Loan Trading Technology Featured at Mini-Session
 

ARTICLE AND PHOTOGRAPHY BY DAVID LAUWE - META4 COMMUNICATIONS

 

A featured speaker at Chapter meetings in previous years, Michael Affuso was the keynote speaker at the October Dinner Meeting. Michael serves as Executive Vice President and Director of Government Relations for the New Jersey Bankers Association. He shared his expert views on national politics as well key issues regarding state and local governments in New Jersey. The afternoon mini-session showcased a very innovative online loan analytics program presented by Hughie Choe, Senior Vice President at Multi-Bank Securities. The meeting was held on Wednesday, October 16, 2019 at the Stony Hill Inn in Hackensack.

Members “networked” at a cocktail reception following the mini-session with open bar and sumptuous appetizers before enjoying a full course dinner featuring sirloin steak or fresh salmon expertly prepared by the Stony Hill Inn chefs.

In his position with the New Jersey Bankers Association, Michael Affuso manages relationships with key federal and state legislatures on behalf of the New Jersey banking industry. He also provides legal opinions and analysis of proposed and pending legislation that affects community banks. Michael opened his presentation with several bold predictions based on his knowledge and experience. He stated his belief that:
 
“Donald Trump will win the 2020 Presidential election”

He based his prediction on the current slate of Democratic candidates and lack of support from independent voters. Michael also discussed several key legislative issues affecting state and local governments. He noted his frustration with the response he received from New Jersey legislators at several high-level meetings where he proposed resolutions to economic issues facing the banking industry, whereby he was told:

“New Jersey has beautiful beaches!”

Michael ended by answering several timely questions posed by the Membership including the status of the SALT deduction, the New Jersey pension deficit and the recent revisions to the estate tax rates.

Hughie Choe demonstrated an online loan analytics and exchange solution at the afternoon mini-session. He showed a prototype LT&T Exchange website consisting of a transaction portal for the sale and purchase of loans designed for use by community banks. The dashboard allows participating banks to view loan portfolios available for sale from other participating institutions that meet certain guidelines. The participating bank can view the details of each portfolio, including the underlying loans and then place orders to purchase specific portfolios directly from other participants. The exchange website is a complete solution for viewing the status of orders, the actions required to complete each sale and view the core documents pertaining to each sale or purchase.