Mortgage Industry Advisory Corporation (MIAC)

What Mortgage Industry Advisory Corporation (MIAC) does

Mortgage Industry Advisory Corporation (MIAC), founded in 1989 and headquartered in New York, is a privately held financial technology and advisory firm serving the mortgage and structured finance industries. The company operates a proprietary analytics software suite (MIAC Analytics™) comprising more than 25 products across four functional pillars: collateral management (C-Trac™, SAFeR™, DataRaptor®), quantitative behavioral modeling (CORE™ prepayment/credit/loss-severity models, WinOAS™, Vision™, BondAgent™), secondary market risk management (MarketShield®, MOJO™, BuySide/SellSide Trader™, RateSheet Generator™), and data products (TBA Fixings™, AI-Durations™/AI-Convexities™, GSAs™, MMM™, MIMs™). MIAC's analytical foundation rests on more than 275,000 actual loan liquidations and 30+ years of transaction data, used to produce loan-level MSR, whole-loan, and structured-product valuations; pipeline hedging analytics; CECL/DFAST/CCAR-compliant expected-credit-loss modeling; and IOSCO-compliant TBA benchmark pricing that is consumed by CME Group for InterCommodity Spreads.

MIAC generates revenue through five primary streams: software licensing (subscription/recurring for the MIAC Analytics™ suite), asset valuation services (professional services for MSRs, whole loans, structured products, and regulatory use cases), asset brokerage and advisory (transaction fees on MSR and whole-loan portfolio sales totaling several billion dollars per year), pipeline hedge and MSR hedging advisory services, and data product subscriptions (MMM™, TBA Fixings™, GSAs™, MIMs™). The firm sells primarily via direct enterprise field sales into six customer segments — originators and aggregators, servicers, agencies (GSEs and government housing authorities), regulators, investors (PE, hedge funds, REITs), and capital markets participants — and reports more than 300 clients across 20+ countries, with $50 trillion+ in annual asset valuation capacity. Operating units include The Mortgage Delivery Specialists (agency loan delivery) and MIAC Analytics LTD UK, with additional sales/engineering offices in Charlotte, Bethlehem, London, and India.

The company is independently owned with no disclosed institutional or venture backing, and is led by long-tenured Managing Directors (Furlong, Thomas, Freeman, Carnes, Harris, Raebel, Howell, Kazarian) who average 20+ years with MIAC. Recent operational signals — AiCR™ document AI launch (2024), DataRaptor® Context Sensitive Help (2024), and Director-level additions in Secondary Solutions and Due Diligence (March 2026) — point to measured investment in product surface and senior capacity rather than transformational expansion.

Name

Mortgage Industry Advisory Corporation (MIAC)

Legal name

Mortgage Industry Advisory Corporation

Website

https://miacanalytics.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

101–250 employees

Short description

MIAC is a privately held, 36-year-old New York-based fintech and advisory firm that provides proprietary mortgage analytics software, asset valuation, brokerage, and data products to 300+ financial institutions across the mortgage and structured finance industry.

Ownership category

akta.pro rank

Product category

Mortgage Analytics Software

SIC

Services-Management Services (8741)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Mortgage analytics software
• MSR valuation services
• Secondary market risk
• Mortgage due diligence
• Asset brokerage advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Software Licensing: MIAC licenses its proprietary software suite (MIAC Analytics™) including valuation, risk management, collateral management, and trading tools to financial institutions. Software is licensed to some of the industry's largest financial institutions.
2. Asset Valuation Services: Independent asset valuation services for mortgage and financial assets including MSRs, whole loans, structured products, and regulatory compliance (CECL, DFAST, CCAR). Valuation experts serve over 300 clients worldwide.
3. Asset Brokerage and Advisory: Full-service asset brokerage for mortgage and consumer receivable assets including MSR and whole loan brokerage. MIAC serves as exclusive representative for sellers in portfolio auctions, providing data due diligence, price modeling, transaction management, and trade settlement.
4. Pipeline Hedge Advisory Services: Secondary market risk advisory and analytical infrastructure supporting pricing, hedge alignment, and execution analysis for mortgage capital markets teams.
5. MSR Hedging Services: MSR hedge advisory services including policy formation, risk assessments, strategy implementation, and optimization. Utilizes advanced term structure model and comprehensive risk metrics.
6. Data Products Subscription: Subscription-based access to MIAC Market Monitor (MMM™), TBA Fixings™, GSAs™, and MIMs™ providing real-time market data and analytics.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

MIAC is a provider of pricing, risk management, and accounting solutions for the mortgage and financial services industries. The company operates the MIAC Analytics™ software suite—a proprietary platform encompassing valuation, behavioral modeling, collateral management, secondary market risk, and due diligence modules—alongside analytical services such as independent asset valuations, asset brokerage, MSR hedging, and pipeline hedge advisory, plus subscription data products (GSAs™, MMM™, MIMs™, TBA Fixings™).

