PIR's ValAdd Products & Services Platform
We provide investors with business intelligence to enable actionable recovery and mitigate losses. PIR's ValAdd comprehensive solution includes:
PIR identifies breaching loans to remove them from the securitization. Clients benefit from mitigation of losses and acceleration of prepays.
Click here to see a visual diagram of the PIR ValAdd Products and Services.
PIR Portfolio Evaluation provides a qualified independent evaluation of MBS portfolios. The process includes modeling key assumptions such as prepayment speeds, default rates and loss severity to independently evaluate and classify securities based on projected loss outcomes.
PIR Mitigation Prioritization provides the starting point for deal selection and loss mitigation once loss outcomes have been established. This multi-factor model evaluates cost, partnering, impacts of loan putbacks, and counterparties within the deal to develop a comprehensive strategy. PIR identifies breaching loans which an investor can then attempt to remove from securitization. Clients benefit from mitigation of losses and acceleration of prepays.
PIR Forensic Securitization Review utilizes proprietary models to detect breaches of reps and warranties within a securitization. Loans with breaches are targeted for purchase out of the trust to cure breaches. This process provides a cost effective method to efficiently test originators, depositors, sponsors, and other entities ability and willingness to repurchase loans, without gaining access to original loan documents. Additionally, if no breaches are detected there are no costs for the service.
PIR Collateral Loss Track provides loan level static pool analysis and review of losses. Reporting includes cumulative loss reconciliations to trustee reporting at the loan level, historical monthly loan loss reconciliations, loan level severity reporting, loan risk profiling, and adverse selection model reporting. Once the retrospective look back is complete, PIR offers periodic updates to provide ongoing loan level surveillance and reporting. “Credit analysis shouldn't end at purchase nor should it be restricted to collateral performance statistics.”
PIR PMI Loss Track focuses on loan level static pool loss analysis reporting, specifically targeting loans with primary mortgage insurance (PMI). PMI claims normally mitigate loan losses at liquidation. In today's market PMI claims are not always processed and claims are sometimes withdrawn by servicers. PMI providers may also rescind mortgage insurance. Each of these events results in losses to the trust. Without loan level surveillance, performance tracking and persistent written correspondence with master servicers and trustees these losses flow through the trust unmitigated. PIR PMI Loss Track is included in the PIR Collateral Loss Track service.
PIR Loan Review Putback utilizes a comprehensive solution to prioritize deals within the selection process focused on maximizing recoveries, mitigating future losses and accelerating prepayments
Inability to gain access to loan files doesn't always prohibit recoveries. Our PIR Synthetic Loan Review process combines loan level data elements to identify and match against public records. Once the borrower and property address have been identified, fraud elements such as occupancy and appraisals are evaluated. A comprehensive report identifies the breach and references supporting documents surrounding the trust.
PIR Investor Networking provides investors a secure method for gaining access to other investors within the same securitization. Taking action to protect investor rights and recover and mitigate losses is an achievable objective. The key is collaboration with co-investors. This service allows users to maintain confidentiality while comparing holdings with other investors within the network. Exceed the ownership threshold via collaboration to take action and mitigate losses.
PIR Process Management is focused on providing hourly support to in-house resources. Let our team of professionals that have been in the trenches assist your team to manage portions of the process. Engagements include:
After all other means have been exhausted, a portion of the breaches of representations and warranties surrounding the trust may require litigation support. Taking things to the next level require experts that can answer questions in a matter that helps bridge capital markets with common sense language. PIR Expert Witness services provide investors a resource in support of litigation to help connect the dots.