from loan-level due diligence and data auditing to asset pricing calculators to entire balance sheet and income statement simulation • Provides the largest independent third-party valuations for residential and commercial mortgages and MSRs • MSR and whole loan brokerage services • Loan file due diligence services and project management solutions • State-of-the-art CECL and CCAR solutions, either fully outsourced or software licensing solutions • Independent Risk Retention Analysis on new securitizations COMPETITIVE ADVANTAGE To competitors, CECL is a new initiative requiring them to build their capabilities from scratch. To MIAC, CECL is what the company has been doing as the best in class since MIAC's founding over 28 years ago. MIAC has built and used its own loan credit models (Core™) in order to provide third-party pricing of loans. Providing a valuation of a residen- tial mortgage, consumer loan, or auto loan requires a robust estimate of each loan's current expected credit loss and cash flow generation through a variety of economic scenarios. MIAC is by far the largest provider of third-party pricing/valuation services of loans in the industry today. MIAC has developed and validated an open and transparent process software, methods, and results. These are the requirements of best-in-class CECL solutions. ADDED CLIENT VALUE MIAC Analytics is used to price more mortgage and loan assets in the banking, insurance and non-bank- ing sectors than any other software. The company's pricing models have been developed with an enor- mous amount of national historical loan performance data and MIAC Analytics software tools. MIAC's models and software have been validated through formal OCC compliant model validations for over 20 years. These are the same tools the CECL users will be required to manage regularly to refore- cast the current expected credit loss. KEYS TO SUCCESS The primary reason MIAC's software suite has seen so much success is that MIAC uilizes the software internally to perform valuation tasks. MIAC Analytics is continually being put to the test to address real world problems in forecasting current expected credit loss and is continually enhancing MIAC Analytics to make the tools more effective in their purpose. The largest and most challenging user of MIAC Analytics is MIAC. Yes, the largest financial institu- tions license and use MIAC Analytics for asset pricing and balance sheet risk management, but the intimate and regular contact between user and developers, combined with tight adherence to formal software development and release procedures, en- able MIAC Analytics to continue to be best in class. INDUSTRY AWARDS, ACCOLADES, AND MILESTONES • MIAC provides more third-party asset valuations for residential and commercial mortgages and MSRs than any other RM. • MIAC Analytics is licensed to model and price more loan and MSR assets than any other analytics software in the financial industry. • Over $2 trillion in mortgage assets are priced and hedged with MIAC Analytics each month. • More MBS are priced with MIAC's MIMs prepayment dealer consensus survey than any other prepayment survey.

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