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Milliman is a trusted source for independent valuation of residential mortgage-backed securities (RMBSs). The illiquidity and complexity of these securities make them difficult to value accurately. Our experts address this problem by employing sophisticated risk modelling to reveal an RMBS's intrinsic value.
By feeding our assumptions of future collateral performance into a security capital structure program, asset holders can determine the impact on projected future cash flows. These cash flows can then be discounted to obtain the security's intrinsic value.
With our valuation service, asset managers at the insurance companies, banks, pension funds, and other institutions that hold these securities will be able to make better decisions. Clients may be able to gain a competitive advantage as they understand how changes in RMBS values affect their surplus position as well as their economic and risk-based capital calculations.
Our transparent solution provides the documentation demanded by management, boards of directors, and regulators. We can assist in splitting the credit and noncredit portions of a security's impairments. While other valuation sources may hesitate to share their models, we always provide clients with the key methods and assumptions we use in valuing RMBSs.
We possess extensive expertise in valuing credit-related financial products, as our team has centred its practice on credit risk analysis since the early 1990s. Because we never buy or sell securities, our analysis is free from bias or conflict of interest.
Mike Schmitz is a principal and consulting actuary in the Milwaukee office of Milliman. He has been with the firm since 1993. Mike manages a practice dedicated to financial risks such as mortgage guaranty, financial guaranty, and credi...
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