Product overview

MIAC Analytics™ is a comprehensive, modular software suite for pricing, risk management, and accounting solutions across the mortgage and financial services industries. The platform is organized around three pillars: (1) a core software suite including Vision™ (advanced valuation), WinOAS™ (MSR valuation), CORE™ (behavioral models), BondAgent™ (securitization), and MarketShield® (secondary market risk); (2) data products including MMM™ (market monitor), TBA Fixings™, AI-Durations™/AI-Convexities™, GSAs™, and MIMs™; and (3) supplementary modules including DataRaptor® (data wrangling), DR-Surveillance™, DR-Automation™, VeriFi™ (due diligence), C-Trac™ (collateral management), SAFeR™ (registry), BuySide Trader™, SellSide Trader™, RateSheet Generator™, and MOJO™ (pool optimization). Analytical services (MSR Hedging, Asset Valuation, Asset Brokerage, Due Diligence, Pipeline Hedge Advisory, Risk Retention Analysis) and data products (MMM, TBA Fixings, GSAs, MIMs) are delivered alongside the software. The platform serves originators, aggregators, servicers, agencies, regulators, investors, and capital markets participants.

Differentiator

Problem solved

Functional benefit

Brands

• MarketShield®: Secondary market risk management software providing loan-level best execution, price discovery for interest rate lock commitments, and pipeline risk management.
• WinOAS™
• Vision™
• VAST™
• CORE™
• BondAgent™
• DataRaptor®
• DR-Surveillance™
• DR-Automation™
• VeriFi™
• C-Trac™
• SAFeR™
• MOJO™
• BuySide Trader™
• SellSide Trader™
• RateSheet Generator™
• MMM™ (MIAC Market Monitor)
• TBA Fixings™
• AI-Durations™/AI-Convexities™
• GSAs™ (Generic Servicing Assets)
• MIMs™ (Mortgage Industry Medians)
• In.Side Market™
• WebTrader™

Products and services

• MIAC Analytics™ Software Suite Proprietary software platform for pricing, risk management, and accounting solutions across the mortgage and financial services industries, encompassing collateral management, data auditing, due diligence, risk management, and secondary market risk modules.
• MarketShield® Analytical core of MIAC's secondary market risk platform integrating pipeline hedging analytics, loan-level pricing, Spec Pool valuation, and execution oversight for secondary marketing desks.
• Vision™ Advanced risk management and valuation software combining sophisticated valuation technology with behavioral modeling and stress testing for loan-level and aggregated risk measurement.
• WinOAS™ Industry-leading residential, commercial, and reverse mortgage servicing rights valuation model integrated with CORE™ behavioral models.
• CORE™ Behavioral Models Suite of behavioral models forecasting frequency, timing, and severity of loan loss behavior and voluntary prepayments conditional on macroeconomic scenarios, covering Agency, Non-Agency, Government-Insured, and Non-QM loan types.
• BondAgent™ Software that creates waterfall cash flows and bond analytics from collateral data, leveraging CORE™ macro-factor driven loan-level credit and prepay models for private securitization.
• DataRaptor® Data wrangling tool enabling data normalization, audit, encryption, automation, and comprehensive reporting for detailed portfolio management across residential, commercial, MSRs, consumer loans, and ABS.
• VeriFi™ Due diligence software controlling all aspects of the due diligence process for banks, investors, lenders, and asset servicers, including HMDA validation, loan repurchase review, and credit/compliance review.
• C-Trac™ Collateral management platform functioning as the central hub to manage and track status, pricing, and eligibility of pledged collateral including whole loans, securities, and cash.
• CECL Solutions Automated expected credit loss modeling supporting CECL compliance with cash flow modeling, portfolio segmentation, and stress testing for all loan asset types.
• MIAC Market Monitor (MMM™) Real-time price discovery platform for TBA market providing actual cleared prices, trade size, TRACE trade timestamps, and intracoupon spreads for actionable counterparty advantage.
• TBA Fixings™ Transparent, rules-based, IOSCO-compliant pricing product for the TBA market offering objective, fair, and robust transaction-based prices derived from FINRA TRACE data.
• AI-Durations™/AI-Convexities™ Transparent TBA analytics deriving implied price sensitivities (durations and convexities) from MIAC TBA Fixings™ market data, utilized by CME for InterCommodity Spreads (ICS).
• Generic Servicing Assets (GSAs™) Daily pricing of representative benchmark mortgage servicing rights covering the broad spectrum of the outstanding mortgage servicing population with GSA Product Level Index aggregation.
• Mortgage Industry Medians (MIMs™) Semi-monthly dealer consensus of long-term prepayment projections based on MIAC Generic Cohorts derived from broad-market MBS data, differentiated by product type, coupon, and issue year.
• MOJO™ Pool optimization tool evaluating pooling combinations to capture Spec Pool pay-ups and improve pool-level execution, replacing manual processes with automation.
• Independent Asset Valuation Services Independent asset valuation services for mortgage and financial assets including MSRs, whole loans, structured products, and regulatory compliance (CECL, DFAST, CCAR), serving 300+ clients worldwide.
• Asset Brokerage and Advisory Full-service asset brokerage for mortgage and consumer receivable assets including MSR and whole loan brokerage, with MIAC serving as exclusive representative for sellers in portfolio auctions, data due diligence, price modeling, transaction management, and trade settlement.
• MSR Hedging Services MSR hedge advisory services including policy formation, risk assessments, strategy implementation, and optimization, utilizing advanced term structure model and comprehensive risk metrics.
• Pipeline Hedge Advisory Secondary market risk advisory and analytical infrastructure supporting pricing, hedge alignment, and execution analysis for mortgage capital markets teams.
• Due Diligence Services Comprehensive due diligence services for banking and lending industries supporting HMDA validation, loan repurchase review, credit and compliance review, tax and title review, with recognition from KBRA, Moody's, S&P Global, and Fitch Ratings.
• Mortgage Delivery Services (MDS) Outsourcing solutions subsidiary for delivery of mortgage loans to Fannie Mae, Freddie Mac, Ginnie Mae, and Private Investors, including whole loan sale advisory, agency loan delivery services, and MSR data auditing.

