BREAKOUT SESSION: What’s Ahead for Non-QM Securitizations
The non-qualified mortgage (non-QM) loan sector is the fastest-growing segment of the U.S. private-label residential mortgage-backed securities (RMBS) market, with issuance expected to reach over $45 billion in 2025, according to S&P Global Ratings. Attend this session to gain a deeper understanding of this sector’s growth, the characteristics of these loans and pool data, including prepayment data and average loss projections for non-QM securitizations. Hear how new credit scoring models will allow servicers to more accurately predict delinquencies and defaults on this increasingly popular mortgage loan.
Speakers
Moderator
Devin Norales is a Director for the Mortgage and Capital Markets team in FICO’s Scores division. He has extensive knowledge in the mortgage Secondary and Capital Markets space. Before joining FICO, Devin led a capital markets team for a mid-size lender focusing on trading, hedging and loan execution. Previous stops include rolls at Cardinal Financial as well as Movement mortgage where he was focused on leading an asset sales team through system migrations. Devin holds a B.S.B.A. in Finance from the University of North Carolina Charlotte.
Speakers
Rudy Orman, Senior Vice President of NQM Funding, Inc and is in charge of Sales, Marketing and Product Development. NQMF focuses exclusively in NonQM lending from mortgage brokers and lenders. Prior to NQM Funding, Rudy created a NonQM channel for Reliant Bank. He also worked for such notable companies like Goldman Sachs, American Capital Mortgage Investment and HSBC. Rudy has over 35 years in the mortgage industry. He has his master’s degree in business finance and is a Certified Mortgage Bank (CMB).
Jeremy Schneider is the Sector Lead for the Structured Finance U.S. Residential Mortgage-Backed Securities (RMBS) group at Standard and Poor's Global Ratings. Jeremy focuses on new issuance ratings including ratings criteria, analysis, and mortgage-related commentary. Jeremy has more than twenty years of industry experience and has been with Standard and Poor's Global since 2006. While with Standard and Poor's he has worked in both the new issuance and surveillance groups focused primarily on ratings and criteria development. Jeremy was heavily involved in the criteria development for both RMBS new issuance and legacy surveillance criteria. He has also published numerous commentaries to the market relating to both credit ratings and the mortgage and housing market in general. Jeremy is also a Co-Chair for Standard and Poor's Global Rating’s Structured Finance Analytical Oversight and Consistency Council. Jeremy’s experience prior to joining Standard and Poor's Global Ratings includes direct-to-consumer origination of residential mortgage loan products including both prime and non-prime. Jeremy holds a bachelor’s degree in marketing from Maryville University of St. Louis and a Master of Business Administration degree from Washington University in St. Louis.
Mr. Simon is a Managing Director at HPS Investment Partners. Prior to joining HPS in 2024, Mr. Simon was founder and CEO of Dominium Advisors, an advisory firm focused on helping insurance companies’ source and manage residential mortgage loans. Prior to Dominium, Mr. Simon was the Chief Investment Officer and Treasurer of Essent Group (NYSE:ESNT). Mr. Simon helped launch the company in 2009. Mr. Simon managed Essent’s fixed income investment portfolio, its borrowing facilities, the strategic planning function, and was active in venture and private equity investing. Prior to Essent, Mr. Simon held senior roles in residential mortgage investing at Ally Bank and Fannie Mae. Mr. Simon holds a BA in Economics from the University of Pennsylvania and an MBA in Quantitative Finance from Carnegie Mellon University.
Max Slyusarchuk is the Co-Founder and Managing Director of Imperial Fund Asset Management, a leading financial advisory firm that specializes in investment strategies across traditional asset classes and mortgage investments. With over two decades of experience in the mortgage and banking industries, Max leads the company’s strategic direction, business development, and partner relationships. Under his leadership, Imperial Fund tailors portfolios for institutional clients and high-net-worth individuals, focusing on non-agency residential mortgages and whole loans. In addition to his role at Imperial Fund, Max is the Founder and CEO of AD Mortgage. He actively contributes to the mortgage sector, helping develop comprehensive financial solutions. Max’s experience in private equity investments and portfolio management extends across the U.S. and Europe. He has launched multiple projects in both financial and construction sectors, raising capital and expanding business portfolios for institutional and private sector clients. He holds a Bachelor of Science in Economics from MIM University, which has been fundamental to his successful leadership roles.
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