Strategies for Credit Unions to Mitigate Market Risk
Thursday, June 22, 2023 at 1:00 pm CST
Session Description
The secret to successful mortgage lending comes not during prosperous times, but during periods of market turbulence when managing your lending pipeline for success can be fraught with peril that can quickly sink your efforts. Successful lending professionals are the ones who learn to survive and thrive amid chaos; everyone else moves on to another career.
The experts at Mortgage Capital Training, Inc., better known as MCT, have built careers around helping credit union lenders mitigate market risk to achieve greater success. It’s never easy but armed with the right tools and the in-depth knowledge provided by MCT’s research and methodologies, credit unions who follow the path and employ the processes have a greater chance at survival and profitability.
In this edition of Inside Track, MCT experts Phil Rasori and Andrew Rhodes will join ACUMA President Peter Benjamin to discuss the most critical elements to mitigating risk, including:
- Reviewing pipeline hedging instruments and their effectiveness in mitigating risk
- Trading “best practices “recommendations for credit unions
- Outsourcing, technology and automation, and
- What to look for in the future
No one has a crystal ball clear enough to see the future. But with proper access to industry knowledge, technical know-how of the impact future trends may have, a complete playbook of effective strategies, and the right tools for the job, your credit union mortgage lending efforts will achieve better results even in the worst of times. And few things are better than that.
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Speakers
Phil Rasori
COO, MCT
Mr. Rasori is a recognized thought leader in capital markets operations within the mortgage banking community. His areas of expertise include complex financial modeling, computational dynamics, and linear programming for operational optimization. He developed the ground-breaking mortgage pipeline hedging algorithms that form the foundation of MCT’s HALO Program today. He has also pioneered several metrics that have become standard industry parlance, including “beta pull-through” factors. In addition to banking clients, Mr. Rasori has consulted with GSE agencies and the US Government on hedging best practices for community banks. Mr. Rasori has functionally led MCT operations since 2005 and ascended to his current role as COO in 2007.
Andrew Rhodes
Senior Director, Head of Trading, MCT
Mr. Rhodes began his career with MCT in 2005 as the company’s first dedicated loan sale specialist. He initially created investor-specific models to accurately produce market-based mandatory pricing for all pricing aspects in MCT including rate sheet generation, best executions, and fair market valuations. During the years following his hire, his role was redefined to include client pipeline risk management. Over the years he was able to grow with the company gaining skills and experience in multiple fields in secondary. He was soon after named as SVP of Trading. As a part of his daily operations, he has been responsible for overseeing the risk management and loan sale execution for many of MCT’s clients. Outside of the daily operations, Mr. Rhodes has been instrumental in helping to roll out MCTlive’s BAM Platform among many of the other new initiatives at MCT.
Peter J. Benjamin, CMB
President, ACUMA
Peter J. Benjamin, CMB is the President of the American Credit Union Mortgage Association (ACUMA). A mortgage professional with 20 years of experience, Benjamin has held various positions throughout the mortgage industry including Senior Vice President of Mortgage Lending for Lafayette Federal Credit Union in Rockville, MD. During his time at Lafayette Federal, Benjamin led a high-performing mortgage team that exceeded production and budget goals each year, reduced the Credit Union’s cycle times to the industry-required timeframes; and improved the credit union’s application pull-through rate. As an association, Benjamin wants to see ACUMA members continue to foster the collaborative spirit that has made the association so great and work together to support the American Dream of homeownership. He sees ACUMA as a vital education arm that helps Member Credit Unions gain market share in the mortgage industry.
Founded in 2001, Mortgage Capital Trading, Inc. (MCT) has grown from a boutique mortgage pipeline hedging firm into the industry’s leading provider of fully integrated capital markets services and technology. MCT offers an array of best-in-class services and software covering mortgage pipeline hedging, best execution loan sales, outsourced lock desk solutions, MSR portfolio valuations, business intelligence analytics, mark-to-market services, and an award-winning comprehensive capital markets software platform called MCTlive!