Quantifiable outcome

• $50 trillion+ assets valued annually across residential and commercial MSRs
• +4 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability7 records

Feature13 records

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Fiserv: Fiserv is a large financial technology provider offering loan origination, servicing, and digital banking platforms. Its mortgage technology suite competes with parts of MIAC's pipeline hedging, valuation, and secondary market analytics offerings for bank and credit union clients.
• Moody's Analytics: Moody's Analytics is the financial analytics arm of Moody's Corporation, offering credit, economic, and mortgage risk models alongside structured finance data. It competes with MIAC on prepayment/credit modeling, structured finance analytics, and CECL-grade risk measurement for banks.
• SS&C Technologies (Black Diamond / DST): SS&C provides software and services to financial institutions, including loan servicing, asset management, and structured finance solutions. Its mortgage and structured finance products overlap with MIAC's BondAgent™ securitization analytics and broader servicing analytics suite.
• Wolters Kluwer (Compliance Solutions): Wolters Kluwer's Compliance Solutions business provides regulatory compliance, lending compliance, and risk analytics tools to banks and mortgage lenders. It competes with MIAC's VeriFi™ due diligence and CECL Solutions in the compliance-driven portions of the lending workflow.
• S&P Global (Market Intelligence / Ratings): S&P Global combines ratings, market data, and mortgage analytics (including through its S&P Global Market Intelligence platform). It overlaps with MIAC's structured finance valuation, due diligence recognition, and mortgage data products, and is one of the four rating agencies that recognize MIAC.

Direct peers

• CoreLogic: CoreLogic provides property data, analytics, and valuation services for the mortgage and real estate ecosystem. Its loan-level property and valuation data sets overlap with MIAC's CORE™ behavioral and WinOAS™ MSR valuation models, serving many of the same originators, servicers, and capital markets participants.
• ICE Mortgage Technology (formerly Black Knight): ICE Mortgage Technology is the dominant end-to-end mortgage software and analytics platform following ICE's acquisition of Black Knight. It overlaps directly with MIAC across servicing, origination, MSR valuation, and secondary market analytics, and represents MIAC's largest competitive threat.
• Mortgage Cadence (an Accenture company): Mortgage Cadence is a digital mortgage origination platform owned by Accenture, serving many of the same enterprise lenders and aggregators as MIAC. While focused on origination, it overlaps with MIAC's pricing, risk, and secondary market analytics used by the same clients.
• Verisk Analytics: Verisk provides risk analytics and decision-support solutions across insurance, mortgage, and financial services. Its mortgage analytics and property data assets overlap with MIAC's risk management, behavioral modeling, and valuation offerings to lenders and servicers.

Emerging players

• ComplianceEase: ComplianceEase provides mortgage compliance and regulatory analytics, including QC, audit, and compliance review tools. It competes with MIAC's VeriFi™ due diligence and CECL Solutions, focused on the compliance portion of the lending value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/miacanalytics
• LinkedInlinkedin.com/company/miac

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mortgage Industry Advisory Corporation (MIAC)